Phoenix Group reported $107 million in Bitcoin mining income for 2024, greater than a 230% leap from 2023.
Cryptocurrency miner Phoenix Group noticed its mining income surge 236% in 2024, reaching $107 million because it expanded operations and navigated trade challenges, the agency mentioned. In a Feb. 12 press launch, the Abu Dhabi-based agency reported $32 million in 2023 and $5.4 million in 2022, reflecting a 1,852% improve over two years.
The agency’s whole income reached $206 million, with a web revenue of $167 million and complete earnings of $219 million. Phoenix’s chief govt officer Munaf Ali says the outcomes are a “testomony to our unwavering dedication to innovation and strategic development on a world scale.” He additionally known as 2024 a “pivotal” for the agency, with “vital growth and enhanced profitability.”
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In early January, Phoenix Group opened a 50 MW crypto mining facility in North Dakota, because the Abu Dhabi-based agency eyes going public on Nasdaq in 2025 to develop its worldwide footprint. Earlier than that, Phoenix Group opened a 25 MW mining facility in Willamette, South Carolina.
Based in 2017, Phoenix Group turned the primary non-public blockchain agency that went public on the Center Jap inventory alternate in October 2023. It manages over 765 MW of mining services within the U.S., Canada, and the UAE. The agency can be the distributor of MicroBT Bitcoin mining gadgets in international locations like Egypt, Turkey, and Kenya, amongst others.
Learn extra: Phoenix Group expands mining fleet with $187m Bitmain deal post-IPO
