Abu Dhabi's cryptomining firm Phoenix Group enters Africa with power purchase deal
Abu Dhabi-listed cryptomining and blockchain conglomerate Phoenix Group has struck an 80-megawatt (MW) power purchase agreement (PPA) in Ethiopia, it said on Wednesday, as it pursues a global diversification strategy by entering the Africa market. Under the deal, Ethiopian Electric Power (EEP) will provide the energy needed to support Phoenix's bitcoin mining expansion, with supplies due to start in the second quarter. The firm did not provide details on the location of the facility or the size of the deal, which was signed in partnership with Abu Dhabi cybersecurity firm Data7, it said in a statement.