<\/p>\n
Ethiopia has slashed power supply to its crucial Bitcoin-mining industry by three-quarters as the country grapples with reduced inflows into its hydroelectric dams.<\/p>\n
The Bitcoin-mining companies accounted for 35% of Ethiopian Electric Power Corp\u2019s revenue in the past financial year and consume almost a third of the nation\u2019s total production of 9,730 megawatts.<\/p>\n
The El Ni\u00f1o weather phenomenon has exacerbated Ethiopia\u2019s dry season, which has reduced water inflow into hydroelectric reservoirs by 20%. In response, the agency has taken the precautionary measure of throttling delivery to the power-hungry facilities to support manufacturing and households, according to Ashebir Balcha, EEP\u2019s chief executive officer.<\/p>\n
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\u201cWhen we noticed the dry season was approaching, we reduced the supply to 75%,\u201d he said during an earnings presentation. \u201cWhen there was no improvement we reduced to 50% and now we reached 23%.\u201d<\/p>\n
While cryptocurrency trading is still illegal in Ethiopia, the Horn of Africa nation has welcomed Chinese Bitcoin miners lured by some of the world\u2019s lowest electricity costs.<\/p>\n
Ethiopia has power-purchase agreements with 39 Bitcoin-mining companies, with 31 already operational. Under the arrangements, EEP had committed to deliver at least 98% of the contracted power.<\/p>\n
It will reassess the situation by October and depending on the outcome, may lower supply even further and also limit exports to neighbouring nations, according to the CEO.<\/p>\n
EEP trimmed its export-revenue forecast for financial year by 40% to $279 million this fiscal year on account of the drought.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Ethiopia #cuts #bitcoin #miners #power #supply #Ni\u00f1o #hurts #dams<\/p>\n","protected":false},"excerpt":{"rendered":"
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