UAE-Based Phoenix Group Boosts Bitcoin Mining by 52 Megawatts in Ethiopia; Global Operational Capacity Surpasses 500 Megawatts The newly secured 52MW site will be developed in two phases.

Phoenix Group PLC, a UAE-based global cryptocurrency, blockchain and next-generation digital infrastructure company, has secured an additional 52 MegaWatts (MW) of mining capacity in Ethiopia. With this expansion, the company's total operational capacity in the country rises to 132MW, and increases Phoenix Group's global capacity to over 500MW across five countries.

"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," said co-founder and CEO Munaf Ali. "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."

Earlier this year, Phoenix Group marked its entry into Ethiopia with an 80MW power purchase agreement (PPA), laying the groundwork for efficient, low-cost, and sustainable operations in a strategically important region. The newly secured 52MW site will be developed in two phases. Phase 1 will deliver 20MW of capacity, activating 5,300 high-efficiency air-cooled mining units with an expected output of 1.2EH/s [EH/s measures the hash rate of a cryptocurrency network]. Phase 2, set for completion by the end of the second quarter of 2025, will add a further 32MW, using hydro-cooling technology. Once fully operational, the site's total hash rate is projected to double to approximately 2.4EH/s. "With 132MW 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, added:

Phoenix Group's Ethiopian operations rank among the most sustainable in global Bitcoin mining, with 90% of their energy sourced from renewable hydropower via the Grand Ethiopian Renaissance Dam. This clean energy focus reflects the Group's commitment to responsible growth and advancing energy-conscious practices across its global mining portfolio.

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