- Phoenix Group expands Ethiopia capacity to 132 MW, targeting 2.4 EH/s output by Q2.
- New mining site uses air and hydro cooling, powered entirely by renewable energy.
- Phoenix now exceeds 500 MW globally with major sites in UAE, Canada, and the U.S.
Phoenix Group has expanded its Bitcoin mining operations in Ethiopia, adding 52 megawatts (MW) of power to its capacity. The move pushes its total in the country to 132 MW, contributing to a global total now exceeding 500 MW.
Ethiopia Mining Site Adds New Capacity and Cooling Systems
Phoenix Group confirmed the 52 MW addition in Ethiopia through a two-phase expansion strategy scheduled to be completed in Q2 2025. The first phase will deploy 20 MW, powering 5,300 air-cooled units, generating 1.2 exahashes per second.
The second phase will activate the full 52 MW, shift to hydro cooling, and produce 2.4 exahashes per second. This scale-up forms part of Phoenix Group’s broader strategy to establish power-efficient, climate-optimized mining environments in energy-rich regions.
Reza Nedjatian, CEO of Phoenix’s mining and data center division, confirmed the site runs entirely on clean hydropower. He noted this operation “sets a new benchmark for sustainable mining in Africa” by combining large-scale infrastructure with renewables.
Phoenix Group Strategy Anchored in Global Diversification
According to further reports, the firm’s global mining infrastructure now surpasses 500 MW across five countries, including the UAE, Canada, and the U.S. Its machines include Antminer S21s and WhatsMiner M60s, producing 180–220 terahashes per second.
The firm’s Abu Dhabi site alone hosts 300 MW powered by solar energy, while operations in Quebec and Texas use hydro and wind. This diversification helps Phoenix manage geographic risk and secure year-round uptime in regulated jurisdictions.
This new alignment alters the competitive landscape for miners leveraging low-cost energy to scale sustainably. The Ethiopia expansion comes after Phoenix secured an 80 MW power agreement in January, giving it rights to develop the current project.
Public Market Presence and Capital Deployment
Phoenix was listed on the Abu Dhabi Securities Exchange in 2023, raising $371 million in an IPO. The issue was 33 times oversubscribed, and stock prices rose 50% on listing, showing demand from investors.
In early 2024, the firm purchased $187 million worth of mining hardware in a single deal to bolster capacity. It also partnered with Tether and Green Acorn Investments to launch a UAE dirham-backed stablecoin designed to enhance digital payment infrastructure and promote greater adoption of blockchain-based financial solutions across the region.
