Bitcoin mining firm Phoenix Group announced the addition of 52 megawatts (MW) worth of mining capacity to its capabilities in Ethiopia.
According to an April 29 announcement, with this latest addition, Phoenix’s Bitcoin mining capacity in Ethiopia reaches 132 MW. The firm’s global capacity now reportedly exceeds 500 MW.
Phoenix’s co-founder and CEO, Munaf Ali, said the firm’s strategy relies on “securing prime locations with abundant, low-cost energy.”
“Initiatives like our latest expansion in Ethiopia are pivotal steps, not only creating significant value today but also solidifying our position,” he said.
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Building on previous agreements
The news follows Phoenix Group signing an agreement that secures the right to 80 MW of power in Ethiopia in January. An announcement published at the time noted that