Bitcoin miner Phoenix Group adds 52 MW of mining capacity in Ethiopia

Bitcoin mining steadfast Phoenix Group announced the summation of 52 megawatts (MW) worthy of mining capableness to its capabilities successful Ethiopia.

According to an April 29 announcement, with this latest addition, Phoenix’s Bitcoin mining capacity successful Ethiopia reaches 132 MW. The firm’s planetary capableness present reportedly exceeds 500 MW.

Phoenix’s co-founder and CEO, Munaf Ali, said the firm’s strategy relies connected “securing premier locations with abundant, low-cost energy.”

“Initiatives similar our latest enlargement successful Ethiopia are pivotal steps, not lone creating important worth contiguous but besides solidifying our position,” helium said.

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Building connected erstwhile agreements

The quality follows Phoenix Group signing an agreement that secures the close to 80 MW of powerfulness successful Ethiopia successful January. An announcement published astatine the clip noted that the caller Bitcoin mining tract was scheduled to spell unrecorded successful the 2nd 4th of 2025.

The 52 MW tract volition beryllium developed successful 2 phases, with the archetypal 1 utilizing conscionable 20 MW to powerfulness 5,300 air-cooled mining units with an expected hashrate of 1.2 exahashes per second. In the 2nd signifier — expected to scope completion by the extremity of Q2 2025 — the tract volition usage the afloat 52 MW, h2o cooling, and nutrient an estimated 2.4 exahashes per 2nd of hashrate.

An exahash is simply a portion of computational powerfulness utilized chiefly to measurement the velocity of cryptocurrency mining networks, particularly Bitcoin. Exahashes quantify however galore trillions of calculations a mining web tin execute per second.

Reza Nedjatian, the CEO of the firm’s mining, artificial quality and information halfway subsidiary, highlighted that the works volition beryllium powered by renewable energy:

“With 132 MW present moving connected cleanable hydropower, we’re arrogant to acceptable a caller benchmark for sustainable mining successful Africa and present large-scale operations successful energy-rich regions.”

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A fast-burn company

Phoenix Group became a publicly-traded institution pursuing its late 2023 listing connected the Abu Dhabi Securities Exchange. The steadfast successfully closed its archetypal nationalist offering (IPO) with an oversubscription of 33 times, reporting that its connection of 907,323,529 shares saw “overwhelming demand.”

Following the listing, Phoenix Group shares rapidly roseate by 50% following the $371 cardinal IPO, opening astatine 2.25 dirhams ($0.6) and rapidly reaching 1.50 dirhams ($0.41). At the clip of writing, shares are trading astatine astir $7.94.

Phoenix Group stock terms chart. Source: Google Finance

The steadfast is known for its large-scale mining initiatives, having acquired $187 cardinal worthy of Bitcoin mining equipment successful a azygous transaction successful aboriginal 2024.

Bitcoin mining is not the lone enactment the steadfast is progressive in.

In 2024, Tether, the largest stablecoin supplier successful the integer plus industry, announced plans to motorboat a caller stablecoin pegged to the United Arab Emirates dirham. Tether partnered with Phoenix Group and Green Acorn Investments connected the project.

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