Phoenix Group PLC, a UAE-based global company in cryptocurrency, blockchain, and digital infrastructure, has announced the acquisition of an additional 52 megawatts (MW) of mining capacity in Ethiopia.
This expansion brings the company’s total operational capacity in Ethiopia to 132MW and boosts Phoenix Group’s global capacity to over 500MW across five countries.
Earlier in 2025, Phoenix Group entered the Ethiopian market with an 80MW power purchase agreement (PPA), establishing a foundation for efficient, cost-effective, and sustainable operations in a region of strategic importance.
The newly acquired 52MW site will be developed in two phases:
Phase 1 will provide 20MW of capacity, deploying 5,300 high-efficiency air-cooled mining units with an expected output of 1.2 EH/s (exahashes per second).
Phase 2, scheduled for completion by the end of Q2 2025, will contribute an additional 32MW using hydro-cooling technology.
Once fully operational, the site’s total hash rate is expected to double to approximately 2.4 EH/s.
“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,” added Reza Nedjatian, CEO of Phoenix Mining, AI & Data Centers.
Ethiopia emerged as a major player in Bitcoin mining in 2024 accounting for 2.25% of the global Bitcoin hash rate and ranking as the fourth-largest contributor worldwide. The country’s abundant and affordable energy resources attracted a wave of international mining operators that year.
LIST | A Look At 10 Key Milestones Behind Ethiopia’s Rise As a Bitcoin Mining Haven in 2024
In this article, we explore the key milestones that propelled #Ethiopia into the ranks of global Bitcoin mining powerhouseshttps://t.co/EtQcpEBTBr @KalKassa @qrb_labs @WestDataGroup pic.twitter.com/tCxj4Wye4f
— BitKE (@BitcoinKE) January 3, 2025
2025 is proving no different, with even more industry players entering the Ethiopian market.
Besides Phoenix Group, we recently reported that the German Bitcoin mining company, TeraHash, is also gearing up to launch its first facility in Ethiopia.
BITCOIN | German Bitcoin Miner Looking to Launch a 10MW Facility in Ethiopia
If the initial phase goes smoothly, the company aims to scale up operations to 60 megawatts necessitating substantial further investment.https://t.co/3vxBAFkaPM @terahash_space #Bitcoin pic.twitter.com/fJRTn7vuKB
— BitKE (@BitcoinKE) April 22, 2025
With competitive energy prices and a commitment from Ethiopian Electric Power (EEP) to supply 600 megawatts of electricity for mining operations, Ethiopia controls over 2.25% of the global Bitcoin mining market.
The government is also keen to turn the country into a Bitcoin mining and technology hub.
BITCOIN | German Bitcoin Miner Looking to Launch a 10MW Facility in Ethiopia Ethiopia: The Emerging Crypto Mining Hub of Africa Why Ethiopia?
Cheap and abundant hydroelectric power (from the Grand Ethiopian Renaissance Dam and other sources)
Cool climate in regions… pic.twitter.com/UsiXqtWYnY
— EthioXmedia (@ethioxmedia) April 22, 2025
As reported by BitKE in February 2024, the Grand Renaissance Dam, (GERD), the state power monopoly, struck power supply deals with 21 Bitcoin mining companies with Ethiopia eventually rising to become one of the world’s top recipients of Bitcoin mining machines.
BITCOIN | The Ethiopian Sovereign Wealth Fund to Start Mining Bitcoin Under a $250 Million Deal
On February 15 2024, the #Ethiopian Sovereign Wealth Fund, Ethiopian Investment Holdings (EIH), inked a memorandum of understanding with the Hong Kong-based West Data Group’s… pic.twitter.com/VzOX7StrVj
— BitKE (@BitcoinKE) February 23, 2024
Follow us on X for the latest posts and updates
Join and interact with our Telegram community
__________________________________________
__________________________________________