Phoenix Group Expands Ethiopian Bitcoin Mining Operation by 52 MW

Phoenix Group, a prominent Bitcoin mining company, has significantly boosted its mining capabilities in Ethiopia. The company announced the addition of 52 megawatts (MW) of mining capacity, bringing its total Ethiopian operation to 132 MW and its global capacity to over 500 MW.

This expansion follows a January agreement securing 80 MW of power in Ethiopia. The 52 MW site is being developed in two phases. Phase one, currently operational, utilizes 20 MW to power 5,300 air-cooled mining units, generating a hashrate of 1.2 exahashes per second. Phase two, slated for completion by the end of Q2 2025, will fully utilize the 52 MW capacity, incorporate water cooling, and achieve an estimated hashrate of 2.4 exahashes per second.

Phoenix Group co-founder and CEO, Munaf Ali, emphasized the company’s strategic focus on securing cost-effective, abundant energy sources. Reza Nedjatian, CEO of the firm’s mining subsidiary, highlighted the site’s reliance on renewable hydropower, setting a new standard for sustainable mining in Africa.

“With 132 MW now running on clean hydropower, we’re proud to set a new benchmark for sustainable mining in Africa and deliver large-scale operations in energy-rich regions.”

This expansion underscores Phoenix Group’s rapid growth since its successful 2023 initial public offering (IPO) on the Abu Dhabi Securities Exchange. The company’s aggressive expansion strategy, coupled with its significant investments in mining equipment and strategic partnerships, positions it as a major player in the global Bitcoin mining landscape. The company’s involvement extends beyond Bitcoin mining, notably through its partnership with Tether on a new UAE dirham-pegged stablecoin.