This expansion is powered by renewable hydropower from the Grand Ethiopian Renaissance Dam, with approximately 90% of the energy for its operations sourced from this sustainable resource.

The new 52 MW site will be developed in two phases, with the first phase delivering 20 MW using high-efficiency air-cooled mining units, and the second phase, set for completion by the end of June 2025, adding 32 MW through hydro-cooling technology.

Phoenix Group PLC has significantly expanded its Bitcoin mining capacity in Ethiopia by adding 52 megawatts (MW), bringing its total operational capacity in the country to 132 MW.

Once fully operational, the site is projected to double its total hash rate to approximately 2.4 exahashes per second (EH/s), with the first phase expected to achieve an output of 1.2 EH/s.

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

CEO Munaf Ali emphasized the company's strategy of securing locations with abundant, low-cost energy, which is evident in their Ethiopian expansion.

Reza Nedjatian, CEO of Phoenix Group's mining and AI subsidiary, highlighted the company's commitment to sustainable mining practices powered by renewable energy.

In addition to Bitcoin mining, Phoenix Group is also involved in various ventures, including a partnership with Tether to launch a stablecoin pegged to the UAE dirham.

The company became publicly traded on the Abu Dhabi Securities Exchange in late 2023, with an initial public offering (IPO) that was oversubscribed by 33 times, raising $371 million.

Following the IPO, Phoenix Group's shares surged by 50%, trading around $7.94.

Recognized 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.

As of late April 2025, Phoenix Group's global Bitcoin mining capacity exceeds 500 MW, showcasing its rapid growth in the industry.