UMINERS Leads Crypto Expansion in Ethiopia with State-Backed Bitcoin Mining
UMINERS, a leading cryptocurrency mining company, has announced plans to expand its services and contribute to Ethiopia's growing crypto infrastructure. The company, along with 20 others, has signed agreements with the East African nation to boost its mining capabilities. This move comes as Ethiopia becomes the first African country to support large-scale, state-backed Bitcoin mining operations.
Ethiopia's abundant hydroelectric energy, powered by investments like the Grand Ethiopian Renaissance Dam, is driving its Bitcoin mining ambitions. The state-owned company Ethiopian Electric Power has been instrumental in developing large-scale Bitcoin mining systems, supported by the government to utilise excess hydroelectric power. This has led to Ethiopia contributing 2.5% of the global Bitcoin hashrate by 2024.
UMINERS, one of the companies involved, plans to introduce cloud mining services and provide turnkey solutions for large-scale clients in the future. The company also aims to hire locally and collaborate with universities to create training programs for the crypto and data center industries in Ethiopia. Additionally, UMINERS offers a unique zero-interest, Bitcoin-collateralized loan program for small businesses to access mining equipment.
Ethiopia's agreements with mining firms like UMINERS are expected to generate USD reserves by attracting miners and data centers that pay for electricity in U.S. dollars. This not only boosts Ethiopia's crypto infrastructure but also creates local job opportunities and contributes to the global Bitcoin hashrate.
