If any country can lay claim to being the perfect home for Bitcoin mining, it may well be Ethiopia.

Power supply surged after the Grand Ethiopian Renaissance Dam’s plant came online and is expected to double again once it’s at full capacity.

More importantly, electricity is close to as cheap as you’ll find anywhere and it’s generated almost entirely from a renewable source — crucial for an energy-hungry industry under siege for contributing to global warming.

The computing rigs use vast amounts of power, so access to cheap electricity is critical. It can account for as much as 80% of miners’ operating costs.

Geopolitics adds to the lure for a large group of the crypto miners.

Chinese firms, ejected by their own government almost three years ago during a crackdown on cryptocurrencies, have been searching for a place with affordable energy without worrying too much about the political winds turning against them.

They reckon they’ve found that in Ethiopia — 19 of 21 electricity-supply deals for mining struck so far are with Chinese companies.

The move makes sense. The Asian country is both the biggest supplier of foreign direct investment and the top bilateral creditor to Ethiopia, and President Xi Jinping upgraded ties last year. That offers a degree of comfort, unlike for Texas — the biggest home for Bitcoin mining these days — where the specter of worsening China-US relations looms large.