The Phoenix Group, a UAE-based crypto powerhouse, is flexing its muscles in the US.
On 6 January 2025, the company announced that its latest 50MW Bitcoin mining facility in North Dakota is officially live and operational.
Boosting Hash Rates With Cutting-Edge Tech
The North Dakota facility is nothing short of a beast. Designed with advanced technologies and an optimized layout, it’s set to catapult Phoenix Group’s operations to the moon (pun intended). This site can increase its hash rate to a whopping 2.7 exahashes, making mining faster, more efficient, and ready to tackle the growing demands of the crypto world.
And let’s be clear: this isn’t their first rodeo. It’s their second mining site in the US, following a successful 25MW facility in South Carolina. What’s even more impressive? They completed the North Dakota site in record time, proving they’re pros at building next-level digital asset infrastructures.
The timing couldn’t be better. Crypto adoption in the US is on fire, and the market is hungry for innovation. As the blockchain buzz continues to grow, Phoenix Group is seizing the moment to expand its footprint in this hotbed of opportunity.
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Reza Nedjatian, CEO of Global Mining Operations, summed it up perfectly. “The new facility isn’t just another project—it’s a key piece of their growth strategy.” With the US at the center of their plans, Phoenix Group is laser-focused on scaling up and leading the charge in the blockchain revolution.
Proud to be featured on @CNBCArabia ! Phoenix is making waves with the launch of a 50-MW mining facility in North Dakota, adding 2.7 exahashes to our global Bitcoin mining hash rate. This is an important step in expanding our mining capabilities and investments in US and… pic.twitter.com/M2nlV9tqu1
— Phoenix Group (@phoenixgroupuae) January 8, 2025
Phoenix Group: A Quick Snapshot
Phoenix Group has been on a meteoric rise since their humble beginnings in 2017. Back then, they kicked off their first mining operations in the UAE. By 2019, they had become the region’s first Bitmain dealer. Fast forward to 2023, and they went public, cementing their spot as a major player in the crypto space.
October 2023 was a headline-maker for the company. Phoenix Group became the first private crypto and blockchain company to go public on the Abu Dhabi Securities Exchange. The IPO? A massive $370 million success story that smashed expectations. Subscriptions exceeded projections by 33 times, while retail investor demand soared 180 times beyond forecasts.
In August 2024, Phoenix Group teamed up with Tether to launch a stablecoin tied to the UAE dirham, proving their ability to innovate in the ever evolving blockchain space.
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In addition to its UAE roots, the company operates in Canada and the US, actively building the region’s largest Web 3.0 ecosystem.
One of their standout achievements is a 20MW mining facility in Canada, which added 700PH to its capacity. Oh, and it does this at an insanely low electricity cost of just $0.039 per kilowatt-hour. Efficiency goals, anyone? They’re also crushing it with a 97% uptime across their entire fleet.
Eyes On Nasdaq
Now, the Phoenix Group has its sights set on the Nasdaq. While the exact date is still hush-hush, the company plans to make this game-changing move by 2025. The goal? To level up their global presence and cement their reputation as a leader in the blockchain and crypto industries.
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