The UAE’s Phoenix Group has opened a cryptocurrency mining facility in the United States
Reuters/Casper Pemble
The North Dakota site will add more than 2.7 exahashes to Phoenix Group’s processing capacity
Phoenix Group, an Abu Dhabi Securities Exchange-listed company and one of the world’s leading Bitcoin mining companies, has launched its 50 MW cryptocurrency mining facility in North Dakota, US.
The opening of the site comes within the framework of the company’s efforts to expand its capabilities and investments in the United States.
The facility, which was completed in record time, reinforces its position as a leader in providing large-scale, high-performance digital asset infrastructure, the company said.
Once fully operational, the site will add more than 2.7 exahashes – a unit of measurement used to determine the processing power of a cryptocurrency mining network – to Phoenix’s global capacity.
CEO Reza Neidjatian said the United States has always been important to its mining operations, adding that the opening of the 50 MW Dakota site is another step in expanding investment in this key market.
In August 2024, the company teamed up with Tether, a cryptocurrency company, to launch a platform Stable coin Pegged to the Emirati dirham.
The global stablecoin market is currently worth $150 billion, and is set to grow significantly to $2.8 trillion by 2028.
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