Phoenix Group Expands in the US with Launch of 50MW Cryptocurrency Mining Facility
Phoenix Group, a publicly traded company on the Abu Dhabi Securities Exchange and a prominent global bitcoin mining firm, has officially inaugurated its 50-megawatt (MW) cryptocurrency mining facility in North Dakota, USA.
This significant development is part of the company’s strategic efforts to enhance its operations and investments within the United States.
Phoenix Group highlighted that the facility, which was completed in record time, further solidifies its reputation as a pioneer in building large-scale, high-performance infrastructure for digital assets.
Once fully operational, the North Dakota facility is expected to contribute over 2.7 exahashes to the company’s overall cryptocurrency mining capacity. An exahash is a measurement that denotes the immense computational power within a cryptocurrency network.
Reza Nedjatian, Chief Executive Officer of Phoenix Group, emphasized the importance of the US market for their mining operations. He stated that the launch of the 50MW facility in Dakota represents a critical step forward in their commitment to investing in this key region.
Earlier in August 2024, Phoenix Group collaborated with Tether, a prominent cryptocurrency company, to introduce a stablecoin linked to the UAE dirham.
The global market for stablecoins, currently valued at $150 billion, is projected to witness rapid growth, reaching an estimated $2.8 trillion by 2028.
