Ethiopia’s state utility generated $55 million from bitcoin mining using surplus hydropower, reinvesting profits to accelerate rural electrification projects.
Ethiopian Electric Power earned $55 million over 10 months—18% of its annual revenue—by diverting otherwise wasted hydroelectricity to bitcoin mining operations, according to an Ethiopian Tribune report. The revenue funds strategic infrastructure development, expanding transmission lines, and distribution networks. This addresses Ethiopia’s rural electrification gap, where access remained at 43% in 2021. Approximately 60 million citizens lacked power despite the national generation capacity. The initiative supports the National Electrification Programme’s goal of universal access by 2025. Foreign investment from Chinese (80%), Russian, and U.S. mining firms facilitates technology transfer. The Tribune notes that the bitcoin mining model monetizes stranded renewable resources without requiring extensive technological infrastructure upfront.