Yigit Taha OZTURK 
Phoenix Group has expanded its Bitcoin mining operations in Ethiopia with an additional 52 megawatts (MW) of capacity, bringing its total mining power in the region to 132 MW. The company’s global capacity has now exceeded 500 MW.
Co-founder and CEO Munaf Ali stated that the company’s strategy focuses on securing locations with abundant and low-cost energy, with the new Ethiopian site playing a key role in long-term positioning.
Targeting Sustainable Mining With Clean Energy
The 52 MW mining facility will be developed in two phases. The first phase uses 20 MW to power 5,300 air-cooled units, delivering around 1.2 exahashes per second of mining power. The second phase — set for completion by end of Q2 2025 — will fully utilize the 52 MW, with water cooling and 2.4 exahashes per second output.
You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!
Reza Nedjatian, CEO of the group’s mining and AI division, emphasized that the facility is powered entirely by renewable hydropower, highlighting a commitment to sustainable large-scale operations in Africa.
Phoenix Now Operates Over 500 MW Globally
After going public on the Abu Dhabi Securities Exchange (ADX) in late 2023, Phoenix Group’s IPO raised $371 million with 33x oversubscription, reflecting strong investor demand. The company’s stock quickly rose by 50%, and currently trades around $7.94.
Earlier in 2024, Phoenix completed a $187 million acquisition of Bitcoin mining equipment in one of the industry’s largest bulk purchases. Additionally, the firm has partnered with Tether and Green Acorn Investments to develop a new stablecoin pegged to the UAE dirham.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.