UAE’s Phoenix Group launches US crypto mining facility

The site will contribute an addition of more than 2.7 exahashes to Phoenix’s global hash rate

Phoenix Group, an Abu Dhabi Securities Exchange-listed company and one of the world’s leading bitcoin miners, launched its 50 megawatt (MW) cryptocurrency mining facility in North Dakota, US.

The opening of the site is part of the company’s bid to expand its capabilities and investments in the US.

The company said that the facility, completed in record time, strengthens its position as a leader in delivering large-scale, high-performance digital asset infrastructure.

After becoming fully operational, the site will add more than 2.7 exahashes — a unit of measurement used to quantify the processing power of a cryptocurrency mining network — to Phoenix’s global capacity.

«The investment and opening of the Dakota site is an important step in our strategy to grow our mining capacity globally and in the United States in 2025 and beyond. Building and energizing a 50MW site in less than 5 months is a testament to the extraordinary capability of our engineering and operations teams. This milestone reflects the speed, precision, and innovation that set Phoenix Group apart in the competitive Bitcoin mining industry,» said Munaf Ali, CEO of Phoenix Group.

In October 2023, Phoenix Group became the first private crypto and blockchain company listed on the Abu Dhabi Securities Exchange. Its IPO raised $370 million, with subscriptions exceeding the initial offer by 33 times. The strong interest from retail investors also surpassed expectations by 180 times. Phoenix Group plans to list on Nasdaq by 2025 to grow its global presence, although the exact timeline is still unclear.

In August 2024, the company tied up with Tether, a cryptocurrency company, to launch a stablecoin pegged to the UAE dirham.