The Bitcoin Phoenix Group mining company has announced the addition of mining capacity worth 52 megawatts (MW) to its capabilities in Ethiopia.
According to the announcement of April 29, with the latest addition, Bitcoin Phoenix ability to extract in Ethiopia reaches 132 MW. The global ability of the company reportedly exceeds 500 MW.
Co -founder and general director of Phoenix, Munaf Ali, said that the company’s strategy is based on “securing the main locations with abundant, cheap energy.”
“Initiatives like our latest expansion in Ethiopia are key steps, not only creating significant value today, but also strengthening our position,” he said.
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Relying on previous contracts
The message follows the phoenix group signing agreement This secures the right to 80 MW of power in Ethiopia in January. Announcement published At that time, he noticed that the up-to-date Bitcoin mining page was to launch in the second quarter of 2025.
The 52 MW website will be developed in two phases, with the first to employ only 20 MW to supply 5300 air -cooled mining units with the expected slogan of 1.2 Exahashes per second. In the second phase – it is expected that it will reach the end by the end of Q2 2025 – the place will employ full 52 MW, water cooling and produce the estimated 2.4 Exahashes per second hashratu.
Exahash is a computing power unit used mainly to measure the speed of cryptocurrency mining networks, especially bitcoins. Exahashes quantify how many billions of calculations can be made by a mining network per second.
Reza Nedjatian, General Director of a company depending on extraction, artificial intelligence and data, emphasized that the plant will be powered by renewable energy:
“Because 132 MW is now on pure water energy, we will proudly establish a new reference point for sustainable mining in Africa and we provide a large scale activity in energy -rich regions.”
Related: LAPD recovers USD 2.7 million miners stolen on airport seizures
The company is quickly burned
The Phoenix group became a public company after its list at the end of 2023 on the Stock Exchange in Abu Dhabi. The company successfully ended its initial public offer (IPO) with a 33 -time script, informing that its offer 907 323 529 actions saw “overwhelming demand”.
After the list of Phoenix Group shares increased rapidly by 50% after IPO worth USD 371 million, opening to $ 2.25 (0.6 USD) and quickly reaching 1.50 Dirhams (0.41 USD). At the time of writing, the shares have about 7.94 USD.
The company is known for immense mining initiatives, which at the beginning of 2024 at the beginning of 2024 at the beginning of 2024 at the beginning of 2024 at the beginning of 2024 at the beginning of 2024 at the beginning of 2024 at the beginning of 2024 at the beginning of 2024 at the beginning of 2024 at the beginning of 2024.
Bitcoin mining is not the only activity in which the company is involved.
In 2024, Tether, the largest supplier of Stablecoin in the digital assets industry, announced plans to introduce a up-to-date Stablecoin, which was directed to the United Arab Emirates Dirham. Tether cooperated with the Phoenix Group and Green Acorn Investments in the project.
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