Phoenix Group, based in Abu Dhabi and listed on their stock exchange, expands its presence in the United States by launching a 50 MW cryptocurrency mining facility in North Dakota.
In response to its commitment to grow its Bitcoin (BTC) mining activities in the United States, Phoenix Group, based in Abu Dhabi, has inaugurated a crypto mining facility with a capacity of 50 Megawatts in North Dakota. This is as reported by Arabian Gulf Business Insight.
Once fully functional, the new facility will boost Phoenix Mining’s mining division by approximately 2.7 exahashes. According to Phoenix Mining’s CEO, Reza Nedjatian, this U.S.-based expansion is crucial for the company and represents a significant investment in their strategic growth plan. This latest development comes after the company opened a 25 MW mining facility in Willamette, South Carolina, which was part of an ongoing effort to enhance its presence in the United States.
Established in 2017, Phoenix Group stands as the leading crypto mining operator within the MENA (Middle East and North Africa) region. It oversees a network of 765 Megawatts worth of mining facilities across the United States, Canada, and the United Arab Emirates. Moreover, Phoenix Group serves as the supplier of MicroBT Bitcoin mining equipment in various countries such as Egypt, Turkey, Kenya, and many more.
Back in October 2023, I was part of the groundbreaking moment when Phoenix Group, a private crypto and blockchain firm, made history by getting listed on the Abu Dhabi Securities Exchange. Our Initial Public Offering (IPO) managed to rake in an impressive $370 million, with demand far outstripping our initial offering – we ended up oversubscribed a staggering 33 times!
What truly blew us away was the overwhelming interest from retail investors. Their enthusiasm for Phoenix Group surpassed all expectations by a whopping 180 times! To further expand our global footprint, we’ve set our sights on listing on Nasdaq by 2025, although the exact timeline remains somewhat uncertain at this point.
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2025-01-06 12:05