Africa Is Poised For A Bitcoin Mining Boonbitcoinmagazine.com/business/bitcoin-mining-will-explode-in-africa
156 sats \ 3 comments \ @KenyaCoin 29 Jul 2022 bitcoin
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1 sat \ 1 reply \ @KenyaCoin OP 29 Jul 2022
This only shows current production capacity, and not the "untapped potential" of large scale hydropower.
Source: https://www.hydropower.org/region-profiles/africa
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1 sat \ 0 replies \ @KenyaCoin OP 29 Jul 2022
Kenya has more generation capacity than is needed by the grid, thanks to the capacity added from geothermal power plants in the Rift Valley. While geothermal can be among the cheapest forms of energy, it will still be more expensive than hydroelectric generation. However, geothermal runs essentially 24/7/365, whereas hydroelectric can be seasonal, and it can also be affected by a drought.
The problem with geothermal is it has relatively very high capital expenditure to drill for steam and then construct the plant that generates electricity. So while there is ten to fifiteen GW of further capacity, these plants are not constructed until there is demand by the market. With a very large population that is very young yet, additional power will be needed in the upcoming years. But until then, not all that much further geothermal capacity is coming online.
Bitcoin could be that buyer that will subsidize this needed additional generation capacity, by being the buyer of the electricity that will justify building the plants now, ahead of the ultimate increased demand by the grid.
Kenya's KenGen energy company has already announced that there are bitcoin mining ops interested in the excess geothermal capacity.
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0 sats \ 0 replies \ @KenyaCoin OP 29 Jul 2022
This article explores some data that shows interest from African nations in mining and profiles a few companies known to be mining in the region, with all of this contextualized by Africa’s widely-reported general interest in Bitcoin as a plausible precursor to a booming mining industry.
Data collected by the Cambridge Centre for Alternative Finance, for example, claim that no African country contributes more than 0.14% of Bitcoin’s hash rate. That amount apparently comes from Egypt, the region’s largest hash rate contributor. This data set is notoriously problematic, but generally speaking, mining activity throughout the region is relatively small.
Mining in Africa is nonetheless happening, and it’s growing. BigBlock DC is a prime example of a mining company operating in the region.
African countries have some of the largest untapped potential for large scale hydropower development in the world.
Africa also has more potential solar resources than any other continent, although solar power development is not widespread or significant.
Flare gas is also a strong contender as a power source for African mining activity. Angola, for example, has already sought ways to monetize its gas flaring activity, and is the region’s second-largest crude producer.
Nuclear energy is one of the most scarce forms of power in Africa. Out of 54 countries in the region, only South Africa has operational nuclear facilities.
Given Africa’s excitement over Bitcoin and its abundant, diverse energy resources, mining is a natural step in the region’s Bitcoin narrative arc. Africa’s Bitcoin future is no doubt a bright one, and mining could play a prominent role in it.
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