The cryptocurrency industry in Africa is booming. Ethiopia’s bitcoin industry is now the largest cryptocurrency mining hub in Africa, while Nigeria’s cryptocurrency industry is politically focused, and cryptocurrency recycling is sweeping the continent.
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It broke $100,000 for the first time, attracting more investors and enthusiasts. While traders were focusing their attention on prices and whether major altcoins would reach the moon, there was something else happening in Africa.
Ethiopia is strengthening its position in global Bitcoin mining, using renewable energy to reap huge profits. Meanwhile, Nigeria is at the forefront of cryptocurrency regulation, increasingly warming up to the technology and its broad use cases.
In Kenya and Tanzania, innovators are showing that cryptocurrencies are not just about launching digital currencies. Instead, blockchain technology can be used to address environmental challenges and create a more sustainable world.
This review will highlight all the pivotal events that took place last week that helped improve the cryptocurrency narrative in Africa, demonstrating that the continent is a major player in the global digital economy.
Cryptocurrency News Ethiopia: Dominates Cryptocurrency Mining
According to reports in 2024, Ethiopia became the first country in Africa to undertake large-scale cryptocurrency mining with government support. As a result, it has reportedly generated over $1 billion in Bitcoin mining profits, which translates to about 18% of the country’s national income.
Its success can be traced back to the Grand Ethiopian Renaissance Dam, one of the largest hydroelectric power stations in the world. GERD provides cheap energy, some of which is used by cryptocurrency miners. A portion of Bitcoin mining revenue goes back to maintaining the GERD infrastructure.
Crypto News in Nigeria: Leading Crypto Regulations
While Ethiopia excels in cryptocurrency mining, Nigeria aims to be a beacon for cryptocurrency regulation on the continent.
The Securities and Exchange Commission (SEC), the country’s main regulatory body, is gearing up to welcome cryptocurrencies. Despite the challenges it faces with Binance, the SEC wants to create a new progressive framework that balances innovation and oversight.
In this system, all cryptocurrency exchanges must be licensed and required to embrace it Before setting off. During this time, they will learn how to comply with the regulator’s new encryption standards before obtaining an operating license.
So far, Busha and Quidax are the two cryptocurrency trading platforms licensed to operate. Yellow Card Nigeria is also seeking to apply for a licence.
Tanzania and Kenya Crypto Africa News: Blockchain in Environmental Conservation
While blockchain technology is best known for meme coins and DeFi, new efforts are being made to show how the technology can address one of Africa’s environmental challenges: restoration.
Chatavisha and Aquaborg, operating out of Tanzania and Kenya, are turning environmental conservation efforts into a profitable venture for participants. Through their renewed financial efforts, they have launched programs that incentivize waste collection and recycling. Those who actively participate receive tokens that can be exchanged for cash.
ReFi projects crushing it in Africa: Aquapurge + Chatafisha pay locals tokens to clean up trash
5.4 thousand kg of waste removed through PURGE codes + Dar es Salaam collectors profit from recycling. The blockchain verifies every kg = real impact
Win-win: ESG credits for protocols, income… pic.twitter.com/f2QZSpZuDX
– AlphaChatX (@AlphaChatX) January 9, 2025
Cleaning activities are now underway along the Kenyan and Tanzanian coasts. To date, more than 23 cleanup events have been conducted, and participants have received USDC rewards.
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Africa Cryptocurrency Week Post Review: Ethiopia Leads in Bitcoin Mining As Nigeria Moves to Supportive Regulations, Will Blockchain Make the World More Sustainable? appeared first on 99Bitcoins.