The state-owned Ethiopian Electric Power (EEP) has announced intentions for a gradual phase-out of all cryptocurrency mining operations amid growing public pressure over the growing energy burden posed by crypto-related data centers.
The recently published Ethiopian Energy Outlook 2025 report revealed that cryptocurrency mining is on track to consume a third of Ethiopia’s total power output this year. It warned this level of consumption could compromise essential sectors, particularly in rural areas still struggling with blackouts and diesel dependency.
Alongside the crypto clampdown, EEP is grappling with a major budget shortfall, revealing that it plans to earn 138 billion Birr in revenue this year but requires 251 billion Birr to meet its project and operational needs.
Under the IMF Extended Credit Facility program, which obligates Ethiopia to avoid non concessional loans, a special exemption to borrow USD 950 million to finalize Koysha has been granted.
I'm sure the IMF's mention is just a coincidence, right?
Ethiopia grew to 2.5% of global hashrate in a few short years, and earned the government $55 million in revenue by November '24, which could be an underestimate, as the total for '24 is estimated to be $220 million.