The UAE-based Bitcoin mining giant is making a bold move into the US market

Phoenix Group, a cryptocurrency company based in the United Arab Emirates, is striving to enter the US market. In a recent press release, the company said its latest product is 50 megawatts Bitcoin mining facility In North Dakota it is now fully operational.

news sources Let’s assume that this new mining plant can boost the company’s current hash rate by up to 2.7 exahashes. The new cryptocurrency mining center has advanced technologies and a better design to make it work better and faster.

The North Dakota project is Phoenix Group’s second cryptocurrency mining facility in the country. The group’s first facility was a 25-megawatt cryptocurrency mining facility in South Carolina. Phoenix Group’s second mining facility was completed in record time, reflecting the company’s industry leadership, particularly in designing and managing highly efficient digital asset infrastructure.

Secure the blockchain, one hash at a time.
Phoenix Group proudly activates its 50 MW state-of-the-art mining facility in North Dakota. This engineering marvel was completed in less than 5 months and adds 2.7 exahashes to our capacity. As Munaf Ali, CEO of Phoenix Group, said, “This… pic.twitter.com/5FGLtgIGsB

– Phoenix Group (@phoenixgroupuae) January 6, 2025

Phoenix Group adds Canadian facility

Currently registered on the Abu Dhabi Securities Market, Phoenix group Among the leading cryptocurrency mining companies worldwide. It boasts a presence in the US, UAE and Canada and is building the largest Web 3.0 ecosystem in the region.

One of its most recent projects was launching a 20MW cryptocurrency mining facility in Canada. With the completion of the site, a 700PH was added and at $0.039 the lowest electricity price within the Phoenix Group fleet, with an uptime of over 97%.

The establishment of another mining facility in North Dakota reinforces the company’s commitment to cryptocurrency and blockchain technology. According to Reza Nejatian, the company’s CEO of global mining operations, their new Dakota project is a major step in their expansion plans. He said the United States is the main market for their operations.

North Dakota’s location brings a competitive advantage

A major turning point for the company will be the construction of a new cryptocurrency mining facility in North Dakota. The launch of the second US location is part of Phoenix Group’s plan to increase its global reach Bitcoin Mining capacity and increased visibility, says Munaf Ali, the company’s CEO.

In a highly competitive market for cryptocurrency mining, Ali said that completing the task in record time showed how accurate, fast and creative they were.

Phoenix Group Expansion

Since commencing its first mining activities in the UAE in 2017, Phoenix Group has expanded its activities and other related projects. After becoming the first Bitmain merchant in the region in 2019, the company went public in 2023.

In August 2024, the Phoenix Group and Tether worked together to create a stablecoin based on the UAE dirham.

Featured image from Getty Images, chart from TradingView