Phoenix Group, a crypto firm based mostly within the United Arab Emirates, is pushing laborious to enter the US market. In a current press launch, the corporate mentioned that its latest 50MW bitcoin mining facility in North Dakota is now absolutely operational.
Information sources say that this new mining plant can improve the corporate's present hash price by as much as 2.7 exahashes. The brand new cryptocurrency mining middle has cutting-edge know-how and a greater format to make it work higher and quicker.
The North Dakota mission is Phoenix Group's second crypto mining facility within the nation. The primary group was a 25MW crypto mining facility in South Carolina. Phoenix Group's second mining facility was accomplished in file time, reflecting the corporate's management within the business, notably within the design and administration of extremely environment friendly digital asset infrastructure.
Blockchain safety, one hash at a time.
Phoenix Group proudly powers its state-of-the-art 50MW 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, “That is… pic.twitter.com/5FGLtgIGsB— Phoenix Group (@phoenixgroupuae) January 6, 2025
Phoenix Group provides Canadian facility
The Phoenix Group, which is at the moment listed on the Abu Dhabi Inventory Change, is among the many world's main cryptocurrency miners. Boasting a presence within the US, UAE and Canada, it’s constructing the most important Internet 3.0 ecosystem within the area.
Considered one of its most up-to-date initiatives was the launch of a 20 megawatt cryptocurrency mining facility in Canada. It added 700 PH when the plant was accomplished and has the bottom electrical energy value of $0.039 throughout the Phoenix Group fleet with over 97% availability.
The development of one other mining facility in North Dakota reinforces the corporate's dedication to crypto and blockchain know-how. In keeping with Reza Nedjatian, CEO of World Mining Operations, their new Dakota mission is a major step of their enlargement plans. He mentioned america is a key marketplace for its operations.
The North Dakota website brings a aggressive edge
A serious turning level for the enterprise would be the building of a brand new cryptocurrency mining facility in North Dakota. The launch of a second location within the US is a part of Phoenix Group's plan to extend its world bitcoin mining capability and improve its visibility, in keeping with Munaf Ali, the corporate's CEO.
In a really aggressive cryptocurrency mining market, Ali mentioned finishing the job in file time exhibits how correct, quick and artistic they’re.
An extension of the Phoenix group
Since its first mining actions within the United Arab Emirates in 2017, the Phoenix Group has been increasing its actions and different associated initiatives. After changing into the primary Bitmain vendor within the space in 2019, it went public in 2023.
In August 2024, Phoenix Group and Tether collaborated to create a stablecoin based mostly on the UAE dirham.
Featured picture from Getty Pictures, chart from TradingView
