Ethiopia Freezes New Crypto Mining Permits to Ease Pressure on Power Grid
The post Ethiopia Freezes New Crypto Mining Permits to Ease Pressure on Power Grid appeared on BitcoinEthereumNews.com. Ethiopia halts new crypto mining power permits to protect the grid, prioritizing domestic energy access over foreign mining expansion. Ethiopia has announced it will stop giving new electric power permits to cryptocurrency mining companies. This decision was made by Ethiopian Electric Power (EEP). This shift is prompted by the increasing alarm over the power grid system and the energy sustainability of the country. Crypto Mining Consumes 27% of Ethiopia’s Electricity cheap electricity that mostly comes as a result of hydropower generation facilities such as the Grand Ethiopian Renaissance Dam (GERD), which attracted many companies. In Ethiopia, 25 Bitcoin mining firms have established operations in the country. Almost 20 additional were awaiting permits before the announcement of the freeze. EEP previously tried to attract crypto miners to buy surplus power, called stranded power, which is unused during low demand. They sold this energy in foreign currency to increase national income. Reports show that crypto mining currently consumes about 27 percent of the total amount of electricity in Ethiopia. This is too much, according to many critics. They argue that although it is improving the fortunes of foreign firms, millions of Ethiopians, particularly in the rural setting, continue to lack access to electricity on a regular basis. This moratorium on new mining licenses brings out a greater problem in Africa. Nations that have strong renewable energy tend to have trouble fulfilling the local demand. In the case of Ethiopia, although hydropower is on the rise, the national grid continues to experience difficulties at peak hours and in dry seasons. EEP responded, “The challenge is how to use renewable energy to bring about a constant supply that is affordable to all.” Ethiopia Halts New Crypto Mining Permits to Protect Power Grid Other African countries, such as Kenya and Ghana, where crypto mining is…
The post Ethiopia Freezes New Crypto Mining Permits to Ease Pressure on Power Grid appeared on BitcoinEthereumNews.com.
Ethiopia halts new crypto mining power permits to protect the grid, prioritizing domestic energy access over foreign mining expansion. Ethiopia has announced it will stop giving new electric power permits to cryptocurrency mining companies. This decision was made by Ethiopian Electric Power (EEP). This shift is prompted by the increasing alarm over the power grid system and the energy sustainability of the country. Crypto Mining Consumes 27% of Ethiopia’s Electricity cheap electricity that mostly comes as a result of hydropower generation facilities such as the Grand Ethiopian Renaissance Dam (GERD), which attracted many companies. In Ethiopia, 25 Bitcoin mining firms have established operations in the country. Almost 20 additional were awaiting permits before the announcement of the freeze. EEP previously tried to attract crypto miners to buy surplus power, called stranded power, which is unused during low demand. They sold this energy in foreign currency to increase national income. Reports show that crypto mining currently consumes about 27 percent of the total amount of electricity in Ethiopia. This is too much, according to many critics. They argue that although it is improving the fortunes of foreign firms, millions of Ethiopians, particularly in the rural setting, continue to lack access to electricity on a regular basis. This moratorium on new mining licenses brings out a greater problem in Africa. Nations that have strong renewable energy tend to have trouble fulfilling the local demand. In the case of Ethiopia, although hydropower is on the rise, the national grid continues to experience difficulties at peak hours and in dry seasons. EEP responded, “The challenge is how to use renewable energy to bring about a constant supply that is affordable to all.” Ethiopia Halts New Crypto Mining Permits to Protect Power Grid Other African countries, such as Kenya and Ghana, where crypto mining is…
What's Your Reaction?
