Phoenix Group Expands Global Bitcoin Mining Capacity with 52 MW Addition in Ethiopia, Surpassing 500 MW Worldwide
Phoenix Group PLC (ADX:PHX), a globally recognized leader in cryptocurrency, blockchain, and next-generation digital asset infrastructure, has announced a significant expansion of its operations with the addition of 52 megawatts (MW) of Bitcoin mining capacity in Ethiopia. This milestone boosts the company’s operational capacity in the country to 132 MW and pushes its total global capacity beyond 500 MW. Operating across five countries, this development cements Phoenix Group’s status as one of the world’s top ten Bitcoin miners and reflects the company’s rapid rise in the increasingly competitive digital asset mining industry.
Strategic Growth in a Promising Region
The latest expansion represents a strategic step in Phoenix Group’s broader vision of capitalizing on energy-rich, underutilized global regions to power sustainable and large-scale digital infrastructure. Ethiopia, known for its vast hydropower resources, provides a compelling opportunity for companies like Phoenix Group seeking cost-effective, renewable energy to support intensive Bitcoin mining operations.
Phoenix Group’s latest acquisition—an additional 52 MW of mining capacity—comes on the heels of its earlier investment in Ethiopia, where the company had already established an 80 MW power purchase agreement (PPA). With the new expansion, the company now operates a total of 132 MW of mining infrastructure in Ethiopia, placing it at the forefront of the country’s emerging role as a key player in global cryptocurrency mining.
Munaf Ali, CEO and Co-Founder of Phoenix Group, highlighted the company’s strategic approach to expansion and the importance of securing high-value energy sources:
“Phoenix Group has rapidly become a leading force among the top 10 global Bitcoin mining companies, a testament to our strategic foresight in securing prime locations with abundant, low-cost energy and our operational excellence driven by vertical integration and cutting-edge technology. The opportunities for future growth are immense, and we are committed to aggressively expanding our global footprint in key energy markets. Initiatives like our latest expansion in Ethiopia are pivotal steps, not only creating significant value today but also solidifying our position at the forefront of this dynamic global industry for years to come.”
Two-Phase Development: Efficiency and Innovation
The newly secured 52 MW of capacity in Ethiopia will be developed in two distinct phases, emphasizing scalability, operational resilience, and the deployment of advanced mining technologies. Phase 1 will deliver 20 MW of operational capacity and include the deployment of 5,300 high-efficiency air-cooled Bitcoin mining units. These units are expected to generate a combined hash rate of approximately 1.2 exahashes per second (EH/s), contributing a substantial computing boost to the global Bitcoin network.
Phase 2 of the project, expected to be completed by the end of the second quarter of 2025, will add the remaining 32 MW of capacity. This stage will involve the deployment of state-of-the-art hydro-cooling technology—an innovation that represents a step forward in energy-efficient and thermally optimized mining operations. Once both phases are fully operational, the total projected output from the site will reach approximately 2.4 EH/s, doubling the initial hash rate and significantly enhancing the site’s performance.
Reza Nedjatian, CEO of Phoenix Mining, AI & Data Centers (a division of Phoenix Group), underscored the environmental and technological significance of the expansion:
“With 132 MW now running on clean hydropower, we’re proud to set a new benchmark for sustainable mining in Africa and deliver large-scale operations in energy-rich regions.”
This approach reflects Phoenix Group’s long-term commitment to developing digital infrastructure that aligns with the principles of sustainability, technological innovation, and economic empowerment in emerging markets.
A Renewable Energy Powerhouse
What sets Phoenix Group’s Ethiopian operations apart from many global counterparts is the emphasis on clean, renewable energy sources. Approximately 90% of the electricity powering its mining infrastructure in Ethiopia is derived from hydropower, notably from the Grand Ethiopian Renaissance Dam (GERD), one of Africa’s largest and most significant renewable energy projects.
By leveraging GERD’s vast energy-generating potential, Phoenix Group is not only reducing its carbon footprint but also aligning its operations with broader global and regional goals of environmental responsibility and sustainable development. The company’s decision to anchor its operations in a country with abundant hydropower also insulates it from energy price volatility that plagues miners operating in fossil-fuel-heavy regions.
This move reinforces the Group’s commitment to environmental stewardship in the digital economy. With increasing scrutiny on Bitcoin mining’s energy consumption, Phoenix Group’s renewable-powered model serves as a counter-narrative to concerns about cryptocurrency’s environmental impact.
Phoenix Group’s Global Footprint
With this latest capacity addition in Ethiopia, Phoenix Group’s total global mining capacity now exceeds 500 MW, marking a significant milestone in the company’s growth trajectory. The company operates across five countries, strategically selecting locations that offer favorable regulatory environments, abundant renewable resources, and scalability potential.
Phoenix Group’s international operations reflect a well-diversified portfolio designed to reduce operational risk and capture growth in both established and emerging markets. This global reach enables the company to adapt quickly to regulatory shifts, energy market dynamics, and evolving demand for digital assets.
Its vertically integrated model—which combines in-house capabilities for hardware management, AI-based operational analytics, and infrastructure development—allows the company to maintain superior operational efficiency and cost control compared to many peers in the industry.
Leadership in the Evolving Mining Landscape
Phoenix Group’s rise in the Bitcoin mining industry comes at a pivotal moment when the sector is undergoing profound changes. With Bitcoin’s halving events reducing mining rewards and increasing competition for network hash rate, only companies that can operate at scale with low costs and reliable energy sources are likely to remain profitable in the long term.
Furthermore, growing demand from institutional investors, sovereign entities, and technology providers for sustainable blockchain infrastructure is driving a shift toward ESG-aligned mining operations. Phoenix Group appears to be well-positioned to lead this transition with its clean energy-powered infrastructure, strategic site selection, and forward-looking leadership.
The company’s success also reflects broader macroeconomic trends, including increased interest in digital assets as an inflation hedge, decentralized financial technology adoption, and infrastructure modernization in energy-rich regions such as Africa and Central Asia.
Commitment to Local Impact and Development
Beyond its operational and financial achievements, Phoenix Group has emphasized its commitment to contributing positively to local communities in Ethiopia. By establishing large-scale digital infrastructure, the company supports local economies through job creation, technology transfer, and partnerships with government and private sector stakeholders.
Its presence in Ethiopia marks a broader trend of digital transformation and international investment in Africa’s emerging technology ecosystem. Phoenix Group’s engagement with local power authorities, regulators, and suppliers suggests a collaborative approach aimed at building resilient, long-term infrastructure rather than pursuing short-term gains.
Phoenix Group’s latest move in Ethiopia illustrates the company’s forward-thinking approach and aggressive global expansion strategy. By securing access to reliable and renewable power sources and continuously investing in advanced technologies, the company is building a foundation for enduring success in the volatile and fast-evolving digital asset space.
As Bitcoin mining becomes increasingly competitive and subject to environmental scrutiny, companies like Phoenix Group—who combine technological innovation, operational scale, and sustainability—are likely to define the future of the industry.
With global capacity now exceeding 500 MW and more projects in the pipeline, Phoenix Group continues to raise the bar for what it means to be a responsible, efficient, and globally integrated Bitcoin mining company.
