The Abu Dhabi-listed company strengthens its presence in Africa with a new facility in Addis Ababa.
Phoenix Group, listed on the Abu Dhabi Stock Exchange, has inaugurated a new 30-megawatt Bitcoin mining facility in the Ethiopian capital, Addis Ababa. According to the company, the facility was developed in collaboration with Ethiopian Electric Power (EEP), the state-owned power provider, at Bole Lemi Industrial Park.
The plant covers 6,250 square meters and increases Phoenix’s global mining capacity by approximately 1.9 EH/s. The infrastructure is designed to support future computational loads, including artificial intelligence and high-performance computing.
During 2024, Phoenix acquired an additional 52 MW of mining capacity in Ethiopia, bringing its total portfolio in the country to 132 MW. The development program is structured in two phases:
- phase 1: activation of 20 MW with around 5,300 air-cooled mining units;
- phase 2: scheduled for the end of Q2 2025, adding 32 MW using liquid-cooling technology.
Third-quarter financial results reveal that Phoenix mined a total of 305 BTC, of which 195 BTC came from self-mining activities. This corresponds to an effective proprietary hashrate of approximately 4.34 EH/s. As of the end of September, the company’s operational treasury held 682 BTC.
Phoenix Group has announced expansion plans for the coming quarters. In Q4, an additional 62 MW in Ethiopia and 44 MW in North America are expected to come online. For 2026, the company plans to launch another 90 MW of capacity. According to corporate projections, the self-mining hashrate is expected to reach around 13 EH/s by early 2025, tripling current performance.
