TL;DR
- Phoenix Group expanded its Bitcoin mining footprint with a 30MW facility in Addis Ababa, developed with Ethiopian Electric Power and built to scale for AI and high-performance computing.
- The project forms part of a broader 132MW portfolio in Ethiopia, positioning the country as a rising hub for energy-backed digital infrastructure.
- The company plans further global growth, with new capacity coming online in Ethiopia and North America in the next quarters.
Phoenix Group, listed in Abu Dhabi, has reinforced its African presence with the launch of a 30MW Bitcoin mining facility in Addis Ababa. The site is located in Bole Lemi Industrial Park and was developed with Ethiopian Electric Power, securing long-term access to competitively priced electricity. Spanning 6,250 square meters, the facility adds roughly 1.9 EH/s to Phoenix’s global hashrate and is engineered to handle expanding computational demand, including artificial intelligence and other emerging workloads.
During 2024, Phoenix secured an extra 52MW of mining capacity within Ethiopia, lifting its national total to 132MW. The development plan is split into two stages. Phase one activated 20MW equipped with around 5,300 air-cooled ASIC miners. Phase two will add 32MW using liquid-cooling systems to enhance energy efficiency and boost output reliability under warmer climates.
A Growing Hub For Digital Infrastructure
Ethiopia has entered the spotlight for miners due to its hydropower potential and expanding industrial parks that favor data-center-style investment. Local authorities have shown willingness to attract foreign technology partners, aiming to monetize surplus energy and encourage digital development. Analysts note that large-scale mining investments can contribute to foreign currency inflows, infrastructure upgrades, and tech-related employment, while giving companies like Phoenix an edge through lower operating costs and renewable energy sources.
Phoenix reported mining 305 BTC in Q3 2024, with 195 BTC sourced from self-mining, representing an effective proprietary hashrate of about 4.34 EH/s. The company held 682 BTC in its operational treasury at the end of September, reflecting a strategy of reinforcing balance sheet strength during market upswings.
Global Expansion And Forward Outlook
Phoenix expects more growth in the coming quarters. In Q4, an extra 62MW in Ethiopia and 44MW in North America are set to go live. For 2026, another 90MW of capacity is planned. Company projections signal that self-mining hashrate could reach around 13 EH/s, a move that strengthens Phoenix’s positioning as a pro-innovation mining and digital infrastructure leader.
