The UAE’s multi-billion-dollar tech conglomerate, Phoenix Group, which is listed on the Abu Dhabi Securities Exchange (ADX) and one of the world’s leading bitcoin miners, on Monday announced the opening of its cutting edge 50 MW mining facility in North Dakota.
The site, completed in record time, underscores the company’s position as a frontrunner in delivering large-scale, high-performance digital asset infrastructure.
Fully operational, the site will contribute an impressive addition of more than 2.7 exahashes (EH) to Phoenix’s global hash rate. This expansion significantly strengthens the company’s capacity to secure the blockchain network and underscores its commitment to innovation and scalability. This is an initial step in expanding Phoenix Group’s UAE mining capabilities and investments in the US.
Phoenix Group’s CEO Munaf Ali said that the investment and opening of the Dakota site is an important step in their strategy to grow the company’s mining capacity globally and in the US in 2025 and beyond.
“Building and energizing a 50 MW 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,” Munaf Ali said.
Reza Nedjatian, Chief Executive Officer of Phoenix Group’s Global Mining Operations, said that the US has always been a key hub for the Group’s mining operations and the opening of the Dakota site is another major step in the company expanding its investment in this key market.
Strategic Milestone
The North Dakota site represents a strategic milestone in Phoenix’s mission to scale its operations sustainably and efficiently. The new facility leverages advanced technologies and optimised designs to maximise energy efficiency and performance, reinforcing the company’s leadership in the fast-evolving blockchain space.
It may be recalled that Phoenix Group has tied up with Tether, a cryptocurrency company, to launch a stablecoin pegged to the UAE dirham in August 2024. The global market for stablecoins is currently valued at $150 billion and set to grow exponentially to $2.8 trillion by 2028.
As the energisation process continues, Phoenix remains committed to operational excellence and advancing the adoption of blockchain technology worldwide.
Listing on Nasdaq
According to media reports, Phoenix Group is planning to dual-list on Nasdaq which could change how crypto companies are viewed in traditional financial markets.
Listing on Nasdaq can give Phoenix Group and, by extension, the whole cryptocurrency industry a serious credibility boost. It helps bridge the gap between traditional finance and digital assets, making crypto companies seem more mainstream.
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