$BTC

Phoenix Group has announced a significant expansion of its Bitcoin mining operations in Ethiopia, adding 52 megawatts (MW) to its existing capacity. This development brings the company's total mining capacity in the country to 132 MW, contributing to a global capacity that now exceeds 500 MW. Munaf Ali, co-founder and CEO of Phoenix Group, emphasized the importance of securing locations with abundant and low-cost energy as part of the firm's strategic growth. He noted that expansions like the one in Ethiopia are crucial for creating value and strengthening the company's market position.