Bitcoin mining company Phoenix Group has added 52 megawatts of mining power in Ethiopia.

Source: Cointelegraph Original text: "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 the announcement on April 29, after this addition, Phoenix's bitcoin mining capacity in Ethiopia has reached 132 megawatts, and the company's total global capacity has now exceeded 500 megawatts.

Munaf Ali, co-founder and CEO of Phoenix, stated that the company's strategy relies on "ensuring a prime location 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 strengthen our market position," he said.

This news was released after Phoenix Group signed an agreement in January to secure the rights to 80 megawatts of electricity in Ethiopia. The announcement at that time indicated that the new Bitcoin mining facility is planned to be operational in the second quarter of 2025.

The new 52-megawatt mining facility will be developed in two phases. The first phase will use 20 megawatts to power 5,300 air-cooled mining machines, with an expected 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 and will utilize a full 52-megawatt water cooling system, with an expected hash rate of 2.4 Exahashes per second.

Exahash is a unit of computing power primarily used to measure the speed of cryptocurrency mining networks, especially Bitcoin. Exahash quantifies how many trillion calculations a mining network can perform per second.

The CEO of the company's mining, artificial intelligence, and data center subsidiary, Reza Nedjatian, emphasized that the factory will be powered by renewable energy:

"With the operation of 132 megawatts of clean hydropower, we are proud to set a new benchmark for sustainable mining in Africa and provide large-scale operations in energy-rich regions."

Phoenix Group went public on the Abu Dhabi Securities Exchange later in 2023, becoming a publicly traded company. The company successfully completed its initial public offering (IPO), with 33 times oversubscription, reporting that the issuance of 907,323,529 shares had "strong demand."

After going public, Phoenix Group's stock quickly rose by 50% following a $371 million IPO, with an opening price of 2.25 dirhams (approximately $0.6), soon reaching 1.50 dirhams (approximately $0.41). As of now, the stock trading price is around $7.94.

The company is known for its large-scale mining projects and acquired Bitcoin mining equipment worth $187 million in a transaction at the beginning of 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 United Arab Emirates dirham. Tether is collaborating with Phoenix Group and Green Acorn Investments on this project.

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