Key Takeaways
- Phoenix Group launches a 50 MW Bitcoin mining facility in North Dakota.
- The site adds 2.7 EH/s to its global hashrate, boosting blockchain security.
- Phoenix Group plans a Nasdaq listing to expand its global presence.
Phoenix Group, a leading UAE-based Bitcoin mining company, has expanded its operations to the U.S. with a new 50-megawatt (MW) mining facility in North Dakota.
The site, set to be fully operational in five months, will contribute 2.7 exahashes (EH/s) to the group’s global hashrate, enhancing the security of the Bitcoin blockchain.
Reza Nedjatian, CEO of Global Mining Operations at Phoenix Group, emphasized the significance of this move:
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.
North American presence
This facility joins the company’s North American portfolio, which includes a 25 MW site in South Carolina, launched in July 2024, and a 20 MW facility in St. Leon, Canada, known for its low electricity cost of $0.039 per kWh.
Company background
Established in 2017, Phoenix Group operates 765 MW of mining facilities across the UAE, U.S., and Canada, focusing on sustainability and efficiency.
The firm also distributes Bitcoin mining devices to regions including Egypt, Turkey, and Kenya.
Future plans
Following its IPO in 2023, which raised $370 million on the Abu Dhabi Securities Exchange, Phoenix Group plans a Nasdaq listing by 2025, further cementing its global leadership in Bitcoin mining.
