Phoenix Group Expands Its Bitcoin Mining Operations in Ethiopia, Securing an Additional 52 Megawatts

Phoenix Group, the Abu Dhabi-based bitcoin miner, has secured an additional 52 megawatts (MW) of mining capacity in Ethiopia.

The new mining site is set to be developed in two phases. Phase 1 will see the deployment of 5,300 high-efficiency air-cooled mining units, delivering an expected output of 1.2 exahashes per second (EH/s) with an estimated timeframe of two months.

Upon completion, the new site’s total hashrate is projected to double to approximately 2.4 EH/s.

The additional power brings Phoenix’s operational capacity in the African country to 132 MW and its global total to more than 500 MW across five countries, placing it among the world’s top 10 bitcoin miners.

The second phase of the new mining site development will focus on hydro-cooling technology and is expected to conclude by the end of the second quarter of 2025. This phase will see the addition of the remaining 32 MW of capacity.

“Securing additional bitcoin mining capacity in geographical locations that offer abundant, low-cost energy is a testament to Phoenix's strategic foresight and unwavering commitment to maximizing value creation,” said Munaf Ali, CEO and co-founder of Phoenix Group.

“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 contributions to the local economy today but also solidifying our position at the forefront of this dynamic global industry for years to come.”

Earlier this year, Phoenix Group announced its entry into the Ethiopian bitcoin mining scene via the purchase of an 80 MW power purchase agreement (PPA). The deal was said to have set the stage for efficient, low-cost, and sustainable operations in the Horn of Africa nation.

The miner’s Ethiopian operations are said to be 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, with existing 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 to provide maximal contributions to the local community and economy,” added Reza Nedjatian, CEO of Phoenix Mining, AI & data centers.