Phoenix Group Expands Ethiopian Bitcoin Mining Capacity to 132 MW

Phoenix Group, a Bitcoin mining firm, announced on April 29 the addition of 52 megawatts to its Ethiopian operations, bringing the total capacity to 132 MW. The firm's global capacity now exceeds 500 MW. This expansion underscores Phoenix's strategy of securing locations with abundant, low-cost energy. The new 52 MW site will be developed in two phases. The first phase will use 20 MW to power 5,300 air-cooled mining units, targeting a hashrate of 1.2 exahashes per second. The second phase, expected by the end of Q2 2025, will utilize the full 52 MW with water cooling, aiming for 2.4 exahashes per second. According to Phoenix Group, the Ethiopian plant will be powered by renewable hydropower. Phoenix Group became a publicly-traded company after its late 2023 listing on the Abu Dhabi Securities Exchange. Following its $371 million IPO, shares initially rose by 50% and are currently trading around $7.94.