UAE’s Phoenix Group announced it had taken a significant step in its global diversification strategy with an acquisition of an 80-megawatt (MW) power purchase agreement (PPA) in Ethiopia.
The Abu Dhabi-based multi-billion-dollar tech company, which is planning a future listing on Nasdaq, will make a major strategic expansion into the burgeoning African market with the deal, which is in partnership with another Abu Dhabi-based cybersecurity firm Data7.
Global expansion plans
The new Ethiopian site, slated for energisation in the second quarter of 2025, will enhance Phoenix Group’s operational capacity, significantly increasing the exahash rate of its rapidly expanding mining portfolio and solidifies its position as one of the world’s largest Bitcoin miners.
Phoenix Group said it will make further announcements of new sites and increased capacity during the year, including continued expansion in Ethiopia and an entry into the South American market.
The Ethiopia deal comes on the heels of Phoenix Group’s recent announcement of energising a 50MW mining facility in North Dakota, US.
Munaf Ali, CEO of Phoenix Group, commented: “This 80MW expansion in Ethiopia, on the heels of our North Dakota site announcement, is a powerful testament to Phoenix Group’s accelerating global momentum.
“We are aggressively building out our mining capabilities, and this added capacity further solidifies our position as one of the world’s largest Bitcoin miners, fueling our growth trajectory as we prepare for our listing on Nasdaq. We’re not just expanding our operations; we’re strategically positioning ourselves at the forefront of a financial revolution where cryptocurrencies will play a central role in creating a more inclusive and dynamic global economy.”
Reza Nejatian, CEO of Global Mining Operations at Phoenix Group, added: “This project in Ethiopia significantly increases our exahash rate and is a clear signal of our ambition to not just participate in, but to lead, the global Bitcoin mining landscape.
“Ethiopia’s emergence as a key crypto-mining hub provides the perfect platform for our continued expansion, and this is just the first phase of our growth in the country. Our strategic partnership with Data7, enabling the deployment of the latest S21 Hydros, underscores our commitment to leveraging cutting-edge technology to maximise efficiency and solidify our competitive advantage.
“And our ambitions extend beyond Africa; we’re actively preparing to launch operations in South America in 2025, further diversifying our global footprint.”
Phoenix Group was founded in 2017 by Bijan Alizadeh Fard and Munaf Ali. It is the region’s first crypto and blockchain company to be listed on the Abu Dhabi Securities Exchange (ADX).
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