Phoenix Group, a cryptomining and blockchain conglomerate based in Abu Dhabi, has signed an 80-megawatt power purchase agreement (PPA) in Ethiopia to support its bitcoin mining operations. The deal with Ethiopian Electric Power (EEP) will provide the energy needed for Phoenix’s expansion, with supplies expected to begin in the second quarter of 2025.
Details regarding the location of the new mining facility and the total value of the agreement were not disclosed. The project is being developed in partnership with Data7, an Abu Dhabi-based cybersecurity firm.
Phoenix CEO Munaf Ali stated that the company is focused on aggressively increasing its mining capabilities, with this new power deal set to fuel further growth. As part of its global diversification strategy, Phoenix is also preparing for a potential dual-listing on Nasdaq. The company is currently in talks with financial institutions and Nasdaq to determine the best path forward, although no timeline for the listing has been provided.
Phoenix Group, which already operates mining facilities in the UAE, U.S., and Canada, is exploring additional opportunities in Africa, particularly in regions with strong energy potential. The company is also considering expansion into South America, including Brazil.
