Phoenix Group, a crypto company based in the UAE, is pushing hard to get into the US market. In a recent news release, the company said that its newest 50MW Bitcoin mining facility in North Dakota was now fully operational.
News sources say that this new mining plant can boost the company’s current hash rate 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 finished in record time, reflecting the company’s leadership in the industry, particularly in designing and managing highly efficient digital asset infrastructure.
Securing the blockchain, one hash at a time.
Phoenix Group proudly energizes its cutting-edge 50MW mining facility in North Dakota. Completed in under 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) 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 boasts a presence in the US, UAE, and Canada and is building the region’s biggest Web 3.0 ecosystem.
One of its latest projects was launching its 20-megawatt crypto mining facility in Canada. With the site’s completion, it added 700PH and has the lowest electricity price at 0.039 USD within the Phoenix Group’s 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 for Global Mining Operations, their new Dakota project is a major step in its expansion plans. He said the United States is a key market for their operations.
North Dakota Site Brings Competitive Edge
A major turning point for the business will be the construction of its new North Dakota crypto mining facility. Launching the second US site is part of Phoenix Group’s plan to increase their global Bitcoin mining capability and increase their visibility, claims Munaf Ali, CEO of the company.
In a very competitive market for crypto-mining, Ali said that finishing the job in record time shows how accurate, fast, and creative they are.
Phoenix Group Expansion
Since its first mining activities in the UAE in 2017, the Phoenix Group has been expanding its activities and other related projects. After becoming the first Bitmain dealer 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