Phoenix Group PLC, a global cryptocurrency and blockchain company, announced securing an additional 52 MW of mining capacity in Ethiopia.
This expansion increases the company’s total operational capacity in the country to 132 MW, it said.
It also raises Phoenix Group’s global capacity to over 500 MW across five countries, reinforcing the company’s position as one of the world’s top 10 Bitcoin miners.
Munaf Ali, CEO and Co-Founder of Phoenix Group, said the Group has rapidly become a leading force among the top 10 global Bitcoin mining companies.
“It is a testament to our strategic foresight in securing prime locations with abundant, low-cost energy and our operational excellence driven by vertical integration and cutting-edge technology,” he said.
Ali said the opportunities for future growth are immense, and the company is committed to aggressively expanding its global footprint in key energy markets.
Earlier this year, Phoenix Group marked its entry into Ethiopia with an 80 MW power purchase agreement (PPA).
The company said the newly secured 52 MW site will be developed in two phases, with phase 1 delivering 20 MW of capacity, activating 5,300 high-efficiency air-cooled mining units with an expected output of 1.2 EH/s.
Phase 2, set for completion by the end of Q2 2025, will add a further 32 MW, using hydro-cooling technology. Once fully operational, the site’s total hash rate is projected to double to approximately 2.4 EH/s.
Phoenix said its Ethiopian operations rank among the most sustainable in global Bitcoin mining, with 90 per cent of their energy sourced from renewable hydropower via the Grand Ethiopian Renaissance Dam.
