The Phoenix Group, a UAE-based crypto powerhouse, is flexing its muscle in the United States.
On January 6, 2025, the company announced that its latest 50 MW Bitcoin mining facility in North Dakota was officially operational.
Increasing hash rates with cutting-edge technology
The North Dakota facility is nothing short of a beast. Designed with advanced technologies and an optimized layout, it is ready to catapult Phoenix Group operations to the moon (pun intended). This site can increase its hash rate up to 2.7 exahashes, making mining faster, more efficient and ready to meet the growing demands of the crypto world.
And let’s be clear: This isn’t their first rodeo. This is their second mining site in the United States, following a successful 25 MW installation in South Carolina. What’s even 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. Crypto adoption in the United States is on fire and the market is hungry for innovation. As the blockchain buzz continues to grow, Phoenix Group is seizing the opportunity to expand its presence in this opportunity pool.
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Reza Nedjatian, 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 United States at the center of its plans, Phoenix Group is focused on developing and leading 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.
– Phoenix Group (@phoenixgroupuae) January 8, 2025
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 the United States and… Phoenix Group: a quick overview
Phoenix Group has enjoyed a meteoric rise since its humble beginnings in 2017. At the time, they launched their first mining operations in the United Arab Emirates. By 2019, they had become the first Bitmain reseller in the region. Fast forward to 2023, and they have gone public, cementing their place as a major player in the crypto space.
October 2023 made headlines for the company. Phoenix Group has become the first private crypto and blockchain company to list on the Abu Dhabi Stock Exchange. The IPO? A massive $370 million success story that exceeded expectations. Subscriptions exceeded forecasts by 33 times, while demand from retail investors soared 180 times beyond forecasts.
In August 2024, Phoenix Group partnered with Tether to launch a stablecoin pegged to the UAE dirham, proving its ability to innovate in an 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, actively building the largest Web 3.0 ecosystem in the region.
One of their most notable achievements is a 20 MW mining facility in Canada, which added 700 PH to its capacity. Oh, and it does it at an incredibly low electricity cost of just $0.039 per kilowatt hour. Efficiency objectives, what do you think? They also crush it with 97% uptime across their entire fleet.
Eyes on the Nasdaq
From now on, the Phoenix group is targeting the Nasdaq. Although the exact date is still secret, the company plans to achieve this revolutionary change by 2025. The goal? Strengthen their global presence and consolidate their reputation as a leader in the blockchain and crypto sectors.
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