Ethiopia uses the Renaissance Dam to mine Bitcoin: an economic opportunity or an energy crisis?

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Addis Ababa -

Ethiopia uses the Renaissance Dam to mine Bitcoin: Economic opportunity or energy crisis Renewable energy in Bitcoin

The Renaissance Dam, which cost about $4.8 billion, is expected to produce 5150 megawatts of electricity, allowing Ethiopia to export energy to neighboring countries, as well as using it domestically. However, a portion of the surplus electricity has been allocated to Bitcoin mining activities, which require significant energy and are a profitable global sector.

According to local reports, the Ethiopian Electric Power Company has entered into agreements with 21 companies, most of them Chinese, to supply them with the necessary electricity for Bitcoin mining at competitive prices of about 3.14 US cents per kilowatt-hour.

Local challenges
Despite official optimism, the use of the dam for cryptocurrency mining has drawn both internal and external criticisms. About half of Ethiopia's population suffers from electricity shortages, making it a priority to provide energy to homes and public facilities.

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Some observers believe that the government's focus on Bitcoin mining could exacerbate the social crisis, especially in rural areas lacking basic infrastructure.

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Political and economic dimensions
This decision comes at a time when Ethiopia is witnessing regional tensions due to the Renaissance Dam, especially with the downstream countries, Egypt and Sudan. There are concerns that the dam's use for commercial purposes beyond the scope of domestic electricity generation may deepen political differences.

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While the Ethiopian government hopes that Bitcoin mining will create job opportunities and increase revenue, the question remains about the ability of this project to reconcile economic and developmental goals, especially in the urgent need to improve living standards and provide basic services.