Phoenix Group, a popular Bitcoin mining company based in the UAE, has reported a staggering 236% increase in its 2024 revenues.
On 12 February 2025, the company revealed that its mining revenue reached $107 million in 2024, a significant leap from $32 million in 2023 and $5.4 million in 2022.
“This represents an astounding 1852% increase over two years,” the press release said. “This exceptional performance underscores Phoenix Group’s strategic vision and operational excellence in a dynamic market.”
Commenting on the 2024 results, Munaf Ali, CEO and Co-Founder of Phoenix Group said, “The past year has been pivotal for Phoenix Group, marked by significant expansion and enhanced profitability. We are not simply navigating the digital asset revolution – we are shaping it.
🚨 Abu Dhabi’s @phoenixgroupuae posted a massive 236% revenue surge in 2024, hitting $107M in #Bitcoin mining revenue! Strategic global expansion & resilience fuel growth in the evolving mining landscape.
🔷 Phoenix Group said its total assets jumped $962 million in 2024.
— Sustainable Bitcoin Protocol (@SustainableBTC) February 12, 2025
Company’s Plan To Position Itself As Leader In Bitcoin mining
The company is focused on expansion and optimization. It successfully launched new mining sites in the US, Canada, and Oman, adding a total of 160 MW. However, Phoenix Group exited the CIS region due to regulatory uncertainties.
The Abu Dhabi based company also revealed that its investments expanded into key cryptocurrencies including SOL, ETH, FAH, UNCN, LVLY, and TON.
Furthermore, Phoenix Group secured agreements for additional sites, including a 132 MW facility in Ethiopia and a 20 MW site in Texas, totalling 152 MW of upcoming capacity.
The company has also partnered with the Tether Foundation to launch a dirham-backed stablecoin.
Paolo Ardoino, CEO of Tether said, “The UAE’s progressive stance on technology and its leadership in digital assets adoption across the MENA region makes it an ideal hub for pioneering advancement…together, we aim to streamline real estate transactions, promote sustainable growth, and set new benchmarks for innovation in the region.”
The company had announced plans to introduce a Dirham pegged stablecoin in August 2024.
Explore: Tether Cashes In On UAE’s Real Estate Boom, Allows For Payment In USDT
Phoenix Group Announces 50MW Mining Facility In North Dakota
On 6 January 2025, the company announced that its latest 50MW Bitcoin mining facility in North Dakota is officially live and operational.
The North Dakota facility is nothing short of a beast. Designed with advanced technologies and an optimized layout, it’s set to catapult Phoenix Group’s operations to the moon (pun intended). This site can increase its hash rate to a whopping 2.7 exahashes, making mining faster, more efficient, and ready to tackle the growing demands of the crypto world.
And let’s be clear: this isn’t their first rodeo. It’s their second mining site in the US, following a successful 25MW facility in South Carolina. What’s even more impressive? They completed the North Dakota site in record time, proving they’re pros at building next-level digital asset infrastructures.
Reza Nedjatian, CEO of Global Mining Operations, summed it up perfectly. “The new facility isn’t just another project—it’s a key piece of their growth strategy.”
Explore: UAE’s Phoenix Group Announces 50MW Bitcoin Mining Facility In North Dakota
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