Phoenix Group has expanded its Bitcoin mining operations in Ethiopia, securing an additional 52 megawatts, bringing its total capacity there to 132 megawatts and surpassing 500 megawatts globally across five countries.
Phoenix Group Boosts Ethiopia Bitcoin Mining Capacity to 132 MW
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Development of New Site to Be Conducted in Stages
The Abu Dhabi-based bitcoin miner, Phoenix Group, has secured an additional 52 megawatts (MW) of mining capacity in Ethiopia. The additional power brings the miner’s operational capacity in the African country to 132 MW and its global total to more than 500 MW spread across five countries, positioning it among the world’s top 10 bitcoin miners.
The new mining site is set to be developed in two phases. Phase 1 is expected to deliver 20 MW of capacity, which in turn activates 5,300 high-efficiency air-cooled mining units with an expected output of 1.2 exahashes per second (EH/s). The second phase, set for completion by the end of the second quarter of 2025, is expected to add the remaining 32 MW, using hydro-cooling technology. When fully operational, the new site’s total hashrate is projected to double to approximately 2.4 EH/s.
According to a statement, the increased capacity places Phoenix among the world’s top 10 bitcoin miners. Munaf Ali, CEO and co-founder of Phoenix Group, said securing additional capacity in geographical locations with abundant, low-cost energy is a testament to the miner’s strategic foresight. Ali added:
The opportunities for future growth are immense, and we are committed to aggressively expanding our global footprint in key energy markets. Initiatives like our latest expansion in Ethiopia are pivotal steps, not only creating significant value today but also solidifying our position at the forefront of this dynamic global industry for years to come.
Before revealing the increase in its Ethiopia operations’ mining capacity, Phoenix had made its entry via the purchase of an 80 MW power purchase agreement (PPA) earlier this year. The agreement is said to have laid the groundwork for efficient, low-cost, and sustainable operations in the Horn of Africa nation.
Phoenix Group claims its Ethiopian bitcoin mining operations are among the most sustainable globally, sourcing 90% of their energy from renewable hydropower via the Grand Ethiopian Renaissance Dam. This commitment to clean energy aligns with the Group’s broader strategy of responsible growth and energy-efficient mining worldwide, with operations also in the UAE, the U.S., Canada, and Oman.
“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,” said Reza Nedjatian, CEO of Phoenix Mining, AI & data centers.
