Phoenix Group Launches 50 MW Bitcoin Mining Facility in North Dakota
Abu Dhabi-based Phoenix Group has launched a 50 MW Bitcoin mining facility in North Dakota, enhancing its presence in the United States. This initiative aligns with the company’s global expansion strategy and emphasizes its focus on crypto mining, as reported by Arabian Gulf Business Insight.
The facility, once fully operational, will increase mining output by over 2.7 exahashes, reflecting significant scaling of operations. This follows a previous development in South Carolina that involved a 25 MW facility, highlighting the US market's importance to the company's growth strategy.
Reza Nedjatian, CEO of Global Mining Operations, stated that the United States is a key hub for mining activities. He noted, “The opening of the Dakota site is another major step in Phoenix Group expanding its investment in this key market.”
The North Dakota project was completed in five months, showcasing Phoenix Group's efficiency in executing complex projects. CEO Munaf Ali attributed the success to the expertise of the engineering and operations teams.
Largest Crypto Mining in MENA Region: IPO Raised $370 Million
Founded in 2017, Phoenix Group is the largest crypto mining operator in the MENA region, managing 765 MW mining facilities across the UAE, Canada, and the US. The company also distributes Bitcoin mining devices to Egypt, Turkey, and Kenya, reinforcing its leadership in blockchain technology.
In October 2023, Phoenix Group became the first private crypto and blockchain company listed on the Abu Dhabi Securities Exchange, raising $370 million in its IPO. Subscriptions exceeded projections by 33 times, with retail investor demand surging 180 times above forecasts, indicating strong global confidence in the company's growth prospects.
The UAE's ambitions to expand into the US coincide with a notable increase in crypto adoption, ranking third globally according to recent reports.
Nasdaq Listing on the Horizon
Future plans include a Nasdaq listing by 2025, aimed at strengthening the company's presence in global markets. While the exact date remains unconfirmed, this move is expected to enhance international influence.
The North Dakota facility demonstrates Phoenix Group's commitment to sustainability and efficiency through advanced technology that maximizes energy use and performance. The addition of over 2.7 exahashes to its global hash rate enhances the group's capability to secure blockchain networks and improve scalability.
Munaf Ali highlighted the Dakota site's significance in the company’s plan to increase mining capacity globally and within the United States, positioning Phoenix Group as a leader in innovation within the rapidly evolving blockchain sector.