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Phoenix Group has expanded its Bitcoin mining operations in Ethiopia by adding 52 MW, bringing its total capacity in the country to 132 MW. The firm now boasts over 500 MW of global mining capacity, leveraging low-cost renewable energy. This expansion underscores Phoenix Group’s commitment to sustainable and large-scale cryptocurrency mining.
- Phoenix Group's Ethiopia expansion increases its local Bitcoin mining capacity to 132 MW, with a global total exceeding 500 MW.
- The new 52 MW site will use renewable hydropower and is set to reach full capacity by Q2 2025, producing 2.4 exahashes per second.
- Phoenix Group, publicly traded since late 2023, has partnered with Tether to launch a UAE dirham-pegged stablecoin, diversifying its crypto ventures.
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