TeraHash to Launch 10MW Bitcoin Mining Site in Ethiopia
German Bitcoin mining company, TeraHash, is set to establish its first facility in Ethiopia. The company is raising $5 million to build a 10-megawatt (MW) Bitcoin mining site near Addis Ababa, Ethiopia.
TeraHash's move into Ethiopia follows a successful pilot project launched in late 2023. The company will operate through a licensed local subsidiary, working with two local partners: Ethio Blockchain Solutions and GreenPower Ethiopia. Ethiopia is emerging as a major Bitcoin mining hub, attracting companies like TeraHash.
TeraHash's approach blends renewable energy with structured investment strategies. If the initial phase goes smoothly, the company aims to scale up operations to 60 megawatts, potentially requiring an additional investment of $40 to $60 million.
Fabian Weber, TeraHash's Head of Hashrate, acknowledges emerging risks in Ethiopia's crypto regulatory landscape, including new taxes and energy pricing uncertainties.
TeraHash's new facility is expected to commence operations within the next two to three months. The company's entry into Ethiopia's Bitcoin mining scene is a significant step, demonstrating the country's growing appeal for such ventures.
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