Abu Dhabi-listed Phoenix Group deepens its U.S. footprint with the opening of a 50 MW crypto mining website in North Dakota.
Phoenix Group has opened a 50 MW crypto mining facility in North Dakota, because the Abu Dhabi-based agency doubles down on its plan to develop Bitcoin (BTC) mining operations within the U.S., per an Arabian Gulf Enterprise Perception report.
The ability will add over 2.7 exahashes to Phoenix Group’s mining arm as soon as totally operational. Phoenix Mining chief government Reza Nedjatian described the U.S. as a key marketplace for the corporate, calling the brand new facility an important step in its funding technique. The most recent enlargement follows one other transfer to strengthen its U.S. presence, as Phoenix Group beforehand opened a 25 MW mining facility in Willamette, South Carolina.
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Based in 2017, Phoenix Group is the biggest crypto mining operator within the MENA area because it manages 765 MW of mining services within the U.S., Canada, and the UAE. The agency can also be the distributor of MicroBT Bitcoin mining gadgets in nations like Egypt, Turkey, and Kenya, amongst others.
In October 2023, Phoenix Group turned the primary personal crypto and blockchain firm listed on the Abu Dhabi Securities Alternate. Its IPO raised $370 million, with subscriptions exceeding the preliminary supply by 33 occasions. The sturdy curiosity from retail traders additionally surpassed expectations by 180 occasions. Phoenix Group plans to listing on Nasdaq by 2025 to develop its international presence, though the precise timeline remains to be unclear.
Learn extra: Phoenix Group expands mining fleet with $187m Bitmain deal post-IPO
