On January 8, 2025, Phoenix Group, a UAE-based cryptocurrency firm, announced the full operation of its new 50MW Bitcoin mining facility in North Dakota. This facility is expected to enhance the company's hash rate by up to 2.7 exahashes, marking a significant step in its expansion into the US market.
This North Dakota site is Phoenix Group's second in the US, following a 25MW facility in South Carolina. The rapid completion of this project underscores the company's leadership in efficient digital asset infrastructure.
Currently listed on the Abu Dhabi Securities Exchange, Phoenix Group is expanding its presence in the US, UAE, and Canada, and is developing a major Web 3.0 ecosystem in the region. The company recently launched a 20MW mining facility in Canada, achieving 700PH with the lowest electricity cost in its fleet at $0.039 per kWh, maintaining over 97% uptime.
According to CEO Reza Nedjatian, this new facility in North Dakota is crucial for their expansion strategy, with the US identified as a key market. Munaf Ali, the company's CEO, emphasized that completing this project in record time reflects their efficiency and innovation in a competitive crypto-mining landscape.
Since initiating mining operations in the UAE in 2017 and becoming the first Bitmain dealer in 2019, Phoenix Group has continued to grow and went public in 2023. In August 2024, they collaborated with Tether to develop a stablecoin pegged to the UAE dirham.