Core Insights - Phoenix Group PLC has launched a 30MW hydropower-backed mining operation in Ethiopia, marking a significant expansion into Africa's energy-rich markets and aligning with its long-term strategy to scale to 1GW of compute capacity [1][2][8] Company Overview - Phoenix Group is a global leader in digital asset infrastructure and operates renewable-powered, high-efficiency mining facilities across five countries, with over 500MW deployed [9] - The company is headquartered in Abu Dhabi and is ranked among the world's top 10 Bitcoin miners [9] Strategic Partnership - The mining facility was developed in partnership with Ethiopian Electric Power (EEP), under the patronage of Abu Dhabi leadership, combining Ethiopia's renewable energy strengths with Phoenix's operational expertise [3][5] - This collaboration aims to support Ethiopia's digital and industrial objectives, including investment attraction and technology infrastructure development [5] Project Details - The site spans 6,250 square meters and is designed to support advanced mining and future compute workloads, utilizing stable, low-cost, and carbon-neutral hydropower from Ethiopia's national grid [4][8] - The new operation is expected to add 1.9 EH/S to Phoenix's existing hashrate [4] Market Position and Analyst Confidence - H.C. Wainwright has reaffirmed its Buy rating and AED 3.00 price target for Phoenix Group, citing strong self-mining margins and the company's expanding geographic footprint as a material step in derisking geographic concentration [6][7] - The activation of the Ethiopian site is seen as a major advancement in Phoenix's global growth strategy, reinforcing its commitment to renewable energy and responsible growth [5][8]