Emily Walker
Phoenix Group, a cryptocurrency company located in the UAE, is making significant strides to enter the US market. Recently, the firm announced the successful operation of its latest 50MW Bitcoin mining facility in North Dakota.
According to reports, this new plant is expected to elevate the company’s hash rate by an impressive 2.7 exahashes. It features advanced technology and an improved structure, optimizing its performance and efficiency.
This facility marks Phoenix Group’s second venture into cryptocurrency mining in the United States, following a 25MW site established in South Carolina. The rapid completion of the North Dakota facility showcases the company’s expertise in building and operating high-performance digital asset infrastructures.
Securing the blockchain, one hash at a time.
Phoenix Group proudly energizes its cutting-edge 50MW mining facility in North Dakota. Completed in under 5 months, this engineering marvel adds 2.7 exahashes to our capacity. As Munaf Ali, CEO of Phoenix Group, states, “This is a… pic.twitter.com/5FGLtgIGsB— Phoenix Group (@phoenixgroupuae) January 6, 2025
Expansion into Canada
Listed on the Abu Dhabi Securities Exchange, Phoenix Group ranks among the top crypto miners globally. They have established operations in the US, UAE, and Canada and are focused on creating a substantial Web 3.0 ecosystem in the region.
Recently, they inaugurated a 20-megawatt crypto mining facility in Canada, contributing an additional 700PH to their operations at the lowest electricity cost in their portfolio, at $0.039, while maintaining over 97% uptime.
The development of another facility in North Dakota exemplifies the company’s dedication to the cryptocurrency and blockchain sectors. Reza Nedjatian, the CEO of Global Mining Operations, expressed that this project is a pivotal element of their expansion strategy, emphasizing the US as a vital market for their growth.
Competitive Advantages of North Dakota Facility
The establishment of the North Dakota mining facility marks a significant milestone for Phoenix Group. Adding this second US site is integral to their plans to enhance global Bitcoin mining capacity and bolster their market presence, according to CEO Munaf Ali.
Ali pointed out that completing the project ahead of schedule demonstrates their efficiency and innovation in the increasingly competitive crypto-mining landscape.
Phoenix Group’s Growth Journey
Since initiating their mining operations in the UAE in 2017, Phoenix Group has broadened their pursuits within the cryptocurrency field. After becoming the first Bitmain dealer in the region in 2019, the company went public in 2023.
In August 2024, Phoenix Group collaborated with Tether to develop a stablecoin pegged to the UAE dirham.
Featured image from Getty Images, chart from TradingView