According to CoinMeta, and as reported by Bloomberg, Ethiopia has seen a reduction in reservoir water levels due to the El Niño phenomenon, leading to a cut in electricity supply to Bitcoin miners to 23% of the contracted level. Ashbir Barkha, the CEO of the Ethiopian Electric Power Corporation ( EEP ), stated that the electricity supply was initially reduced to 75%, then to 50%, and finally to 23%. The company plans to re-evaluate the reservoir and power situation in October, and if the water levels do not improve, there is still a possibility of further cuts to the electricity supply. Bitcoin miners have become an important source of demand for Ethiopia's power system; mining companies consumed nearly one-third of the country's electricity output in the past fiscal year and contributed 35% of the revenue to EEP.