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The Bitcoin mining industry in Ethiopia has risen rapidly and now accounts for 2.5% of the global hashrate. According to Ethiopian Electric Power Company (EEP), if the current trend continues, the proportion could double to 7% in the next year. Local mining operations currently consume 600 megawatts of electricity, which could increase to 1 GW by the end of the year. With China banning bitcoin mining in 2021, a large number of Chinese mining companies have moved to Ethiopia, including companies backed by BitFuFu and BIT Mining, which have invested heavily in the country. In the past 10 months alone, the country's cooperation with 25 bitcoin mining companies has generated more than $55 million in revenue.