Phoenix Group Expands Bitcoin Mining Footprint in Ethiopia
Phoenix Group, a publicly traded Bitcoin mining firm, continues to make waves in the industry by expanding its operations in Ethiopia. The company announced the addition of 52 megawatts (MW) of mining capacity to its existing infrastructure, pushing its total capacity in the country to 132 MW. This latest move underscores Phoenix Group’s commitment to scaling its operations and capitalizing on energy-rich regions with favorable conditions for Bitcoin mining.
Building on a Strategic Foundation
This expansion follows Phoenix Group’s signing of an agreement in January 2025 to secure the right to 80 MW of power in Ethiopia. The firm’s strategy is clear: secure prime locations with abundant, low-cost energy resources. As Munaf Ali, Phoenix Group’s co-founder and CEO, stated, “Initiatives like our latest expansion in Ethiopia are pivotal steps, not only creating significant value today but also solidifying our position.” This strategic approach reflects the growing importance of energy access for the Bitcoin mining industry.
Sustainable Mining Practices
The new 52 MW site will be developed in two phases, initially utilizing 20 MW to power 5,300 air-cooled mining units with an expected hashrate of 1.2 exahashes per second. In the second phase, scheduled for completion by the end of the second quarter of 2025, the site will leverage the full 52 MW capacity, incorporate water cooling technology, and achieve an estimated 2.4 exahashes per second of hashrate.
Of particular note is the commitment to renewable energy. Reza Nedjatian, CEO of Phoenix Group’s mining, artificial intelligence, and data center subsidiary, emphasized the site’s reliance on hydropower: “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.”
A Rapidly Expanding Company
Phoenix Group’s recent expansion in Ethiopia is just one facet of its rapid growth. The firm made its public debut on the Abu Dhabi Securities Exchange in late 2023, generating significant interest from investors. Its initial public offering (IPO) was oversubscribed 33 times, with an offering of 907,323,529 shares attracting overwhelming demand. This successful IPO underscored investor confidence in Phoenix Group‘s potential and its ability to capitalize on the expanding Bitcoin mining sector.
Phoenix Group has been actively acquiring Bitcoin mining equipment, including a massive $187 million purchase in early 2024. This aggressive approach highlights the company’s ambition to become a leading force in the global Bitcoin mining landscape. With its commitment to sustainable mining practices and its focus on strategic expansion, Phoenix Group is well-positioned to capitalize on the growing demand for Bitcoin mining services and contribute to the further development of the cryptocurrency industry.
