Phoenix signs 30MW energy deal for Ethiopian data mine

Abu Dhabi’s Phoenix Group has unveiled a 30MW hydropower-backed data mining facility at Bole Lemi Industrial Park in Addis Ababa, in partnership with Ethiopian Electric Power

It represents a key expansion milestone in Phoenix’s growth into Africa’s energy-rich markets and its long-term strategy to scale to 1GW of compute capacity.

Phoenix and Ethiopian Electric Power developed the site as part of a strategic collaboration designed to combine Ethiopia’s growing renewable energy strength with Phoenix’s operational expertise in high-efficiency compute deployments.

The 6,250-square-metre site has been purpose-built to support advanced mining and future compute workloads while leveraging stable, low-cost, and carbon-neutral hydropower from Ethiopia’s national grid, which will add 1.9 EH/S to Phoenix’s existing hashrate.

“This deployment represents a major advancement in Phoenix’s global growth strategy and marks our entry into one of the world’s most energy-rich emerging markets,” said Munaf Ali, co-founder and CEO of Phoenix Group.

“Ethiopia offers a compelling combination of renewable power, long-term energy visibility, and government partnership, all critical factors as we scale toward 1GW and reinforce our commitment to renewable energy and responsible growth.”

The East African country recently inaugurated the giant Grand Ethiopian Renaissance Dam to boost its vast hydro power potential.

Phoenix’s presence in Ethiopia also supports the country’s wider digital and industrial objectives, including investment attraction, energy export monetisation, and technology infrastructure development.

With the Ethiopian site now online, Phoenix now aims to advance toward its target milestone of 1GW aggregate capacity as it transitions from a pure-play mining model to a diversified digital infrastructure platform with future AI hosting, compute leasing, and HPC capabilities.

An IHC portfolio company, Phoenix Group is a global digital infrastructure operator and ranked among the world’s top 10 Bitcoin miners, currently with over 500MW deployed across five countries.

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