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Phoenix Group has significantly expanded its Bitcoin mining capability in Ethiopia, now reaching a total capacity of 132 megawatts, contributing to its global total of over 500 megawatts.
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This expansion reflects the firm’s commitment to harnessing low-cost and renewable energy sources, a strategy emphasized by industry leaders.
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CEO Munaf Ali remarked, “Initiatives like our latest expansion in Ethiopia are pivotal steps, not only creating significant value today but also solidifying our position.”
Phoenix Group expands Ethiopian Bitcoin mining capacity to 132 MW, leveraging renewable energy for sustainable growth in a dynamic crypto landscape.
Building on Previous Agreements for Growth
The latest expansion follows Phoenix Group’s January agreement securing 80 MW of power in Ethiopia. This strategic move emphasizes the increasing demand for Bitcoin mining infrastructures in energy-rich regions.
The newly added 52 MW site will enter development in two phases. The initial phase will roll out 20 MW to power 5,300 efficient air-cooled mining units, with an expected hashrate of 1.2 exahashes per second. The second phase will optimize the full 52 MW with advanced water cooling technologies, anticipated to boost the hashrate to 2.4 exahashes per second by the end of Q2 2025.
To put this into perspective, an exahash represents a formidable unit of computational power, highlighting the vast potential Bitcoin mining networks possess, performing trillions of calculations every second.
Commitment to Sustainable Energy Solutions
Reza Nedjatian, CEO of Phoenix Group’s mining subsidiary, underscored the firm’s dedication to utilizing renewable energy, stating: “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.” The move is not just beneficial ecologically; it positions Phoenix Group favorably in a market that increasingly values sustainability.
A Rapidly Growing Company on the Global Stage
Phoenix Group made headlines earlier this year with its listing on the Abu Dhabi Securities Exchange following a highly successful initial public offering (IPO) that was oversubscribed by 33 times. The IPO raised approximately $371 million, with shares skyrocketing 50% shortly after their debut.
The price surge from 2.25 dirhams ($0.6) to a current trading price of around $7.94 illustrates robust investor confidence in Phoenix Group’s strategic expansion into the cryptocurrency mining space.
Strategic Partnerships and Future Initiatives
The company’s aggressive expansion isn’t limited to mining. In 2024, Tether announced plans to launch a new stablecoin pegged to the United Arab Emirates dirham, in partnership with Phoenix Group and Green Acorn Investments. This collaboration showcases Phoenix Group’s pivotal role in the evolving cryptocurrency framework, diversifying its portfolio beyond conventional mining operations.
Conclusion
Phoenix Group’s recent expansion in Ethiopia is a significant move in the global Bitcoin mining landscape, focusing on sustainable energy solutions and establishing a robust mining infrastructure. As they move forward, this commitment not only reflects advancements in technology but also positions Phoenix Group as a leader in responsible cryptocurrency practices. Investors and stakeholders should anticipate further developments as the company continues to drive innovation in the space.
