DailySun
Phoenix Group, listed in Abu Dhabi, enhances its presence in the U.S. with the launch of a 50 MW cryptocurrency mining site in North Dakota.
In a strategic move, Phoenix Group has inaugurated a 50 MW crypto mining facility in North Dakota, solidifying its commitment to expanding Bitcoin (BTC) mining operations across the United States, according to an Arabian Gulf Business Insight report.
Once fully operational, the facility is expected to contribute over 2.7 exahashes to Phoenix Group’s mining capacity. Reza Nedjatian, CEO of Phoenix Mining, emphasized the importance of the U.S. market for the company, describing the new facility as a crucial component of its investment strategy. This latest expansion comes on the heels of a previous effort to bolster its U.S. operations, following the opening of a 25 MW mining site in Willamette, South Carolina.
Established in 2017, Phoenix Group stands as the leading crypto mining operator in the MENA region, overseeing 765 MW of mining facilities located in the U.S., Canada, and the UAE. The company also acts as the distributor of MicroBT Bitcoin mining devices in countries including Egypt, Turkey, and Kenya, among others.
In October 2023, Phoenix Group made history by becoming the first private crypto and blockchain company to be listed on the Abu Dhabi Securities Exchange. The company’s IPO garnered $370 million, achieving subscriptions that exceeded the initial offering by 33 times. Retail investor interest greatly surpassed expectations, exceeding projections by 180 times. Furthermore, Phoenix Group aims to list on Nasdaq by 2025 in an effort to expand its global footprint, though the precise timeline remains uncertain.
