Bitcoin for Ethiopia, GERD must be for bitcoin mining || Project Mano initiative said

What is Project Mano ?

Project Mano claims that they are a movement to push the Ethiopian government to adopt Bitcoin. they believe its the time of bitcoin for Ethiopia. they tried to show how Ethiopia could be benefited from bitcoin, from mining to using it as legal tender. also, they explain, why Ethiopia could adopt bitcoin and the potential Ethiopia has to succeed. They have gotten a lot of attention and media coverage for their initiative. the twitter’s Jack dorsey also shared the Project mano’s initiative on his own Twitter page. below we will see project mano’s argument and how they believe, it could be effective.

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Ethiopian economic’s inflation

The global economy is inflating out of control and Ethiopia is no exception to its effects. In March 2018, the Ethiopian Birr (ETB) was trading at 22 ETB per USD (US Dollars) and the black market exchange was near 25 ETB / USD in Mar 2018. Now, in Q1 2021, 1 USD is worth nearly 46 ETB – nearing 55 ETB in the black market. As of today, 1USD is worth 51 and around 67 on the black market.

and they argue how bitcoin adoption in the form of mining, holding, and legal tender could be beneficial for Ethiopia to save the country from such kind of high rate of inflation. now is the time bitcoin for ethiopa.

The main reasons why Ethiopia and why now?

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• In Ethiopia, there is a clear interest in crypto technology from the government (e.g. Cardano Implementation for millions of students’ digital ID which is on progress).
• Ethiopia is experiencing high inflation margins because of internal conflict, displacement and covid.
• It has a significant trade deficit that can’t easily be solved through traditional investments, which requires innovative thinking.
• Electric power from GERD, There is an unassigned and already built 6469MW that is politically & financially awkward to use.
• It still uses paper cash as a primary method of transaction, which doesn’t allow the central bank to sync all parameters of the economy to work together efficiently.
• Because a significant number of the population (~55%) is unbanked, once the money reaches the hands of some of the population, the government and banks do not see much of it again. This makes it difficult to recycle; the government must have to print new cash to establish new spending abilities, devaluing the currency even more.
• It will be a win-win case for both Bitcoin & Ethiopia if the Bitcoin network gets 6k MW of clean renewable energy; simultaneously advancing Ethiopia’s accelerating economy & attracting new investment.

Bitcoin mining for Ethiopia

 the Grand Ethiopian Renaissance Dam (GERD) is successful and put into use as planned, the average Ethiopian’s life would improve not just because they would have access to electric power 24/7, but also because their country would have more foreign currency reserves than it can use to improve the lives of its citizens.

what could be if Ethiopia used the GERD for bitcoin mining

MINING TYPE – ASIC BASED

MINING EQUIPMENT – ANTMINER S19

If we say we are running the above miner with 115TH/s, using 3350w at 3.25kwh per machine GERD’s ~80% power can generate and provide a total of 212307595 TH/s to the Bitcoin network.

10,000 S19 machines will cost about 105m$ to acquire and set up (<10% of what Ethiopia would need to invest for building infrastructure to export power for GERD – estimated to cost more than 1.7bn$).

Running 10,000 S19 ASIC machines with the current difficulty adjustment of the network, and up until the next halving (4 years), will yield 175 BTC monthly, or 2100 BTC per year. These machines will not require too much power to run and are perfectly scalable to grow in numbers.

Basically, less than 5% of the dam can be used to power these machines, providing Ethiopia with alternate ways of turning power into revenue.

This is only at a minimal capacity of GERD. The dam at full capacity can power over ~200,000 similar machines, which would yield more than 81,900 BTC (~2bn$ yearly at the current price).

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conclusion

Project mano’s team explain in deatile about there initiative, bitcoin for ethiopia, in their website. here you can visit thier website project mano.

i would like to hear your voice on this initiative. do your really beliew using GERD for bitcoin mining is worthy.