Phoenix Group Expands Bitcoin Mining in Ethiopia to 132 MW

UAE-based Phoenix Group (ADX: PHX) has secured an additional 52 megawatts (MW) of Bitcoin mining capacity in Ethiopia, bringing its total operational footprint in the country to 132 MW.

Phoenix said in a release on Tuesday that the newly secured 52 MW site will be developed in two phases. Phase 1 will deploy 20 MW of capacity, activating around 5,300 air-cooled mining units expected to produce 1.2 EH/s.

Phase 2, scheduled for completion by the end of the second quarter of 2025, will add an additional 32 MW using hydro-cooling technology. Once both phases are operational, the site’s total computing power is projected to reach approximately 2.4 EH/s.

The latest development builds on Phoenix Group’s initial entry into Ethiopia earlier this year, when it signed an 80 MW power purchase agreement, as previously reported.

The company claims that its operations primarily rely on renewable energy sourced from the Grand Ethiopian Renaissance Dam, with approximately 90% of its electricity supply derived from hydropower. The move also pushes Phoenix’s global bitcoin mining and hosting power capacity to over 500 MW across five countries.

Phoenix Group’s expansion in Ethiopia highlights the country’s emerging role as a destination for Bitcoin mining, driven by its surplus of renewable energy resources and low-cost electricity. BitFuFu, Canaan, BIT Mining, and Bitdeer have also expanded their operations into the country in recent months.

Phoenix reported a total hosting and proprietary Bitcoin mining hashrate of about 15 EH/s as of December.