On April 29, 2025, Phoenix Group announced in a press release sent to Bitcoin Magazine that it has added 52 megawatts (MW) of Bitcoin mining capacity in Ethiopia, increasing its total in the country to 132 MW. With this expansion, Phoenix Group now operates more than 500 MW globally, strengthening its reputation as one of the world's top ten Bitcoin miners. The move follows an earlier 80 MW power purchase agreement that marked Phoenix's entry into the Ethiopian market.
New Ethiopian Site Built in Two Phases
The new site in Ethiopia will be constructed in two phases. Phase 1 activates 20 MW of capacity using 5,300 high-efficiency air-cooled mining units, achieving an output of 1.2 exahashes per second (EH/s). Phase 2 is expected to be completed by the end of Q2 2025, adding 32 MW via hydro-cooling technology, which will double the site's hash rate to 2.4 EH/s.
Munaf Ali, CEO and Co-Founder of Phoenix Group, stated: “Phoenix Group has rapidly become a leading force among the top ten 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.”
Over 90% Renewable Energy – A Green Mining Benchmark
Importantly, more than 90% of the energy powering Phoenix’s Ethiopian operations comes from the Grand Ethiopian Renaissance Dam, one of Africa’s largest sources of renewable hydropower. This positions the site as one of the most sustainable large-scale Bitcoin mining projects globally, according to the release.
Reza Nedjatian, CEO of Phoenix Mining, AI & Data Centers, added: “With 132 MW of clean hydropower now operational in Ethiopia, we’re proud to set a new standard for green mining in Africa.” The expansion underscores Phoenix Group’s strategy of pairing Bitcoin mining with renewable energy in key markets.