BIT Mining’s move into Ethiopia

BIT Mining Limited (NASDAQ: BTCM) is showing it’s ready for what’s next with its recent move into Ethiopia. In the week of July 7, 2025, the company finished the first part of purchasing BTC mining data centers. This not only grows its BTC mining ability worldwide but also gets it into the Solana world. This move takes advantage of Ethiopia’s plentiful renewable energy and gets BIT Mining ready to make the most of changes in the crypto mining landscape.

On December 3, 2024, BIT Mining made a firm deal to buy BTC mining data centers in Ethiopia, with the first part done by July 13, 2025. The company used 45.3 million Class A ordinary shares to secure these sites, pushing its total power capacity up to 51 megawatts. This follows earlier action, since BIT Mining had already turned on 35 megawatts in Ethiopia by March 2025, generating revenue in the neighborhood of $2 million in hosting income for Q1 2025. While its main site in Akron, Ohio, runs at 43 megawatts and brought in $5.9 million in hosting income during the same time, the Ethiopian growth is a clear push into other countries.

Ethiopia is attractive for BTC mining because of its cheap, renewable energy from the Grand Ethiopian Renaissance Dam, offering power at $0.03–0.05 per kWh—much less than the $0.07–0.10 per kWh common for fossil fuel-based grids. The country’s good climate and setup also make it more appealing as a mining spot. BIT Mining is joining others in the field, like Phoenix Group (NASDAQ: PNXGF) and BitFuFu (NASDAQ: FUFU), in using Ethiopia’s 98% renewable energy grid, in line with the global trend we are witnessing toward sustainable BTC mining.

On July 10, 2025, BIT Mining said it was making a $200–300 million shift into the Solana world, planning to turn its cryptocurrency holdings into SOL tokens and run validator nodes. This move broadens the company’s holdings past BTC mining, dealing with the difficulty of rising network trouble and shrinking profits in the BTC mining area. The news caused a 160% jump in BIT Mining’s stock price, showing investors trust its plan to grow BTC mining while building a SOL fund.

The National Bank of Ethiopia banned cryptocurrency trading in 2022, but the government has since taken on mining, registering companies through its cybersecurity group, INSA, starting in 2023. This practical way uses BTC mining for foreign money and digital setup growth, but unclear rules and possible policy changes are still risks for BIT Mining and others.

BIT Mining’s Ethiopia move opens up big opportunities. The cheap energy and renewable setup raise mining income, mainly for mid-level rigs (60–120 TH/s). The Solana move broadens income sources, preparing BIT Mining to gain from altcoin growth. Still, problems remain. Growing energy needs and likely grid pressure could cause more attention from regulators, while the busy BTC mining market, as noted by Marathon Digital’s (NASDAQ: MARA) CEO on July 7, 2025, puts earnings at risk for smaller players. Also, the FBI’s 2024 warning of billions lost to crypto tricks points to the need for strong security in BIT Mining’s actions.

BIT Mining’s Ethiopia growth and Solana strategy mark a key time for the company and the BTC mining world. By using Ethiopia’s renewable energy and moving into Solana, BIT Mining is in a good spot to deal with the problems of a busy market. Still, getting it right will depend on navigating regulatory risks, optimizing energy use, and developing investor trust in an unsteady crypto space. As Ethiopia rises as a world BTC mining center, BIT Mining’s bold steps could set a standard for lasting, diversified mining work.

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