Phoenix Group, a UAE-based crypto firm, is making a giant push to enter the US market. In a latest press launch, the corporate mentioned its new 50 MW Bitcoin mining facility in North Dakota is now absolutely operational.
Information sources declare that this new mining plant can improve the corporate's present hash price by as much as 2.7 exahashes. The brand new crypto mining middle has cutting-edge applied sciences and a greater structure to make it work higher and quicker.
The North Dakota venture is Phoenix Group's second crypto mining facility within the nation. The primary of the group was a 25 MW crypto mining facility in South Carolina. Phoenix Group's second mining facility was accomplished in document time, reflecting the corporate's management within the sector, significantly within the design and administration of extremely environment friendly digital asset infrastructure.
Securing the blockchain, one hash at a time.
Phoenix Group is proud to energise its 50 MW state-of-the-art mining facility in North Dakota. Accomplished in lower than 5 months, this engineering marvel provides 2.7 exahashes to our capability. As Munaf Ali, CEO of Phoenix Group, says: “This can be a… pic.twitter.com/5FGLtgIGsB– Phoenix Group (@phoenixgroupuae) January 6, 2025
Phoenix Group provides Canadian facility
Presently registered on the Abu Dhabi Inventory Alternate, Phoenix Group is among the world's main cryptocurrency miners. It has a presence in the US, United Arab Emirates and Canada and is constructing the biggest Net 3.0 ecosystem within the area.
One in all its newest initiatives was launching its 20-megawatt cryptocurrency mining facility in Canada. As soon as accomplished, it added 700PH and has the bottom electrical energy value at $0.039 throughout the Phoenix Group fleet, with over 97% availability.
Constructing one other mining facility in North Dakota furthers the corporate's dedication to crypto and blockchain expertise. Based on Reza Nedjatian, CEO of the corporate's international mining operations, their new Dakota venture is a serious step in its enlargement plans. He mentioned the US is a key marketplace for their operations.
North Dakota location supplies aggressive benefit
A serious turning level for the corporate would be the building of its new crypto mining facility in North Dakota. The launch of the second US website is a part of Phoenix Group's plan to develop its international Bitcoin mining capability and improve its visibility, says Munaf Ali, CEO of the corporate.
In a really aggressive marketplace for cryptocurrency mining, Ali mentioned finishing the job in document time exhibits how exact, quick and inventive they’re.
Growth of the Phoenix group
Since its first mining actions within the UAE in 2017, the Phoenix Group has expanded its operations and different associated initiatives. After turning into the area's first Bitmain reseller in 2019, the corporate went public in 2023.
In August 2024, Phoenix Group and Tether labored collectively to create a stablecoin based mostly on the United Arab Emirates dirham.
Featured picture from Getty Pictures, chart from TradingView
