Phoenix Group secures 80 MW PPA in Ethiopia, fueling rapid mining growth

Phoenix Group has announced an 80 MW power purchase agreement in Ethiopia, marking a key milestone in the company’s global expansion. Estimates suggest this project could boost the group’s overall exahash (EH/s) output by 12–15%, strengthening Phoenix Group’s status as one of the leading players worldwide. The group partnered with local cybersecurity firm Data7, which will handle network protection and guard against attacks.

Financial details of the project were not disclosed; however, Phoenix Group previously indicated readiness to invest up to $250M in African crypto mining ventures. According to management, Ethiopia provides electricity at around 2.8 cents per kWh, roughly half the cost seen in some parts of Europe. The first batch of ASICs is projected to come online in Q2 2025.

Analysts say the African foothold will help diversify Phoenix Group’s risk profile and improve geographic distribution of its farms. Meanwhile, Ethiopia stands to gain additional infrastructure investment and potentially several dozen new jobs. Future plans may see the site scaled up to 120 MW.