As the first crypto company listed on the Abu Dhabi Securities Exchange, Phoenix Group operates the largest mining farm in the Middle East and North Africa.

The company has recently expanded its Bitcoin mining capacity in Ethiopia by 52 megawatts (MW), bringing its total operational capacity in the country to 132 MW.

The expansion will occur in two phases, with Phase 1 set to deliver 20 MW using 5,300 air-cooled mining units, achieving an expected hashrate of 1.2 exahashes per second (EH/s).

Phoenix Group PLC, founded in 2017 and headquartered in Abu Dhabi, has rapidly established itself as a leader in the blockchain and cryptocurrency sectors.

This expansion elevates Phoenix Group's global mining capacity to over 500 MW across five countries, positioning it among the top 10 Bitcoin miners worldwide.

In addition to Ethiopia, Phoenix Group operates Bitcoin mining facilities in the UAE, USA, Canada, and Oman, demonstrating its strategic focus on energy-rich locations.

The new capacity in Ethiopia will be powered by renewable hydropower from the Grand Ethiopian Renaissance Dam, reinforcing the sustainability of its operations.

Approximately 90% of Phoenix Group's energy for its Ethiopian operations will come from this renewable source, making it one of the most sustainable Bitcoin miners globally.

CEO Munaf Ali emphasized the company's commitment to securing locations with abundant, low-cost energy and its intention to expand further in key energy markets.

Phase 2, scheduled for completion by the end of June 2025, will add another 32 MW using hydro-cooling technology, aiming to double the total hash rate to approximately 2.4 EH/s.

Phoenix Group became publicly traded on the Abu Dhabi Securities Exchange in late 2023, with an oversubscribed IPO raising $371 million and boosting its shares by 50%.

Beyond Bitcoin mining, Phoenix Group is also exploring various ventures, including a partnership with Tether to launch a stablecoin pegged to the UAE dirham.