Bitcoin mining firm Phoenix Group announced the addition of 52 megawatts (MW) worth of mining capacity to its capabilities in Ethiopia.
According to an April 29 announcement, with this latest addition, Phoenix’s Bitcoin mining capacity in Ethiopia reaches 132 MW. The firm’s global capacity now reportedly exceeds 500 MW.
Phoenix’s co-founder and CEO, Munaf Ali, said the firm’s strategy relies on “securing prime locations with abundant, low-cost energy.”
“Initiatives like our latest expansion in Ethiopia are pivotal steps, not only creating significant value today but also solidifying our position,” he said.
Building on previous agreements
The news follows Phoenix Group signing an agreement that secures the right to 80 MW of power in Ethiopia in January. An announcement published at the time noted that the new Bitcoin mining site was scheduled to go live in the second quarter of 2025.
The 52 MW site will be developed in two phases, with the first one using just 20 MW to power 5,300 air-cooled mining units with an expected hashrate of 1.2 exahashes per second. In the second phase — expected to reach completion by the end of Q2 2025 — the site will use the full 52 MW, water cooling, and produce an estimated 2.4 exahashes per second of hashrate.
An exahash is a unit of computational power used mainly to measure the speed of cryptocurrency mining networks, especially Bitcoin. Exahashes quantify how many trillions of calculations a mining network can perform per second.
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