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Ethiopia Cuts Power to Bitcoin Miners as El Niño Strains Hydropower
EEP cut mining power by roughly 75% as dry-season inflows fell 20%, aiming to protect electricity for households and manufacturers, officials said.
- On Tuesday, Ethiopian Electric Power CEO Ashebir Balcha announced the state utility slashed electricity supplied to Bitcoin miners to 23% of contracted levels as a pre-emptive measure amid declining water inflows.
- The El Niño weather phenomenon intensified Ethiopia's dry season, reducing water inflows into hydroelectric reservoirs by at least 20%, impacting the source of about 95% of EEP's power output.
- Bitcoin-Mining companies accounted for 35% of EEP's revenue last year and consume nearly one-third of total electricity, with 31 of 39 power-purchase agreements already operational.
- Balcha noted the utility initially reduced deliveries to 75% of contracted levels, easing to 50% and then to 23%, despite prior commitments to supply at least 98% of power.
- EEP will reassess conditions in October and could impose further supply reductions or restrict electricity exports to neighboring countries, affecting miners like Phoenix Group that expanded capacity to 132 megawatts.
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Ethiopia cuts power to Bitcoin miners as El Niño strains hydropower
Ethiopia has cut electricity supplied to Bitcoin miners to 23% of contracted levels after a 20% drop in reservoir inflows strained the country’s hydropower system. Bloomberg reported on Tuesday that El Niño had intensified dry conditions across the East African…
Ethiopia cuts power to Bitcoin miners by 75% as El Niño dries up hydropower
Ethiopia has slashed electricity supplied to its Bitcoin-mining industry by three-quarters as declining water inflows into its hydroelectric reservoirs put pressure on the country’s power supply.
·New York, United States
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Total News Sources13
Leaning Left1Leaning Right0Center4Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
L 20%
C 80%
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