In the breakdown in the table shown below Ethiopia is leading the world in clean crypto mining having the lowest costs of energy at $0.02 per kWh while 100% of this energy comes from renewable sources, i.e. hydro, geo-thermal, solar and wind. Lower prices can be found in other middle eastern and neighbouring African countries however at a more determental cost to the environment by using a mix of fossil fuel and renewable based energy production methods. Ethiopia's promotion of sustainable business models with access to clean sources of electricity while protecting the environment are very powerful factors to be considered for companies planning to operate mining farms there.
The cost of $7,168.91 to mine a single Bitcoin in Ethiopia, means miners could gain $17,377.09 in profits with 1 Bitcoin trading at approximately $24,548.00 at the time of pubishing this article on 11. August, 2022. Ethiopia has some of the cheapest electricity in the world, with one kWh costing an average of just 2 cents. For context, the average cost of one kWh in North America is 21 cents and Switzerland at 25 cents.
One thing that makes bitcoin particularly appealing is its finite supply—there are only 21 million coins available for mining, and as of this article’s publication, more than 19 million bitcoin have already been mined. While the price of bitcoin (BTC) is notorious for its volatility, its value has still grown significantly over the last decade. And if cryptocurrencies become mainstream as many people believe they will, this could boost the price of bitcoin even further.
