Tech UAE’s Phoenix expands Ethiopian bitcoin mining By Sunil Singh May 2, 2025, 1:35 AM Alamy via Reuters An engineer at a mining farm. Abu Dhabi-listed Phoenix Group has strengthened its presence in Ethiopia with a new mining facility, contributing to its global bitcoin operations Two-phase bitcoin facility Additional 52 megawatts Hashrate to double Phoenix Group, an Abu Dhabi-listed blockchain and cryptocurrency company, has expanded its bitcoin mining operations in Ethiopia, securing an additional 52 megawatts (MW) of power supply. The latest move brings the company’s total capacity in the African country to 132MW and raises its global capacity to more than 500MW across five countries, it said in a statement. The upcoming mining facility will be constructed in two stages. The first phase is expected to provide 20MW of capacity, with an expected output of 1.2 exahashes per second (EH/s). Exahash is a unit of measure for hash rates, which are used in cryptocurrency mining. Hash rates measure the number of computations a blockchain network can perform per second. One exahash is equal to one quintillion – equal to one million trillions. The completion of the second phase is scheduled by the end of the second quarter of this year, adding the remaining 32MW, the company said. When fully operational, the new site’s total hashrate is projected to double to approximately 2.4 EH/s, the company said. UAE’s Phoenix Group opens US crypto mining facility Crypto miners see ‘enormous potential’ in the Gulf Abu Dhabi’s Phoenix Group signs Ethiopian power deal The latest deal comes after the technology conglomerate had acquired an 80MW power purchase agreement in Ethiopia in January. Shares of Phoenix Group, listed on the Abu Dhabi Securities Exchange in December 2023, are down by 26 percent year to date. The shares closed at AED0.88 on the exchange on Wednesday. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
