Coinspeaker Phoenix Group Expands US Crypto Mining, 50MW North Dakota Facility
Abu Dhabi-based Phoenix Group has strengthened its footprint in the United States by launching a 50 MW Bitcoin mining facility in North Dakota, according to a recent report by Arabian Gulf Business Insight. The initiative aligns with the company’s global expansion goals and intensifies its focus on crypto mining.
With full operational capacity, the facility boosts its mining output by over 2.7 exahashes, representing a significant advancement in scaling its operations. Following a prior development in South Carolina involving a 25 MW facility, the North Dakota site underscores the importance of the US market in the company’s growth strategy.
According to Reza Nedjatian, CEO of Global Mining Operations, the United States remains a pivotal hub for mining activities.
“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,” said Reza Nedjatian.
The North Dakota project, completed in just five months, highlights Phoenix Group’s ability to execute complex projects with exceptional efficiency. CEO Munaf Ali credited the success to the proficiency of the company’s engineering and operations teams.
Largest Crypto Mining in MENA Region: IPO Raised $370 Million
Founded in 2017, Phoenix Group operates as 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 countries such as Egypt, Turkey, and Kenya, solidifying its leadership in blockchain technology.
In October 2023, Phoenix Group achieved a significant milestone by becoming the first private crypto and blockchain company listed on the Abu Dhabi Securities Exchange. Its IPO raised $370 million, surpassing expectations, with subscriptions exceeding projections by 33 times. Retail investor demand skyrocketed, surging 180 times above forecasts, reflecting strong global confidence in the company’s growth prospects.
The UAE-based company’s ambitions to expand to the USA come amidst the country seeing a significant spike in crypto adoption. The country now ranks third according to the new global crypto adoption report, as Coinspeaker previously reported.
Nasdaq Listing on the Horizon
Plans for further expansion include a Nasdaq listing by 2025 to strengthen company’s presence in global markets. Although the exact date remains unconfirmed, the anticipated move aims to enhance its international influence.
The North Dakota facility shows the Phoenix Group’s commitment to sustainability and efficiency by leveraging advanced technology to maximize energy use and performance. Adding over 2.7 exahashes to its global hash rate enhances Phoenix Group’s capability to secure blockchain networks and expand scalability.
Munaf Ali emphasized the Dakota site’s role as a key milestone in the company’s plan to increase mining capacity across the globe and within the United States. The strategic expansion positions Phoenix Group as a leader in innovation within the fast-evolving blockchain sector.
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Phoenix Group Expands US Crypto Mining, 50MW North Dakota Facility
