Phoenix Group Scales Up in Ethiopia, Surpasses 500 MW Global Mining Capacity with Clean Energy Focus

Phoenix Group PLC (ADX:PHX), the Abu Dhabi-based digital asset infrastructure leader, has expanded its Bitcoin mining operations in Ethiopia by an additional 52 megawatts (MW), increasing its total capacity in the country to 132 MW. This expansion pushes the Group’s global operational capacity across five countries to over 500 MW, reinforcing its position among the world’s top 10 Bitcoin miners.

Earlier this year, Phoenix Group entered the Ethiopian market through an 80 MW power purchase agreement (PPA), as previously reported by Unlock Blockchain. The rapid addition of a further 52 MW reflects both execution speed and a clear commitment to scale sustainably in emerging markets. The newly secured site will be developed in two phases: Phase 1 will bring 20 MW online with 5,300 high-efficiency air-cooled mining units delivering 1.2 EH/s, while Phase 2, expected by end of Q2 2025, adds 32 MW using hydro-cooling technology, raising the site’s total output to approximately 2.4 EH/s.

“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.”
— Munaf Ali, CEO & Co-Founder of Phoenix Group

What sets this project apart is its focus on clean, renewable energy. Phoenix Group’s Ethiopian facility is powered primarily by hydropower sourced from the Grand Ethiopian Renaissance Dam—one of Africa’s largest renewable energy projects. With 90% of the energy supply coming from hydro, the site is among the most environmentally sustainable Bitcoin mining operations globally.

As the global crypto mining sector comes under increased scrutiny for its energy consumption, Phoenix Group is actively demonstrating that scale and sustainability can go hand in hand. The use of hydroelectric power significantly reduces the carbon footprint of its operations and reinforces the Group’s alignment with long-term environmental goals.

“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.”
— Reza Nedjatian, CEO of Phoenix Mining, AI & Data Centers From the UAE to the US, Canada to Ethiopia, Phoenix Group is building a mining ecosystem where renewable energy powers high-performance infrastructure. With over 500 MW of operational capacity and a sharp focus on sustainable expansion, the company continues to set new standards for the future of digital asset infrastructure.