Phoenix Group, a leading cryptocurrency company based in the United Arab Emirates, is flexing its muscles in the United States.
On January 6, 2025, the company announced that its state-of-the-art 50 MW Bitcoin mining facility in North Dakota was officially up and running.
Boost hash rates using the latest technologies
The North Dakota facility is nothing short of a beast. Built with advanced technologies and enhanced design, it is prepared to take Phoenix Group’s operations to the moon (pun intended). This site can increase its hash rate to 2.7 exahashes, making mining faster, more efficient and ready to meet the growing demands of the cryptocurrency world.
And let’s be clear: This isn’t their first rodeo. It is the company’s second mining site in the United States, following a successful 25-megawatt facility in South Carolina. What’s more impressive? They completed the North Dakota site in record time, proving that they are pros at building next-level digital asset infrastructure.
The timing couldn’t be better. Cryptocurrency adoption is on the rise in the United States, and the market is hungry for innovation. As the blockchain hype continues to grow, Phoenix Group is seizing the opportunity to expand its presence in this hotbed of opportunity.
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Reza Nejatian, CEO of Global Mining Operations, summed it up perfectly. “The new facility is not just another project, it is a key part of their growth strategy.” With the US at the center of its plans, Phoenix Group is intensely focused on scaling and leading the blockchain revolution.
Proud to be featured on @CNBC Arabic !
Phoenix is making waves with the launch of a 50MW mining facility in North Dakota, adding 2.7 exahashes to our global Bitcoin mining hashrate.
This is an important step in expanding our capabilities and investments in mining in the United States and… pic.twitter.com/M2nlV9tqu1
– Phoenix Group (@phoenixgroupuae) January 8, 2025
Phoenix Collection: Quick shot
Phoenix Group has grown rapidly since its humble beginnings in 2017. At that time, it began its first mining operations in the UAE. By 2019, they became the first Bitmain merchant in the region. Fast forward to 2023, and it went public, cementing its position as a major player in the cryptocurrency space.
October 2023 was a major headline for the company. Phoenix Group has become the first private cryptocurrency and blockchain company to go public on the Abu Dhabi Stock Exchange. IPO? A massive $370 million success story that shattered expectations. Subscriptions exceeded expectations by 33 times, while demand from individual investors rose 180 times beyond expectations.
In August 2024, Phoenix Group teamed up with Tether to launch a stablecoin pegged to the UAE Dirham, proving its ability to innovate in the ever-evolving blockchain space.
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In addition to its roots in the UAE, the company operates in Canada and the United States, and is actively building the largest Web 3.0 ecosystem in the region.
One of their notable achievements is the construction of a 20 MW mining facility in Canada, which has added 700 MW to its capacity. Oh, and it does so at a very low electricity cost of just $0.039 per kilowatt hour. Efficiency goals, anyone? They also achieve this with up to 97% uptime across their entire fleet.
Eyes on Nasdaq
Now, Phoenix Group has set its sights on the Nasdaq. While the exact date is still unknown, the company plans to make this game-changing move by 2025. The goal? To raise their global footprint and enhance their reputation as a leader in the blockchain and cryptocurrency industries.
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