Phoenix Group, a crypto company based in the United Arab Emirates, is pushing hard to enter the US market. In a recent press release, the company said that its latest 50MW Bitcoin mining facility in North Dakota was now fully operational.
News sources say that this new mining facility can increase the company’s current hashrate by up to 2.7 exahashes. The new crypto mining center has cutting edge technologies and a better layout to make it work better and faster.
The North Dakota project is Phoenix Group’s second crypto mining facility in the country. The group’s first was a 25MW crypto mining facility in South Carolina. Phoenix Group’s second mining facility was completed in record time, reflecting the company’s leadership in the industry, particularly in designing and managing highly efficient digital asset infrastructure.
Secure the blockchain, one hash at a time.
Phoenix Group proudly puts energy to its pioneering 50 MW mining facility in North Dakota. Completed in less than 5 months, this technological marvel adds 2.7 exahashes to our capacity. As Munaf Ali, CEO of Phoenix Group, says: “This is a… pic.twitter.com/5FGLtgIGsB— Phoenix Group (@phoenixgroupuae) January 6, 2025
Phoenix Group adds a Canadian facility
Currently registered on the Abu Dhabi Securities Exchange, Phoenix Group is among the leading crypto miners worldwide. It has a presence in the US, UAE and Canada and is building the region’s largest Web 3.0 ecosystem.
One of the latest projects was to launch its 20 megawatt crypto mining facility in Canada. When the site was completed, it added 700PH and has the lowest electricity rate of $0.039 in the Phoenix Group fleet, with over 97% uptime.
The construction of another mining facility in North Dakota reinforces the company’s commitment to crypto and blockchain technology. According to Reza Nedjatian, the company’s CEO of Global Mining Operations, their new Dakota project is a major step in its expansion plans. He said the US is a key market for their business.
North Dakota site provides competitive advantage
A major turning point for the business will be the construction of its new crypto mining facility in North Dakota. The launch of the second US site is part of Phoenix Group’s plan to increase its global footprint Bitcoin mining capacity and increase their visibility, claims Munaf Ali, CEO of the company.
In a highly competitive cryptomining market, Ali said finishing the job in record time shows how accurate, fast and creative they are.
Phoenix Group Expansion
Since its first mining operation in the United Arab Emirates in 2017, Phoenix Group has expanded its activities and other related projects. After becoming the first Bitmain reseller in the area in 2019, the company went public in 2023.
In August 2024, Phoenix Group and Tether worked together to make a stablecoin based on the UAE dirham.
Featured image from Getty Images, chart from TradingView
