Africa also has more potential solar resources than any other continent, although solar development is not widespread or significant. One study found that a solar park covering 0.3% of North Africa could supply all the energy required to power the EU.
Flare gas is also a strong candidate as a power source for African mining. Angola, for example, has already sought ways to monetize its gas flaring activity, and is the region’s second largest crude oil producer.
Nuclear energy is one of the scarcest forms of power in Africa. Of 54 countries in the region, only South Africa has operational nuclear facilities. South Africa currently generates over 10 billion kilowatt hours (KWh) of base load electricity at the Koeberg nuclear power plant in Cape Town. Bitcoin miners and the nuclear power industry are quickly forming strong relationships, and hopefully this trend extends to Africa to catalyze more nuclear development.
Beyond Bitcoin Mining
Mining sector aside, Africa’s leading role in growing global Bitcoin usage is no secret. In particular, a steady stream of headlines in recent years has highlighted the region’s surge in interest in Bitcoin from investors, developers, merchants and other users. For example:
Paxful CEO Ray Youssef says Africa is “leading” cryptocurrency adoption
Square CEO Jack Dorsey Says Africa “will define the future ” of Bitcoin
Programs like Qala recruit and train Bitcoin developers
Even the UN has taken notice of Bitcoin and crypto use in Africa
The Central African Republic was the second country to adopt bitcoin as legal tender
Kenya has one of the highest per capita levels of bitcoin ownership, according to a UN brief
Widespread interest in buying and using bitcoin usually also precedes strong interest in bitcoin mining. China, the United States and parts of Latin America, for example, have historically been geographic leaders in bitcoin investment and usage, and it is no coincidence that these regions are also leaders in retail and industrial-scale mining. While that doesn’t necessarily explain all the apparent interest in mining from various African countries, people who want bitcoin tend to also eventually learn how to mine it.
Mining: The Natural Step in Africa’s Bitcoin Journey
At the risk of repeating the obvious, much of this article is speculative analysis based on a few statistical and anecdotal signals of mining growth across Africa. It’s hard to know for sure if or when parts of that region will become the next Texas or Kazakhstan for the mining sector.
But what is certain is that the existing mining activity there is not slowing down, and a sustained level of general curiosity about mining is seen in Google searches. And of course, the region’s general interest in understanding, using and building with Bitcoin has been widely reported.
Given Africa’s excitement over Bitcoin and its rich, diverse energy resources, mining is a natural step in the region’s Bitcoin narrative arc. Africa’s Bitcoin future is undoubtedly bright, and mining can play a prominent role in it.
This is a guest post by Zack Voell. Opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.
