The bitcoin mining firm Phoenix Group has announced the addition of 52 megawatts (MW) amounts of mining capacity to its capabilities in Ethiopia.
According to an announcement on April 29, with the latest addition, Phoenix’s Bitcoin mining capacity In Ethiopia reached 132 MW. The company’s global capacity today has been reported to have exceeded 500 MW.
Phoenix co-founder and CEO Munaf Ali, said the company’s approach depends on “securing basic locations with abundant, cheap energy.”
“The initiatives such as our latest expansion in Ethiopia are pivotal measures, not only creating significant value today but also strengthening our position,” he said.
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Building in previous agreements
The news is following the Phoenix Group that signed an Agreement Which ensures the right to 80 MW of power in Ethiopia in January. An announcement Na -Published By the time it is mentioned that the new bitcoin mining site is set to survive in the second quarter of 2025.
The 52 MW site will develop in two phases, along with the first using only 20 mW in power 5,300 chilled mining units with an expected hashrate of 1.2 exahashes per second. In the second stage – it is expected to reach the completion of the end of Q2 2025 – the site will use the entire 52 MW, cooling water, and produce approximately 2.4 exahashes per second of hashrate.
An exahash is a unit of computational power that is used primarily to measure the speed of cryptocurrency mining networks, especially Bitcoin. Exahashes quantify how many trillion of calculations can be able to perform a mining network per second.
Reza Nedjatian, the CEO of firm mining, artificial intelligence and data center subsidiary, emphasized that the plant is enabled by renewable energy:
“With 132 MW now running on clean hydropower, we are proud to set a new benchmark for sustainable mining in Africa and deliver large operations to energy -rich regions.”
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A quick burning company
The Phoenix Group has become a company that has been exchanged with the public following this LATE 2023 LIST IN ABU DHABI SECURITIES EXCHANGE. The firm successfully closed the initial public offering (IPO) with an oversubscription 33 times, reporting that its offer of 907,323,529 shares saw “overly demanding.”
Following the list, The Phoenix Group is rapidly rising by 50% Following the $ 371 million IPO, opening to 2.25 Dirhams ($ 0.6) and quickly reached 1.50 dirhams ($ 0.41). At the time of writing, the shares trade around $ 7.94.
The company is known for large mining initiatives, having Got $ 187 million worth of Bitcoin mining equipment in a single transaction in early 2024.
Bitcoin mining is not the only activity involved in the firm.
In 2024, Tether, the largest stablecoin provider in the digital asset industry, announced plans to launch a new stablecoin that was lying in the United Arab Emirates Dirham. Tether cooperated with the Phoenix Group and Green Acorn Investments on the project.
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