Abu Dhabi Securities Exchange (ADX)-listed tech conglomerate Phoenix Group has launched a second mining facility in the United States within the space of one year.
On Monday, Phoenix Group energised its 50MW mining facility in North Dakota. The site was completed in a record time of less than five months.
Once fully operational, the site will contribute an impressive addition of more than 2.7 exahashes (EH) to Phoenix’s global hash rate. This expansion significantly strengthens the company’s capacity to secure the blockchain network and underscores its commitment to innovation and scalability.
Munaf Ali, CEO of Phoenix Group, commented: “The investment and opening of the Dakota site is an important step in our strategy to grow our mining capacity globally and in the United States.
“Building and energising a 50MW site in less than five months is a testament to the extraordinary capability of our engineering and operations teams. This milestone reflects the speed, precision, and innovation that set Phoenix Group apart in the competitive Bitcoin mining industry.”
The North Dakota site represents a strategic milestone in Phoenix’s mission to scale its operations sustainably and efficiently. The new facility leverages advanced technologies and optimised designs to maximise energy efficiency and performance.
In July last year, Phoenix Group opened a new 25 MW mining facility in Willamette, South Carolina. Launched in 2017, and going public in 2023 via an IPO that raised $370 million, the Abu Dhabi-headquartered group operates over 10 crypto-mining facilities across the US, Canada, CIS, and the UAE.
Reza Nedjatian, Chief Executive Officer of Phoenix Group’s Global Mining Operations, added: “The United States has always been a key hub for our mining operations and the opening of the Dakota site is another major step in Phoenix Group expanding its investment in this key market.”
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