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On April 29, 2025, Phoenix Group declared, in a statement issued to Bitcoin Magazine, that it has incorporated fifty-two megawatts of Bitcoin mining capability in Ethiopia, elevating its total in the nation to one hundred and thirty-two megawatts. This progression means that Phoenix Group now manages more than five hundred megawatts globally. This significantly enhances their standing as one of the world’s top ten Bitcoin miners, providing them with substantial opportunities to remain a major participant in the Bitcoin mining sector. This expansion follows a prior eighty megawatts power purchase agreement that truly initiated Phoenix Group’s entry into the Ethiopian market.
The new facility in Ethiopia will be constructed in two phases. Phase 1 will initiate twenty megawatts of capacity utilizing five thousand and three hundred high-efficiency air-cooled mining units, achieving a yield of 1.2 exahashes per second (EH/s). Phase 2 is projected to be finished by the conclusion of Q2 2025, and will incorporate thirty-two megawatts using hydro-cooling technology, thereby doubling the facility’s hash rate to 2.4 EH/s.
“Phoenix Group has swiftly emerged as a dominant influence among the top ten global Bitcoin mining firms, a reflection of our strategic insight in securing premium locations with abundant, low-cost energy and our operational excellence propelled by vertical integration and state-of-the-art technology,” remarked Munaf Ali, CEO and Co-Founder of Phoenix Group. “The prospects for future expansion are vast, and we are dedicated to actively extending our international presence in vital energy markets.”
Crucially, over 90% of the power that drives Phoenix’s Ethiopian operations is sourced from the Grand Ethiopian Renaissance Dam, one of Africa’s most significant sources of renewable hydropower. This situates the facility as one of the most sustainable large-scale Bitcoin mining initiatives globally, according to the announcement.
“With one hundred and thirty-two megawatts of clean hydropower currently operational in Ethiopia, we’re proud to set a new benchmark for green mining in Africa,” added Reza Nedjatian, CEO of Phoenix Mining, AI & Data Centers.
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