Bitcoin is being mined in Ethiopia at 80% less than its price.
Ethiopia has become a new hotspot for Bitcoin mining thanks to its record-low production costs - just $20,000 per BTC, compared to a price over $100,000. This makes mining here one of the most profitable in the world.
By selling excess hydropower at $0.032 per kWh, Ethiopia has already earned over $220 million, which the government will use to develop its power grid.
Amid tightening conditions in the US and China, more and more foreign companies are moving their farms to Ethiopia, where cheap energy and government support make mining a highly profitable business.
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