Phoenix Group, a UAE-based crypto company, is making a big push to enter the US market. In a recent press release, the company said its new 50 MW Bitcoin mining facility in North Dakota is now fully operational.
News sources claim that 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 layout 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. The Phoenix Group’s second mining facility was completed in record time, reflecting the company’s leadership in the sector, particularly in the design and management of a highly efficient digital asset infrastructure.
Securing the blockchain, one hash at a time.
Phoenix Group is proud to energize 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, says: “This is a… pic.twitter.com/5FGLtgIGsB– Phoenix Group (@phoenixgroupuae) January 6, 2025
Phoenix Group adds Canadian facility
Currently registered on the Abu Dhabi Stock Exchange, Phoenix Group is one of the world’s leading cryptocurrency miners. It has a presence in the United States, United Arab Emirates and Canada and is building the largest Web 3.0 ecosystem in the region.
One of its latest projects was launching its 20-megawatt cryptocurrency mining facility in Canada. Once completed, it added 700PH and has the lowest electricity price at $0.039 within the Phoenix Group fleet, with over 97% availability.
Building another mining facility in North Dakota furthers the company’s commitment to crypto and blockchain technology. According to Reza Nedjatian, CEO of the company’s 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 location provides competitive advantage
A major turning point for the company 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 expand its global Bitcoin mining capacity and increase its visibility, says Munaf Ali, CEO of the company.
In a very competitive market for cryptocurrency mining, Ali said completing the job in record time shows how precise, fast and creative they are.
Expansion of the Phoenix group
Since its first mining activities in the UAE in 2017, the Phoenix Group has expanded its operations and other related projects. After becoming the region’s first Bitmain reseller in 2019, the company went public in 2023.
In August 2024, Phoenix Group and Tether worked together to create a stablecoin based on the United Arab Emirates dirham.
Featured image from Getty Images, chart from TradingView
