Phoenix Group PLC (ADX:PHX), a global cryptocurrency, blockchain, and next-generation digital asset infrastructure company, is now one of the top 10 crypto mining entities globally. Recently it announced that it has a total crypto mining operational capacity in Ethiopia of 132 MW after just adding 52 MW in the country. In total Phoenix Group now has a Bitcoin mining capacity of 500 MW across five countries globally, including operations in UAE, GCC, America, Canada and Ethiopia.

Munaf Ali, CEO & Co-Founder of Phoenix Group, said, “Phoenix Group has rapidly become a leading force among the top 10 global Bitcoin mining companies, a testament to our strategic foresight in securing prime locations with abundant, low-cost energy and our operational excellence driven by vertical integration and cutting-edge technology. The opportunities for future growth are immense, and we are committed to aggressively expanding our global footprint in key energy markets.”

Earlier this year, Phoenix Group entered Ethiopia with an 80 MW power purchase agreement (PPA), laying the groundwork for efficient, low-cost, and sustainable operations in a strategically important region. The newly secured 52 MW site will be developed in two phases. Phase 1 will deliver 20 MW of capacity, activating 5,300 high-efficiency air-cooled mining units with an expected output of 1.2 EH/s. Phase 2, set for completion by the end of Q2 2025, will add a further 32 MW, using hydro-cooling technology. Once fully operational, the site’s total hash rate is projected to double to approximately 2.4 EH/s.

Sustainable crypto mining in Ethiopia

Reza Nedjatian, CEO of Phoenix Mining, AI & Data Centers, added, “With 132 MW now running on clean hydropower, we’re proud to set a new benchmark for sustainable mining in Africa and deliver large-scale operations in energy-rich regions.”

Phoenix Group’s Ethiopian operations rank among the most sustainable in global Bitcoin mining, with 90% of their energy sourced from renewable hydropower via the Grand Ethiopian Renaissance Dam.

In an interview with CNBC Crypto Weekly show Munaf Ali discussed the huge Bitcoin mining project in Abu Dhabi UAE that was designed built and operated by the company. The site occupies 80,000 square meters with 45,600 servers. He noted that this is one of the largest sites in the world.

The Future of Bitcoin mining is in electricity and power

The future of Bitcoin mining according to Munaf Ali is contingent on electricity. In his interview with Henri Arslanian he notes, there is a grab for power, everyone wants to have access to electricity because data processing is a new commodity, whether it is for bitcoin mining, AI, Web3 or DeFi, everybody needs electricity for these datacenters being built.

These comments come as The UAE government works on its energy needs with the launch of XRG, an international energy investment company that will focus on projects across the spectrum, from gas to chemicals to low carbon fuels to energy infrastructure. The energy investment company was launched by ADNOC in November 2025 with the aim to have $80 billion in assets under management by 2035.

XRG was launched by Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and ADNOC. He noted at the time that global energy demand is set to rise dramatically, increasing from 9,000 GW to 15,000 GW by 2035 and potentially reaching 35,000 GW by 2050—a staggering 250% increase. The rise of AI applications like ChatGPT, which consumes ten times the energy of a single Google search, is accelerating this trajectory.