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South Africa’s Eskom Eyes Bitcoin Mining to Offset Energy Surplus and Soaring Debt
In a bid to address its crippling debt burden and dwindling electricity demand, South Africa’s state power utility Eskom is exploring the possibility of supporting Bitcoin mining operations. This strategic shift aims to transform unused energy capacity into a new source of revenue and job creation.
As reported by My Broadband, Eskom CEO Dan Marokane confirmed the exploration of Bitcoin mining during an address at the BizNews Conference. He highlighted the increasing electricity needs in countries embracing Bitcoin mining and AI, emphasizing the need for Eskom to adapt its business model to prevent further financial strain.
Eskom faces significant challenges, including a R403 billion debt load and declining electricity sales, which dropped by 4% last year and is forecasted to decline for another three to five years. The company’s leadership is working to balance its current power struggles while laying the foundation for a digitally powered recovery.
One potential solution lies in Bitcoin mining, as the energy-intensive proof-of-work model creates a consistent demand source that can utilize Eskom’s unused electricity capacity. This approach could provide a stable revenue stream and help alleviate the burden of debt.
Source: blockonomi.com
