Two cryptocurrency mining companies operating in Ethiopia have delivered two million dollars in foreign exchange earnings to the country from their export activities, according to Ethiopian Electric Power (EEP).
Hiwot Eshetu, Director of Marketing and Business Development at Ethiopian Electric Power (EEP) said that a total of 25 foreign companies have applied to EEP seeking to purchase electricity primarily to power data center and cryptocurrency mining operations in Ethiopia.
Four firms have begun commercial operations so far, with 18 constructing new facilities and the remaining three yet to start construction work.
The majority of applicants are Chinese-owned companies that will use Ethiopia's locally generated hydroelectric power for their power-hungry bitcoin and other crypto mining operations. EEP has mandated the firms pay electricity bills in U.S. dollars and other hard currencies.
In addition to the two million already exported by the two active mining companies, Hiwot noted two other operations are paying foreign exchange amounts equal to or higher than that figure for their power needs.
