Phoenix Group Boosts Ethiopia Mining with 52 MW Expansion
Phoenix Group PLC (ADX:PHX), a leading cryptocurrency and digital infrastructure firm, has secured an additional 52 MW of Bitcoin mining capacity in Ethiopia. As a result, its total capacity in the country now reaches 132 MW, while its global operations exceed 500 MW across five nations. This expansion strengthens its position among the world’s top 10 Bitcoin miners.
Strategic Expansion and Operational Efficiency
The company’s CEO, Munaf Ali, highlighted the strategic vision behind this growth. “By securing low-cost energy and advanced technology, we’ve rapidly scaled our operations,” he explained. Furthermore, he emphasized that expansions like Ethiopia’s 52 MW project enhance both immediate returns and long-term industry leadership.
Earlier this year, Phoenix Group entered Ethiopia with an 80 MW power agreement. The new 52 MW site will roll out in two phases. First, Phase 1 will deploy 20 MW, powering 5,300 high-efficiency miners with 1.2 EH/s output. Then, Phase 2, set for mid-2025, will add 32 MW using hydro-cooling, doubling total output to 2.4 EH/s.
Commitment to Sustainable Mining
Reza Nedjatian, CEO of Phoenix Mining, stressed the project’s eco-friendly approach. “With 132 MW running on hydropower, we’re leading sustainable mining in Africa,” he stated. Notably, 90% of the energy comes from Ethiopia’s Grand Renaissance Dam, aligning with the company’s renewable energy goals.
Globally, Phoenix Group operates in the UAE, US, Canada, Oman, and Ethiopia. As the first Middle Eastern crypto firm listed on Abu Dhabi’s stock exchange, it continues to innovate in sustainable Bitcoin mining. By prioritizing clean energy, the company sets a benchmark for responsible industry growth.
Future Growth and Industry Leadership
Looking ahead, Phoenix Group plans further expansions in energy-rich markets. Its vertically integrated model ensures cost efficiency and scalability. Additionally, its focus on cutting-edge technology strengthens its competitive edge.
With over 500 MW of global capacity, Phoenix Group remains a key player in Bitcoin mining. Its Ethiopia operations highlight how strategic location selection and renewable energy can drive sustainable growth.
