Bitcoin mining company Phoenix Group announces an additional 52 megawatts of mining capacity in Ethiopia

According to TechFlow, on April 29, Cointelegraph reported that Bitcoin mining company Phoenix Group announced the addition of 52 megawatts (MW) of mining capacity in Ethiopia, bringing its total capacity in the country to 132 MW and its global total capacity to over 500 MW. The project will be developed in two phases, using entirely clean hydropower, and is expected to be completed by the second quarter of 2025. After Phoenix Group was listed on the Abu Dhabi Securities Exchange at the end of 2023, its stock price quickly rose and is currently trading at approximately $7.94. In addition to its mining operations, the company is also collaborating with Tether to develop a stablecoin pegged to the UAE dirham.