UAE-based Phoenix Group has announced that it has added 52 MW of additional electricity capacity in Ethiopia to power its local bitcoin mining operations in the country
The cryptocurrency and blockchain company said the expansion increases its total operational capacity in the East African country to 132 MW.
It also raises its global capacity to over 500 MW across five countries, underlining the group’s position as one of the world’s leading bitcoin miners.
The additional capacity will be hydro power, sourced from the Grand Ethiopian Renaissance Dam, according to a company spokesperson.
In a statement, Phoenix Group said its Ethiopian operations now rank “among the most sustainable in global bitcoin mining,” with 90% of its local energy sourced from renewable hydropower via the Grand Ethiopian Renaissance Dam.
“The opportunities for future growth are immense, and we are committed to aggressively expanding our global footprint in key energy markets,” said Munaf Ali, CEO and co-founder of Phoenix Group.
“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.”
Earlier this year, the company marked its entry into Ethiopia with an 80 MW power purchase agreement (PPA), laying the groundwork for its operations in the region.
It noted that the newly secured 52 MW site will be developed in two phases.
Phase 1 will deliver 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.
“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 Centres.
Phoenix Group is the first crypto and blockchain company in the Middle East listed on the Abu Dhabi Securities Exchange (ADX) and operates the largest mining farm in the Middle East and North Africa region.
As well as Ethiopia, it operates bitcoin mining facilities across the UAE, USA, Canada and Oman.
“Phoenix Group has rapidly become a leading force among the top 10 global bitcoin mining companies,” added Ali, “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.”
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Inside of one Phoenix Group's data installations (Image source: Phoenix Group)
