Ethiopia has embarked on a significant technological project by launching a $250 million initiative to establish a Bitcoin mining and AI data center, as reported by DecentraSuze in Forbes. This move positions Ethiopia as the first African country to start mining Bitcoin, highlighting a major step in the country's technological and economic advancement. However, this decision has sparked controversy regarding the country's economic priorities, especially in light of the current economic challenges it faces. @steve_hanke, an economist, criticized the Ethiopian government's decision, pointing out the country's high inflation rate of 68% per year, which he attributes to economic mismanagement by PM Abiy Ahmed. Furthermore, the broader issue of energy access in Africa is underscored by GridlessCompute's observation that half of the continent remains without electricity, primarily due to financial unviability, a situation that Bitcoin mining could potentially ameliorate.
That's why African people need to adopt bitcoin fast. https://t.co/grnvDwOZYH
Ethiopia 🇪🇹 is poised to become the first African country to start mining Bitcoin. I cover this development and how Ethiopia is becoming a global haven for Bitcoin miners in my latest piece for @ForbesCrypto 🌍🔥 https://t.co/l4n5jeQLxl
Ethiopia To Become The First African Country To Start Bitcoin Mining https://t.co/9a05l4Rb2E
#KeepEyesOnSudan🇸🇩: The Central Bank of Sudan hasn’t updated its official inflation rate in A YEAR. I remain the ONLY source of accurate, daily inflation measures in SDN. Today, I measure Sudan's inflation at a PUNISHING 104%/yr. https://t.co/A2DcBm4dqF
#ZIMWatch🇿🇼: ANOTHER DAY, ANOTHER ALL-TIME-HIGH. ZIM has the HIGHEST INFLATION RATE IN THE WORLD. Today, I accurately measure Zimbabwe's inflation at a stunning 1367%/yr. https://t.co/d8Dt6lVuqS
#EthiopiaWatch🇪🇹: Thanks to PM Abiy Ahmed's economic mismanagement, Ethiopia is plagued by SKY-HIGH INFLATION. Today, I measure inflation in Ethiopia at a PUNISHING 68%/yr. https://t.co/JdVmouhGoI
We are not adding enough energy in Africa each year to keep up with population growth, which leaves half of the continent without electricity. That's mostly because it's not financially viable to reach a lot of the population. Bitcoin mining changes the financial equation. https://t.co/MyOxgS4f0H
#EthiopiaWatch🇪🇹: Yesterday, Ethiopia’s gov’t announced plans to establish a $250MM bitcoin mining and AI data center Talk about MISPLACED ECONOMIC PRIORITIES. Today, I measure inflation in Ethiopia at 68%/yr. https://t.co/IzROijBbSO
🧵1/ Ethiopia launches a $250 million project to establish a Bitcoin mining and AI data center. This initiative, reported by @DecentraSuze in @Forbes, marks significant technological advancement in Ethiopia's economy. https://t.co/QpfjCNRjxP