Phoenix Group, a prominent Abu Dhabi-listed company, is making significant strides in expanding its presence in the United States with the recent opening of a 50 MW crypto mining site in North Dakota. This move underscores the firm’s commitment to bolstering its Bitcoin mining operations in the U.S., as reported by Arabian Gulf Business Insight.
The newly opened facility in North Dakota is set to contribute over 2.7 exahashes to Phoenix Group’s mining operations once it reaches full operational capacity. Reza Nedjatian, the Chief Executive of Phoenix Mining, emphasized the importance of the U.S. market for the company, highlighting the new facility as a crucial step in its investment strategy. This expansion follows a previous move by Phoenix Group to establish a 25 MW mining facility in Willamette, South Carolina, further solidifying its foothold in the U.S.
Founded in 2017, Phoenix Group stands as the largest crypto mining operator in the MENA region, overseeing 765 MW of mining facilities across the U.S., Canada, and the UAE. Additionally, the company serves as the distributor of MicroBT Bitcoin mining devices in various countries, including Egypt, Turkey, and Kenya.
In a significant milestone, Phoenix Group became the first private crypto and blockchain company to be listed on the Abu Dhabi Securities Exchange in October 2023. The company’s initial public offering (IPO) garnered $370 million, with subscriptions surpassing the initial offer by 33 times. The overwhelming interest from retail investors exceeded expectations by 180 times. Looking ahead, Phoenix Group aims to further expand its global presence by listing on Nasdaq by 2025, although the exact timeline for this move remains uncertain.
The company’s commitment to growth and innovation is evident in its recent expansion efforts, including a $187 million deal with Bitmain to enhance its mining fleet following its IPO. Phoenix Group’s strategic investments and focus on expanding its mining operations reflect its dedication to staying at the forefront of the rapidly evolving cryptocurrency industry.
As Phoenix Group continues to expand its U.S. footprint and strengthen its global presence, the company remains a key player in the crypto mining sector, poised for further growth and success in the years to come.