Phoenix Group, a United Arab Emirates-based crypto company, is pushing challenging to enter the US market. In a recent press release, the company said it has a state-of-the-art installation with a capacity of 50 MW Bitcoin mining facility in North Dakota it was already fully operational.
News sources claim that the fresh mining facility could raise the company’s current hash rate by up to 2.7 exahash. The fresh cryptocurrency mining center has cutting-edge technology and a better layout, making it work better and faster.
The North Dakota project is Phoenix Group’s second cryptocurrency mining facility in the country. The group’s first mine was a 25 MW cryptocurrency mine in South Carolina. Phoenix Group’s second mining facility was completed in record time, reflecting the company’s industry leadership, particularly in the design and management of high-performance digital asset infrastructure.
Securing the blockchain, one hash at a time.
The Phoenix Group is proud to power its state-of-the-art, 50 MW mining facility in North Dakota. This engineering marvel, completed in less than 5 months, increases our capabilities by 2.7 exahash. As Munaf Ali, CEO of Phoenix Group states: “It… pic.twitter.com/5FGLtgIGsB— Phoenix Group (@phoenixgroupuae) January 6, 2025
Phoenix Group adds facility in Canada
Currently registered on the Abu Dhabi Stock Exchange, Feniks Group is one of the leading cryptocurrency miners in the world. It boasts a presence in the USA, the United Arab Emirates and Canada and is building the largest Web 3.0 ecosystem in the region.
One of its most recent projects was the launch of a 20-megawatt cryptocurrency mine in Canada. Once completed, the speed was increased by 700 hours per hour and achieved the lowest electricity price of $0.039 within the Phoenix Group fleet, with an uptime of over 97%.
The construction of another mining facility in North Dakota strengthens the company’s commitment to cryptocurrency and blockchain technology. According to Reza Nedjatian, the company’s general manager of Global Mining Operations, the fresh project in Dakota represents an vital step in its expansion plans. He said the United States is a key market for their business.
The North Dakota facility provides a competitive advantage
A major turning point for the company will be the construction of a fresh cryptocurrency mining facility in North Dakota. The launch of a second U.S. location is part of Phoenix Group’s plan to expand its global footprint Bitcoin mining opportunities and raise their visibility, says Munaf Ali, the company’s CEO.
In the highly competitive cryptocurrency mining market, Ali said getting the job done in record time shows how true, brisk and innovative they are.
Expansion of the Phoenix Group
Since launching its first mining operations in the UAE in 2017, Phoenix Group has been expanding its operations 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 collaborated to create a stablecoin based on the United Arab Emirates dirham.
Featured image from Getty Images, chart from TradingView
