Phoenix Group Unveils 25MW Crypto Mining Facility in South Carolina
Abu Dhabi-listed Phoenix Group has launched a new 25-megawatt cryptocurrency mining facility in Willamette, South Carolina.
The new mining operation boosts the company’s global mining capacity to 18 exahash, according to a recent report from Zawya.
“The Willamette site enables us to deploy upgrades to our proprietary mining technology and optimize miner allocation for greater efficiency,” Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO of Phoenix Group, said.
The launch of the Willamette site marks Phoenix Group’s expansion to ten mining facilities across the US, Canada, CIS, and the UAE.
Each facility is dedicated to one of four core verticals, including mining, hosting, trading, and investments.
Alizadehfard emphasized that this development prepares Phoenix Group for future demands in the blockchain space, ensuring the company remains agile and well-positioned for technological advancements and market growth.
Earlier this year, Phoenix Group said it saw a 50% growth in net income and a “substantial increase” in year-on-year sales following its initial public offering (IPO) on the Abu Dhabi Stock Exchange.
It said sales experienced a surge of 20% year-on-year.
The Phoenix soars in 2023! ⬆
Phoenix published it’s earnings report boasting an increase of 50% in net earnings.
Stay tuned for even more impressive results in 2024
Check it out here:https://t.co/WFc7JhgczH pic.twitter.com/bbJac3RMuq
— Phoenix Group (@phoenixgroupuae) February 15, 2024
Furthermore, the firm’s core hosting business saw year-on-year growth of 119% and its self-mining businesses experienced year-on-year growth of 480%.
In January, Phoenix Group announced it had successfully acquired mining equipment valued at $187 million from Bitmain Development
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