Phoenix Group reported $ 107 million in Bitcoin mining revenues by 2024, greater than a 230% leap since 2023.
The Phoenix Group cryptocurrency miner noticed its enhance in mining revenue of 236% in 2024, reaching $ 107 million because it expanded the operations and sailed within the challenges of the business, the agency mentioned. In a press launch on February 12, the corporate based mostly in Abu Dhabi reported $ 32 million in 2023 and $ 5.4 million in 2022, reflecting a rise of 1,852% for 2 years.
The full revenue of the corporate reached $ 206 million, with a internet achieve of $ 167 million and an integral revenue of $ 219 million. The manager director of Phoenix, Munaf Ali, says that the outcomes are a “testimony of our unwavering dedication to innovation and strategic progress at a worldwide scale.” He additionally referred to as 2024 a “basic” for the corporate, with “important growth and improved profitability.”
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In early January, Phoenix Group opened a 50 MW cryptographic mining set up in North Dakota, whereas the agency based mostly in Abu Dhabi grew to become public in Nasdaq in 2025 to broaden its world footprint. Earlier than that, Phoenix Group opened a 25 MW mining set up in Willamette, South Carolina.
Based in 2017, Phoenix Group grew to become Blockchain’s first personal agency that was made public within the Medio East Inventory Change in October 2023. It manages greater than 765 MW of mining services in america, Canada and the Arab Emirates Joined. The agency can be the distributor of Microbt Bitcoin mining gadgets in nations similar to Egypt, Türkiye and Kenya, amongst others.
Learn extra: Phoenix Group expands the mining fleet with $ 187 million Bitmain Deal after the OPO
