Phoenix Group, a UAE-based cryptocurrency company, is making big moves in the US. They just opened a massive new Bitcoin mining facility in North Dakota.
North Dakota’s New Mining Powerhouse
This 50-megawatt facility is now fully operational and significantly boosts Phoenix Group’s mining power by a whopping 2.7 exahashes. It uses state-of-the-art technology and a super-efficient design. This is their second US facility; they already have a 25-megawatt operation in South Carolina. The North Dakota project was completed in record time – under 5 months! CEO Munaf Ali called it a major accomplishment.
Global Expansion and Canadian Success
Phoenix Group, listed on the Abu Dhabi Securities Exchange, is a major player in the global crypto mining scene. They’re not just in the US and UAE; they also have a 20-megawatt facility in Canada. This Canadian site boasts incredibly low electricity costs (just $0.039 USD) and amazing uptime (over 97%). The company is building what it calls the region’s largest Web 3.0 ecosystem.
Why North Dakota? A Competitive Advantage
The new North Dakota facility is a key part of Phoenix Group’s expansion strategy. CEO Munaf Ali says it’s all about boosting their global Bitcoin mining capacity and raising their profile in a very competitive market. The speed of the project’s completion highlights their efficiency and innovation.
From UAE Beginnings to Global Giant
Phoenix Group started mining Bitcoin in the UAE back in 2017. They became the first Bitmain dealer in the region in 2019 and went public in 2023. They even partnered with Tether in 2024 to create a UAE dirham-pegged stablecoin. It’s been a rapid rise to the top!
