Phoenix Plans Bitcoin Mining Expansion in Ethiopia with 80 MW

UAE-based Phoenix Group has announced its expansion into Africa’s Bitcoin mining sector with the acquisition of an 80-megawatt (MW) power purchase agreement (PPA) in Ethiopia.

The project, developed in partnership with Abu Dhabi-based cybersecurity firm Data7, is set to become operational in the second quarter of 2025 with the deployment of Bitmain’s S21 Hydro Antminers, Phoenix said on Wednesday.

This agreement positions Phoenix as the latest institutional mining company to scale up operations in Ethiopia. Earlier this week, Canaan reported 4.01 EH/s of proprietary hashrate operational in Ethiopia, accounting for 84% of the mining manufacturer’s total fleet capacity.

In addition to its African expansion, Phoenix’s CEO of Global Mining Operations, Reza Nejatian, stated that the company is preparing to enter the South American market in 2025 as part of its strategy to further diversify its global footprint.

Earlier this month, Phoenix announced it had energized 50 MW of Bitcoin mining capacity in North Dakota, adding 2.7 EH/s to its international hashrate capacity.