Phoenix Group Reports 236% Increase in Revenue for 2024
Phoenix Group PLC, a Bitcoin mining company, reported a 236% revenue increase for 2024, rising from $32 million in 2023 to $107 million. This growth occurred despite challenges such as the Bitcoin halving and slow market conditions.
Key Financial Highlights
- Mining revenue grew from $5.4 million in 2022 to $107 million in 2024, marking a 1,852% increase.
- Total revenue across all sectors reached $206 million.
- Total income was $219 million, with a net profit of $167 million.
- Assets increased to $962 million; earnings per share (EPS) hit $0.028.
Expansion and Strategic Moves
- Opened new mining sites in the US, Canada, and Oman, adding 160 MW to capacity.
- Q4 2024 mining margins rose to 24%, up from 5% in Q3 due to a 37% price increase of Bitcoin.
- Launched a 50 MW facility in North Dakota and is constructing additional facilities in Ethiopia and Texas.
- Diversified investments into cryptocurrencies like Ethereum, Solana, and TON.
- Exited the CIS region to mitigate regulatory risks.
Future Plans
Phoenix Group intends to list on Nasdaq later this year to enhance its global presence. This aligns with plans from other Web3 firms, reflecting an improving regulatory environment in the US.