Phoenix Group, a UAE-based cryptocurrency and blockchain technology company listed on the Abu Dhabi Stock Exchange (ADX), has announced a significant expansion of its Bitcoin mining operations in the United States.
The company has established a new 50-megawatt (MW) mining facility in North Dakota, which is expected to enhance its global mining capacity by 2.7 exahashes. This move follows the opening of a 25 MW mining facility in South Carolina in July 2024.
Strengthening global mining capabilities
The new mining site in North Dakota underscores Phoenix Group’s commitment to strengthening its role in securing the Bitcoin blockchain. The facility aims to achieve high energy efficiency and performance by leveraging cutting-edge technologies and optimized designs.
According to Reza Nedjatian, CEO of Phoenix Group’s Global Mining Operations, the United States remains a strategic location for the company’s activities. Nedjatian highlighted that the North Dakota facility represents a key step in expanding Phoenix’s global footprint and investment in the U.S. market.
Expansion into Canada with cost-effective operations
In addition to its developments in the United States, Phoenix Group has expanded its operations into Canada. In October 2024, the company launched a 20 MW mining facility in St. Leon, Manitoba. This site has added 700 peta hashes (PH) to the company’s mining capacity. It offers some of the lowest electricity costs within the Phoenix Group network, at just 0.039 USD per kilowatt-hour. The Canadian facility also boasts an uptime of over 97%, reflecting its efficiency and reliability.
Leadership changes and plans
The company recently announced a leadership change, with Seyed Mohammad Alizadehfard, also known as Bijan, stepping down from his role. Munaf Ali, one of the group’s co-founders and the former Group Managing Director, has taken over as CEO. Phoenix stated that Alizadehfard is leaving to focus on managing and expanding his investment fund.
Phoenix Group is actively exploring dual listing opportunities in international markets, with plans to collaborate with leading investment banks and crypto advisers. The company aims to solidify its position as a global leader in Bitcoin mining while continuing to innovate and scale its operations. This expansion into North America highlights Phoenix Group’s strategic focus on growth and technological advancement in the competitive Bitcoin mining sector.