BIT Mining has expanded its operations to Ethiopia, acquiring 51 megawatts of energy and 18,000 bitcoin mining rigs. The ultra-low electricity costs in Ethiopia enable the company to extend the lifespan of older bitcoin mining equipment that would typically become obsolete in just two to two and a half years in the U.S. For comparison, electricity prices in Ohio are 70% higher than in Ethiopia. By relocating older generation mining rigs to Ethiopia, BIT Mining can generate additional returns, attracting more capital investment. The country benefits from abundant hydroelectric power and a similar electric standard to China, facilitating the transfer of technology and know-how. Ethiopia contributes approximately 1.5% of Bitcoin's total hashrate, showcasing its growing position in the mining ecosystem despite ongoing civil unrest and political instability. BIT Mining aims to leverage these favorable conditions while navigating the risks associated with operating in such a complex environment.

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