He Mined in UAE & Ethiopia. Both Turned Against Him.

<p>Cheap power means nothing if the government turns against you. Giannis Andreou, CEO of Bitmern Mining, started hosting Bitcoin miners in the UAE on agricultural power below 6¢/kWh, was forced out when the government banned that power, moved to Ethiopia, and is now watching the same story repeat as the Ethiopian government takes over mining and large operators pack up and leave.</p><p><br></p><p>Giannis breaks down what went wrong in both countries, why it took 45 days to get his miners out of the UAE, how Ethiopia&#39;s uptime fell to 70% before things got worse, and why exporting miners from Ethiopia comes with a 35% tax. His conclusion: own the land and the infrastructure, or don&#39;t build on it at all.</p><p><br></p><p>We also cover his pivot to buying two farms in Texas (5.5 MW and 8 MW), why AI data centers pay 17 to 25¢/kWh while he found power at 3.9¢, why he stopped retail hosting, a 20 MW joint venture opportunity in Brazil, and how he borrowed against mined Bitcoin to pay for power at $25K and held it to $107K.</p><p><br></p><p>Nothing discussed is financial advice. Do your own diligence before making mining or hosting decisions.</p><p><br></p><p>Guest: Giannis Andreou, Founder &amp; CEO of Bitmern Mining</p><p>Bitmern Mining: https://www.bitmernmining.com</p><p>Bitmern on YouTube: https://www.youtube.com/@bitmernmining</p><p>Giannis on X: https://x.com/gandreou007</p><p>Giannis on Instagram: https://www.instagram.com/gianisandreou</p><p>Giannis on LinkedIn: https://www.linkedin.com/in/giannisandreou/</p><p><br></p><p>Timestamps:</p><p><br></p><p>0:00 Intro</p><p>0:46 From crypto YouTuber to Bitcoin miner</p><p>2:23 Central banks and the case for mining</p><p>4:21 Greece, Cyprus and the banking crisis</p><p>6:39 Why the UAE in 2023</p><p>7:35 Agricultural power below 6¢/kWh</p><p>8:43 Renting farms vs building your own</p><p>9:29 How to choose a hosting partner</p><p>11:07 Leaving the UAE: 45 days to move miners</p><p>12:30 UAE loopholes and $600K per MW capex</p><p>13:38 Ethiopia: from great to complete disaster</p><p>15:02 The lesson: own the land and the farm</p><p>15:45 Sponsor: Altair Technology</p><p>16:16 Why 30 minutes from the airport is a red flag</p><p>17:40 The pivot: buying 5.5 MW and 8 MW in Texas</p><p>18:37 Bitcoin mining vs AI: 3.9¢ vs 25¢/kWh</p><p>21:12 Why he stopped retail hosting</p><p>22:56 Finland, Norway and the hidden costs abroad</p><p>23:44 Ethiopia&#39;s 35% export tax on miners</p><p>24:44 Manufacturer JVs and 2