One of the world’s leading Bitcoin mining companies, Phoenix Group, has initiated the launch of a new Bitcoin mining site.
After establishing its presence in Abu Dhabi, the company aims to have a similar presence in the United States. According to a local report, the new 50 megawatts (MW) mining facility is in North Dakota.
As a leading miner, the firm believes it is essential to create high-performance crypto-mining facilities that can deliver on a large scale.
Phoenix Group’s New Bitcoin Mining Site
According to the Phoenix Group, the new Bitcoin mining infrastructure will add 2.7 exahashes to the firm’s mining subsidiary when it starts operating at full capacity. Reza Nedjatian, the company’s Chief Executive Officer, explained that the US market is important to the firm’s mining operation, which is one of the reasons the Phoenix Group established the North Dakota site.
The North Dakota site is the group’s second crypto-mining site after establishing a 25MW site in South Carolina. Founded seven years ago, the Phoenix Group is the biggest crypto miner in the Middle East and North Africa (MENA).
It operates over ten mining facilities across the US, UAE, Canada and the Common Wealth of Independent States (CIS).
The company is also a major distributor of MicroBT Bitcoin mining devices in many countries, especially Kenya, Egypt and Turkey. After raising more than $370 million in its IPO in the Abu Dhabi security market in Oct. 2023, the firm is now focused on getting listed on the Nasdaq exchange.
Notably, interest in that IPO surpassed the firm’s expectations by a huge margin. The firm plans to achieve this Nasdaq listing in 2025 to boost its global status.
However, it hasn’t released a specific timeline for achieving this listing. Last year, the firm partnered with Tether to create a stablecoin pegged to the UAE dirham.