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 newest 50MW <a target="_blank" href="https://www.onesafe.io/blog/phoenix-group-us-expansion-crypto-mining” target=”_blank” rel=”noopener nofollow”>bitcoin mining facility in North Dakota it was already fully operational.
News sources They say this new mining plant can increase the company's current hash rate by up to 2.7 exahashes. The new crypto mining center has cutting-edge technologies and a better design to make it work better and faster.
The North Dakota project is Phoenix Group's second crypto mining facility in the country. The first of the group was a 25 MW crypto mining facility in South Carolina. Phoenix Group's second mining facility was completed in record time, reflecting the company's industry leadership, particularly in the design and management of highly efficient digital asset infrastructure.
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Securing the blockchain, one hash at a time.
Phoenix Group is proud to power its 50 MW state-of-the-art mining facility in North Dakota. Completed in less than 5 months, this engineering marvel adds 2.7 exahashes to our capacity. As Munaf Ali, CEO of Phoenix Group, states, “This is a… pic.twitter.com/5FGLtgIGsB
— Phoenix Group (@phoenixgroupuae) <a target="_blank" href="https://twitter.com/phoenixgroupuae/status/1876177839793312088?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>January 6, 2025
Phoenix Group adds Canadian facility
Currently listed on the Abu Dhabi Stock Exchange, <a target="_blank" href="https://www.agbi.com/tech/2025/01/uaes-phoenix-group-opens-us-crypto-mining-facility/” target=”_blank” rel=”noopener nofollow”>Phoenix Group
One of its latest projects was the launch of its 20 megawatt crypto mining facility in Canada. With the completion of the site, it added 700PH and has the lowest electricity price of $0.039 within 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, its new Dakota project is an important step in its expansion plans. He said the United States is a key market for his operations.
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. Launch of second US site is part of Phoenix Group's plan to increase its global presence <a target="_blank" href="https://www.coingecko.com/en/coins/bitcoin” target=”_blank” rel=”noopener nofollow”>bitcoin mining capacity and increase its visibility, says Munaf Ali, CEO of the company.
In a very competitive market for crypto mining, Ali said finishing the job in record time shows how precise, fast and creative they are.
Phoenix Group Expansion
Since its first mining activities in the United Arab Emirates in 2017, Phoenix Group has been expanding its activities and other related projects. After becoming the first Bitmain distributor in the area in 2019, the company went public in 2023.
In August 2024, Phoenix Group and Tether worked together to create a stablecoin based on the UAE dirham.
Featured image from Getty Images, chart from TradingView
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