The African crypto industry is thriving. Ethiopia’s Bitcoin industry is now the largest cryptocurrency mining hub in Africa, while Nigeria’s cryptocurrency focuses on politics and cryptocurrency recycling sweeps the continent.
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broke $100,000 for the first time, attracting even more investors and enthusiasts. While traders were obsessed with prices and whether the top altcoins were going to moon, something else was happening in Africa.
Ethiopia is cementing its place in global Bitcoin mining, using renewable energy to reap huge profits. Meanwhile, Nigeria is at the forefront of crypto regulation, increasingly adapting to the technology and its broad use cases.
In Kenya and Tanzania, innovators are demonstrating that crypto isn’t just about launching meme coins. Instead, blockchain can be used to address environmental challenges and create a more sustainable world.
This review will highlight all the crucial events of the past week that have helped further refine Africa’s crypto narrative, showing that the continent is a key player in the global digital economy.
Ethiopia Crypto News: Dominating Crypto Mining
According to reports published in 2024, Ethiopia became the first country in Africa to operate large-scale, government-backed cryptocurrency mining. As a result, it reportedly generated over $1 billion in Bitcoin mining profits, representing around 18% of the country’s national income.
Its success is due to the Grand Ethiopian Renaissance Dam (GERD), one of the largest hydroelectric plants in the world. The GERD provides cheap energy, part of which is used by crypto miners. A portion of Bitcoin mining revenue is reinvested in maintaining the GERD infrastructure.
Nigeria Crypto News: Spearheading crypto regulation
While Ethiopia excels in cryptocurrency mining, Nigeria aims to be the model for crypto regulation on the continent.
The country’s main regulator, the Securities and Exchange Commission (SEC), is gearing up for crypto. Despite its challenges with Binance, the SEC wants to create a new progressive framework that balances innovation and oversight.
Under this regime, all crypto exchanges must be licensed and required to incubate before getting started. During this time, they will learn how to align with the regulator’s new crypto standards before obtaining an operating license.
So far, Busha and Quidax are the two crypto exchanges allowed to operate. Yellow Card Nigeria is also seeking to apply for a license.
Tanzania and Kenya Crypto Africa News: Blockchain in Environmental Conservation
While blockchain is best known for meme coins and DeFi, new efforts are being made to demonstrate how the technology can address one of Africa’s environmental challenges: restoration.
Chatafisha and Aquapurge, operating from Tanzania and Kenya, are turning their efforts to preserve the environment into a profitable business for participants. Through their regenerative finance efforts, they have launched programs that encourage waste collection and recycling. Those who actively participate receive tokens that can be exchanged for cash.
ReFi projects are crushing it in Africa: Aquapurge + Chatafisha paying locals with tokens to clean up waste
5.4,000 kg of waste eliminated thanks to PURGE tokens + collectors in Dar es Salaam earn from recycling. the blockchain verifies each kg = real impact
win-win: ESG credits for protocols, revenues… pic.twitter.com/f2QZSpZuDX
–AlphaChatX (@AlphaChatX) January 9, 2025
Clean-up activities are now taking place along the Kenyan and Tanzanian coasts. So far, more than 23 cleanup events have been held and participants have earned USDC rewards.
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Africa Crypto Week Review: Ethiopia Leads in Bitcoin Mining, While Nigeria Looks to Favorable Laws, Will Blockchain Make the World More Sustainable? appeared first on 99Bitcoins.
