UAE's Phoenix Group Expands U.S. Bitcoin Mining Operations Ahead of Nasdaq Listing

Abu Dhabi-listed Phoenix Group has launched a 50 MW crypto mining facility in North Dakota, marking a significant expansion of its Bitcoin mining operations in the U.S. Once fully operational, the new site will add over 2.7 exahashes to Phoenix's mining capacity. This move is part of the company's broader strategy to strengthen its U.S. presence, following the opening of a 25 MW facility in South Carolina.

The new 50 MW facility in North Dakota increases Phoenix Group's total mining capacity to approximately 815 MW. Once operational, it will contribute 2.7 exahashes to the company's overall Bitcoin mining output, positioning Phoenix Group to capitalize on the growing demand for Bitcoin mining and solidifying its competitive standing in the industry.

Phoenix's U.S. expansion aligns with North Dakota’s energy-friendly policies and reputation as a hub for crypto mining, thanks to low electricity costs and favorable regulations. The company's investment in both North Dakota and South Carolina highlights its commitment to expanding in the U.S. market, ensuring access to infrastructure and innovation while benefiting from the global cryptocurrency sector's growth.

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Historic Phoenix Group

Founded in 2017, Phoenix Group has become the largest crypto mining operator in the MENA region, managing a total of 765 MW of mining capacity across the U.S., Canada, and UAE. Additionally, the company distributes MicroBT Bitcoin mining devices in several countries, including Egypt, Turkey, and Kenya.

In October 2023, Phoenix Group made history by becoming the first private crypto firm to list on the Abu Dhabi Securities Exchange, raising $370 million in its IPO. As part of its growth strategy, the company plans to list on the Nasdaq in 2024, further boosting its global footprint.

With the IPO funds and upcoming Nasdaq listing, Phoenix Group is poised for further growth, leveraging its expanded mining capacity and market presence to attract more investment and stay ahead in the competitive cryptocurrency mining landscape.