Phoenix Group Expands U.S. Operations with New 50 MW Crypto Mining Facility in North Dakota
Phoenix Group, a rapidly growing firm based in Abu Dhabi, has launched a 50 MW crypto mining facility in North Dakota, reinforcing its commitment to expanding Bitcoin (BTC) mining operations across the U.S. This significant development follows a recent report indicating the company’s strategic move to enhance its presence in the American market.
Once fully operational, this facility is expected to contribute over 2.7 exahashes to Phoenix Group’s mining output. Reza Nedjatian, CEO of Phoenix Mining, emphasized the importance of the U.S. market, labeling the new facility as a crucial element of the company’s investment strategy. This expansion comes shortly after the opening of a 25 MW mining site in Willamette, South Carolina, further solidifying the company’s footprint in the region.
Founded in 2017, Phoenix Group has established itself as the largest crypto mining operator in the MENA region, overseeing 765 MW of mining facilities spanning the U.S., Canada, and the UAE. In addition to mining operations, the company distributes MicroBT Bitcoin mining devices in various countries, including Egypt, Turkey, and Kenya.
In October 2023, Phoenix Group made history by becoming the first private crypto and blockchain company to be listed on the Abu Dhabi Securities Exchange, raising $370 million in its IPO, which saw subscriptions exceed the initial offer by 33 times. The remarkable interest from retail investors surpassed expectations by 180 times. Looking ahead, Phoenix Group aims to list on Nasdaq by 2025 as part of its strategy to further bolster its global presence, though the specific timeline remains to be clarified.
