Phoenix Group, a UAE crypto blockchain tech entity listed on the Abu Dhabi Stock Exchange (ADX) has expanded its bitcoin mining operation with a 50 MW mining facility in the heart of USA, in North Dakota. This is not the first site in the USA. In July 2024, it unveiled a 25 MW mining facility in South Carolina.
The completed site, will add 2.7 exahashes to Phoenix’s global hashrate. The new facility leverages advanced technologies and optimized designs to maximize energy efficiency and performance.
As per the press release, the expansion significantly strengthens the company’s capacity to secure the bitcoin blockchain network and underscores its commitment to innovation and scalability. This is an initial step in expanding Phoenix Group’s UAE mining capabilities and investments in the United States.
https://twitter.com/phoenixgroupuae/status/1876177839793312088?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank
Reza Nedjatian, Chief Executive Officer of Phoenix Group’s Global Mining Operations, added, “The United States has always been a key hub for our mining operations and the opening of the Dakota site is another major step in Phoenix Group expanding its investment in this key market.”
In October 2024, the group unveiled its new 20-megawatt mining facility in St Leon, Canada. The site added 700PH and provided the lowest electricity price (0.039 USD) in the Phoenix Group fleet with more than 97% uptime. Earlier Seyed Mohammad Alizadehfard (Bijan), stepped down and been replaced by Munaf Ali, a co-founder as well who previously held the position of Group Managing Director.
As per the press release, Seyed Mohammad Alizadehfard (Bijan), will step down to focus on expanding and managing his investment fund. Phoenix is already working with leading investment banks and crypto advisers on possible dual listing opportunities in favorable international jurisdictions for 2025.
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