Phoenix Group Accelerates Global Expansion with 80MW Ethiopian PPA, Significantly Boosting Bitcoin Mining Capacity

Abu Dhabi, UAE – 22nd January 2025

Phoenix Group PLC (ADX:PHX), the UAE’s multi-billion-dollar tech powerhouse, today announced a major strategic expansion into the burgeoning African market with the acquisition of an 80-megawatt (MW) power purchase agreement (PPA) in Ethiopia. This landmark deal, forged in partnership with Abu Dhabi-based cybersecurity firm Data7, marks a significant step in Phoenix Group’s global diversification strategy. It secures a reliable and sustainable energy source to fuel its long-term growth and underscores a commitment to responsible digital asset infrastructure development.

The new Ethiopian site, slated for energization in Q2 2025, will dramatically enhance Phoenix Group’s operational capacity, significantly increasing the exahash rate of its rapidly expanding mining portfolio. This move solidifies Phoenix Group’s position as one of the world’s largest Bitcoin miners and reinforces its commitment to scaling operations and delivering cutting-edge, globally distributed digital asset infrastructure. Phoenix Group is poised to build on this momentum, with further announcements of new sites and increased capacity in 2025, including continued expansion in Ethiopia and a strategic entry into the South American market.

“This 80MW expansion in Ethiopia, on the heels of our North Dakota site announcement, is a powerful testament to Phoenix Group’s accelerating global momentum,” said Munaf Ali, CEO of Phoenix Group. “We are aggressively building out our mining capabilities, and this added capacity further solidifies our position as one of the world’s largest Bitcoin miners, fueling our growth trajectory as we prepare for our listing on Nasdaq. We’re not just expanding our operations; we’re strategically positioning ourselves at the forefront of a financial revolution where cryptocurrencies will play a central role in creating a more inclusive and dynamic global economy.”

Reza Nejatian, CEO of Global Mining Operations at Phoenix Group, added: “This project in Ethiopia, significantly increasing our exahash rate, is a clear signal of our ambition to not just participate in, but to lead, the global Bitcoin mining landscape. Ethiopia’s emergence as a key crypto-mining hub provides the perfect platform for our continued expansion, and this is just the first phase of our growth in the country. Our strategic partnership with Data7, enabling the deployment of the latest S21 Hydros, underscores our commitment to leveraging cutting-edge technology to maximize efficiency and solidify our competitive advantage. And our ambitions extend beyond Africa; we’re actively preparing to launch operations in South America in 2025, further diversifying our global footprint. This is how we execute on a global scale, and this is how we build the future of decentralized finance.”

The collaboration between Phoenix Group and Data7 underscores the burgeoning opportunities for strategic partnerships within Africa and reflects Phoenix Group’s proactive approach to capitalizing on regional strengths while expanding its global influence.