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The Ethiopian government is partnering with the Hong Kong data center company that has started the discussion about cryptocurrency mining. The $250 million project focuses on building “high end infrastructure” for data mining, AI training.
While the official announcement put forth the crypto issue, Kal Kassa, the CEO of Hashlabs mining said, “The Ethiopian Government will be mining bitcoins” through the terms of the deal.
The issue, however, is that Bitcoin mining has polarized the Ethiopian population. Lacking domestic electricity is the cheapest in the world and the electricity rate of it is the highest of people. This raises so many questions like how the resources will be shared and distributed amongst us.
Through a ban, 21 Chinese individuals (who are mostly from China) have started to operate in Ethiopia. The administration is in process of introducing licenses for “cryptographic products” and also making cooperation intensive with the IOHK which is the Cardano on education reform.
In 2021, the halving of rewards for bitcoin miners became a big upheaval for the West Data Group, the Hong Kong partner of the joint venture. They have factories in some countries other than Kenya, some of them are such as.
With this agreement, it is likely to increase further mining of Bitcoin in Ethiopia, and it will raise significant issues related to sustainability of the country’s energy and its digital ecosystem.
Also read:ProShares Bitcoin ETF Faces Tough Competition, Loses Dominance
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