Abu Dhabi’s Phoenix Group, a cryptomining firm, has secured an 80 MW power purchase agreement with Ethiopian Electric Power (EEP) to fuel its bitcoin mining operations. This deal marks Phoenix’s strategic entry into the African market, with power supplies expected to begin in the second quarter of the year. This partnership with Abu Dhabi-based Data7 is part of their global diversification strategy. 

The mining facility’s location and financial specifics were not disclosed, but Phoenix CEO Munaf Ali highlighted the importance of this agreement in supporting the company’s expansion as they prepare for a Nasdaq listing. The expansion indicates a move by the Phoenix Group to solidify its position in the competitive world of crypto mining. 

This agreement has broader implications for Ethiopia, potentially attracting further foreign investment in its energy sector and tech industries. For me, this shows how even if crypto mining is controversial in many nations, it is still playing an increasing role in the global economy and for nations like Ethiopia who are trying to grow their economies.