Abu Dhabi-listed Phoenix Group deepens its U.S. footprint with the opening of a 50 MW crypto mining web site 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 power will add over 2.7 exahashes to Phoenix Group’s mining arm as soon as totally operational. Phoenix Mining chief govt 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 newest 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 most important 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 grew to become the primary non-public crypto and blockchain firm listed on the Abu Dhabi Securities Change. Its IPO raised $370 million, with subscriptions exceeding the preliminary supply by 33 occasions. The sturdy curiosity from retail buyers additionally surpassed expectations by 180 occasions. Phoenix Group plans to record on Nasdaq by 2025 to develop its world presence, though the precise timeline continues to be unclear.
Learn extra: Phoenix Group expands mining fleet with $187m Bitmain deal post-IPO
