Phoenix Group, a UAE based bitcoin mining company, has expanded its global footprint by opening a 50-megawatt (MW) bitcoin mining facility in North Dakota, US. This is a big move for the company as it eyes the US as a key market.
The facility is to become fully operational in just 5 months, and adds 2.7 exahashes (EH/s) to Phoenix Group’s global hashrate. This is a big boost to the company’s current plans, and adds more security to the Bitcoin blockchain.
Reza Nedjatian, CEO of Global Mining Operations at Phoenix Group said:
“The United States has always been a key hub for our mining operations, and the opening of the Dakota site is another major step in Phoenix Group expanding its investment in this key market.”
The North Dakota site is part of a bigger expansion plan that includes other US sites.
In July 2024, Phoenix Group opened a 25 MW mining facility in South Carolina and in October 2024, it launched a 20 MW facility in St. Leon, Canada which has the lowest electricity cost in the company’s portfolio at $0.039 per kWh.
Munaf Ali, CEO of Phoenix Group said, “Building and energizing a 50 MW site in less than five months is a testament to the extraordinary capability of our engineering and operations teams.”
Established in 2017, Phoenix Group is one of the largest bitcoin mining operations in the Middle East and North Africa region with 765 MW of mining facilities across UAE, Canada and US.
The company’s state of the art facilities use latest technology to maximize energy efficiency and performance as per its sustainable growth vision.
Phoenix Group also distributes ذitcoin mining devices to various markets like Egypt, Turkey and Kenya.
In October 2023, Phoenix Group became the first private bitcoin and blockchain company to be listed in Abu Dhabi Securities Exchange (ADX).
Its IPO raised $370 million, 33 times more than expected, with retail demand 180 times more than the forecasts. This is a big vote of confidence from the investors on the company’s growth.
Next up, Phoenix Group plans to get listed on Nasdaq by 2025 to further expand its global presence.
The company is working with top investment banks and advisors to explore listing opportunities in other international markets. The timeline for the Nasdaq listing is still to be confirmed but, if achieved, it will cement Phoenix’s position as a global bitcoin mining leader.
According to the company, the North Dakota site is designed and equipped to be as energy efficient as possible, which will place the company at the top ranks among big players in the Bitcoin space. Ali added:
“The investment and opening of the Dakota site is an important step in our strategy to grow our mining capacity globally and in the United States in 2025 and beyond.”
In the recent months, Phoenix Group has seen some leadership changes.
Co-founder Seyed Mohammad Alizadehfard (Bijan) has stepped down to focus on his investment fund and Munaf Ali has taken over as CEO. This leadership change could have played a role in Phoenix Group’s expansion and innovation.
