The Phoenix Group, a UAE-based crypto powerhouse, is flexing its muscle mass within the US.
On 6 January 2025, the corporate introduced that its newest 50MW Bitcoin mining facility in North Dakota is formally dwell and operational.
Boosting Hash Charges With Reducing-Edge Tech
The North Dakota facility is nothing wanting a beast. Designed with superior applied sciences and an optimized format, it’s set to catapult Phoenix Group’s operations to the moon (pun meant). This website can improve its hash price to a whopping 2.7 exahashes, making mining sooner, extra environment friendly, and able to deal with the rising calls for of the crypto world.
And let’s be clear: this isn’t their first rodeo. It’s their second mining website within the US, following a profitable 25MW facility in South Carolina. What’s much more spectacular? They accomplished the North Dakota website in document time, proving they’re execs at constructing next-level digital asset infrastructures.
The timing couldn’t be higher. Crypto adoption within the US is on fireplace, and the market is hungry for innovation. Because the blockchain buzz continues to develop, Phoenix Group is seizing the second to increase its footprint on this hotbed of alternative.
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Reza Nedjatian, CEO of International Mining Operations, summed it up completely. “The brand new facility isn’t simply one other challenge—it’s a key piece of their development technique.” With the US on the middle of their plans, Phoenix Group is laser-focused on scaling up and main the cost within the blockchain revolution.
Proud to be featured on @CNBCArabia ! Phoenix is making waves with the launch of a 50-MW mining facility in North Dakota, including 2.7 exahashes to our world Bitcoin mining hash price.
This is a vital step in increasing our mining capabilities and investments in US and… pic.twitter.com/M2nlV9tqu1
— Phoenix Group (@phoenixgroupuae) January 8, 2025
Phoenix Group: A Fast Snapshot
Phoenix Group has been on a meteoric rise since their humble beginnings in 2017. Again then, they kicked off their first mining operations within the UAE. By 2019, they’d develop into the area’s first Bitmain vendor. Quick ahead to 2023, they usually went public, cementing their spot as a serious participant within the crypto area.
October 2023 was a headline-maker for the corporate. Phoenix Group grew to become the primary non-public crypto and blockchain firm to go public on the Abu Dhabi Securities Alternate. The IPO? An enormous $370 million success story that smashed expectations. Subscriptions exceeded projections by 33 instances, whereas retail investor demand soared 180 instances past forecasts.
In August 2024, Phoenix Group teamed up with Tether to launch a stablecoin tied to the UAE dirham, proving their potential to innovate within the ever evolving blockchain area.
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Along with its UAE roots, the corporate operates in Canada and the US, actively constructing the area’s largest Internet 3.0 ecosystem.
One in every of their standout achievements is a 20MW mining facility in Canada, which added 700PH to its capability. Oh, and it does this at an insanely low electrical energy value of simply $0.039 per kilowatt-hour. Effectivity objectives, anybody? They’re additionally crushing it with a 97% uptime throughout their whole fleet.
Eyes On Nasdaq
Now, the Phoenix Group has its sights set on the Nasdaq. Whereas the precise date remains to be hush-hush, the corporate plans to make this game-changing transfer by 2025. The purpose? To stage up their world presence and cement their repute as a frontrunner within the blockchain and crypto industries.
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The put up UAE’s Phoenix Group Broadcasts 50MW Bitcoin Mining Facility In North Dakota appeared first on 99Bitcoins.
