The Bitcoin Group adds Phoenix 52 MW of mining capacity in Ethiopia

Update (April 30, 2025, 8:03 AM): This article was updated to correct stock price data. The previously included data referred to to the insurance company in London Phoenix Group Holding Group.

Bitcoin Phoenix Group has announced the addition of 52 megawatts (MW) from the mining capacity to its capabilities in Ethiopia.

According to the announcement of April 29, with this last addition, Phoenix Bitcoin mining capacity In Ethiopia reaches 132 MW. According to what was reported, the global ability of the company exceeds 500 megawatts.

Monaf Ali, co -founder of Phoenix, said that the company’s strategy depends on “securing major capacity sites with low -cost energy.”

He said: “The initiatives like the recent expansion in Ethiopia are pivotal steps, not only created a great value today but also in the consolidation of our position.”

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Based on previous agreements

The news follows Phoenix Group deal This secures the right to 80 megawatts of power in Ethiopia in January. advertisement Published At that time, I noticed that the new Bitcoin mining site was to live in the second quarter of 2025.

52 megawatts will be developed in two phases, with the first site used only 20 megawatts to run 5,300 air -cooled mining units with an expected scratch of 1.2 Exhashes per second. In the second stage – it is expected to reach the end of the end of Q2 2025 – the site will use 52 megawatts, and the water cooling, and produces 2.4 Exhashes per second of retail.

Exhash is a math unit that is mainly used to measure the speed of cryptocurrency mining networks, especially bitcoin. Exhashes determines the number of trillion accounts that the mining network can perform per second.

Reza Nidjatean, CEO of the company’s mining, artificial intelligence and data, highlighted that the factory will be operated with renewable energy:

“With 132 megawatts now runs on clean hydroelectric energy, we are proud to set a new sustainable mining standard in Africa and offer large -scale operations in energy -rich areas.”

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Fast burning company

The Phoenix collection became a company circulating for the public after that In late 2023 on the Abu Dhabi Securities List. The company successfully closed its initial public offering (IPO) with the subscription of 33 times, and informed that its offer of 907323,529 shares witnessed “overwhelming request”.

After the list, The shares of the Phoenix Group increased quickly by 50 % After the public subscription of $ 371 million, it will be opened at 2.25 Deirham ($ 0.6) and quickly reach 1.50 Derham ($ 0.41). At the time of this report, the shares are traded in about 0.88 dirhams ($ 0.24).

The company is famous for the large -scale mining initiatives, with its presence I got $ 187 million of bitcoin mining equipment In one deal in early 2024.

Bitcoin mining is not the only activity in which the company participates.

In 2024, Tether, the largest stablecoin provider in the digital asset industry, announced plans to launch a new Stablecoin decree to the United Arab Emirates Dirham. Share Tether with the Phoenix collection And the green carrot investments in the project.

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