Source: Cointelegraph
Original: “Bitcoin Mining Company Phoenix Group Adds 52 Megawatts of Mining Capacity in Ethiopia”
Bitcoin mining company Phoenix Group announced the addition of 52 megawatts (MW) of mining capacity in Ethiopia.
According to an announcement on April 29, following this addition, Phoenix's Bitcoin mining capacity in Ethiopia has reached 132 MW, and the company's total global capacity has now exceeded 500 MW.
Munaf Ali, co-founder and CEO of Phoenix, stated that the company's strategy relies on "ensuring high-quality locations with abundant and low-cost energy."
“Initiatives like our latest expansion in Ethiopia are key steps that not only create significant value today but also solidify our market position,” he said.
This news comes after Phoenix Group signed an agreement in January to secure the rights to 80 MW of electricity in Ethiopia. The announcement at that time indicated that the new Bitcoin mining site is planned to be operational by the second quarter of 2025.
The additional 52 MW mining site will be developed in two phases, with the first phase using 20 MW to power 5,300 air-cooled mining machines, expected to achieve a hash rate of 1.2 Exahashes per second. The second phase is expected to be completed by the end of the second quarter of 2025, utilizing the full 52 MW with a water-cooling system, anticipated to achieve a hash rate of 2.4 Exahashes per second.
Exahash is a unit of computational power primarily used to measure the speed of cryptocurrency mining networks, particularly Bitcoin. Exahash quantifies how many trillions of calculations a mining network can perform per second.
Reza Nedjatian, CEO of the company's mining, artificial intelligence, and data center subsidiaries, emphasized that the facility will be powered by renewable energy:
“With 132 MW of clean hydropower in operation, we are proud to set a new benchmark for sustainable mining in Africa and provide large-scale operations in energy-rich regions.”
Phoenix Group is set to go public on the Abu Dhabi Securities Exchange later in 2023, becoming a publicly traded company. The company successfully completed its initial public offering (IPO), which was oversubscribed by 33 times, reporting "strong demand" for its issuance of 907,323,529 shares.
After the IPO, Phoenix Group's stock quickly rose by 50% following the $371 million IPO, opening at 2.25 dirhams (approximately $0.6) and soon reaching 1.50 dirhams (approximately $0.41). As of now, the stock is trading at approximately $7.94.
The company is known for its large-scale mining projects, having acquired Bitcoin mining equipment worth $187 million in a transaction in early 2024.
Bitcoin mining is not the only business of the company. In 2024, Tether, the largest stablecoin provider in the digital asset industry, announced plans to launch a new stablecoin pegged to the UAE dirham. Tether is collaborating with Phoenix Group and Green Acorn Investments on this project.
Related: Abu Dhabi Institutional Giants Join Forces to Launch Dirham Stablecoin
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