Abu Dhabi, United Arab Emirates, Jan. 06, 2025 (GLOBE NEWSWIRE) -- UAE's multi-billion dollar tech conglomerate, Phoenix Group PLC, listed on the Abu Dhabi Securities Exchange (ADX: PHX), proudly announces the energization of its cutting edge 50MW 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 United States
"The investment and opening of the Dakota site is an important step in our strategy to grow our mining capacity globally and in the United States in 2025 and beyond. Building and energizing a 50MW 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," said Munaf Ali, CEO of Phoenix Group.
Reza Nedjatian, Chief Executive Officer of Phoenix Group's Global Mining Operations, added, "The United States has always been a key hub for our mining operations and the opening of the Dakota site is another major step in Phoenix Group expanding its investment in this key market.”
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 optimized designs to maximize energy efficiency and performance, reinforcing the company's leadership in the fast-evolving blockchain space.
As the energization process continues, Phoenix remains committed to operational excellence and advancing the adoption of blockchain technology worldwide.
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About Phoenix Group:
Phoenix Group, a multi-billion-dollar tech powerhouse headquartered in the UAE, leads the forefront of the blockchain, crypto, and tech revolution, driving innovation to new heights. In 2017, Bijan Alizadeh Fard and Munaf Ali laid the foundation for what would evolve into the Phoenix Group - a conglomerate comprising several thriving businesses. Beyond the web3 sphere, they offer comprehensive solutions, boast a 765MW mining operation with more operations globally, and fuel growth through strategic collaborations and innovation.
Phoenix Group operates multiple mining facilities in the US, Canada, CIS, and the UAE, with each unique company operating in one of four distinct verticals: Mining, Hosting, Trading, and Investments.
Phoenix Group PLC is the region's first crypto and blockchain conglomerate to be listed on the Abu Dhabi Securities Exchange. It also runs the largest mining farm in the MENA region.
Social presence:
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Website: https://phoenixgroupuae.com/press/
Phoenix Group PLC media team contact:
Email: [email protected]
