The mining firm of Bitcoin Phoenix Group announced the addition of 52 megawatts (MW) in mining capacity for its abilities in Ethiopia.
According to the announcement of April 29, with this latest incorporation, Bitcoin’s mining capacity of Phoenix in Ethiopia reaches 132 MW. According to the reports, the company’s global capacity now exceeds 500 MW.
The Coenix co -founder and CEO, Munaf Ali, said the company’s strategy is based on “safe main locations with abundant and low -cost energy.”
“Initiatives such as our last expansion in Ethiopia are fundamental steps, not only the creation of a significant value today but also solidifying our position,” he said.
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On the basis of previous agreements
The news follows Phoenix Group by signing an agreement that ensures the right to 80 MW of power in Ethiopia in January. An announcement published at that time indicated that Bitcoin’s new mining site was scheduled to operate in the second quarter of 2025.
The 52 MW site will be developed in two phases, and the first uses only 20 MW to feed 5,300 mining units refrigerated by air with an expected hashrate or 1.2 exahashes per second. In the second phase, it is expected to reach its completion at the end of the second quarter of 2025, the site will use the complete 52 MW, the water cooling and will produce an estimate of 2.4 exhausts per second of Hashrtate.
An exashash is a computational power unit mainly used to measure the speed of cryptocurrency mining networks, especially Bitcoin. Exahashes quantifies how many billion calcals can make a mining network per second.
Reza Nedjatian, CEO of the mining, artificial intelligence and the company’s data center, stressed that the plant will be driven by renewable energy:
“With 132 MW that is now executed with clean hydroelectric energy, we are proud to establish a new reference point for sustainable mining in Africa and offer large -scale operations in energy -rich regions.”
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A fast burning company
Phoenix Group became a publicly quoted company after its list of 2023 in the ABU Dhabi Stock Exchange. The successful firm closed its initial public offer (IPO) with an excessive description of 33 times, informing that its sacrifice of 907,323,529 actions saw “an overwhelming demand.”
After the list, Phoenix Group shares increased rapidly by 50% after the OPI of $ 371 million, opening to 2.25 Dirhams ($ 0.6) and quickly reaching 1.50 Dirhams ($ 0.41). At the time of writing, the shares are quoted to around $ 7.94.
The firm is known for its large -scale mining initiatives, having acquired a mining team of $ 187 million or Bitcoin in a single transaction in early 2024.
Bitcoin Mining is not the only activity in which the company is involved.
In 2024, Tether, the largest Stablecoin supplier in the digital asset industry, announced plans to launch a new stablecoin linked to the Dirham of the United Arab Emirates. Tether associated with Phoenix Group and Green Acorn Investments in the project.
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