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Bitcoin could save Eskom
The Citizen
|April 01, 2025
NO PAIN, NO GAIN: OPPORTUNITY STILL EXISTS
If you had mentioned bitcoin mining to a power utility five years ago, you would have been laughed out of the boardroom. There's not much to laugh about now.
Carel de Jager, CEO of Silver Sixpence and a former Eskom engineer, ran some simulations to quantify what impact bitcoin mining would have had on Eskom's balance sheet. The figures are staggering.
Starting on 1 April 2020 and running three million bitcoin mining machines until the end of 2024, Eskom would have cranked out more than 406,000 bitcoin (BTC) – sufficient to pay off a new 2,000MW power plant costing about R31 billion in 279 days, and leave it debt-free.
This is somewhat less than the 506,137 BTC owned by MicroStrategy, or the 574,083 owned by BlackRock's newly formed exchange-traded fund, but would still make Eskom one of the largest single producers and owners of BTC in the world.
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