Bitcoin miner Phoenix Group adds 52 MW of mining capacity in Ethiopia
Phoenix Group has expanded its Bitcoin mining capacity in Ethiopia by 52 megawatts (MW), bringing the total to 132 MW in the country and over 500 MW globally. The expansion follows a January agreement for 80 MW of power, with the new site expected to become operational by Q2 2025. The development will occur in two phases, initially utilizing 20 MW for 5,300 air-cooled mining units, achieving a hashrate of 1.2 exahashes per second, and later expanding to 52 MW with water cooling for a projected 2.4 exahashes per second. The facility will operate on renewable hydropower, promoting sustainable mining practices. Phoenix Group recently went public on the Abu Dhabi Securities Exchange, achieving significant demand during its IPO and seeing a 50% rise in share value. The firm also plans to collaborate with Tether on a new stablecoin pegged to the UAE dirham.
