Phoenix Group, a leading Bitcoin mining company from the UAE, announced a staggering 236% increase in its 2024 revenues. On February 12, 2025, the firm reported that its mining revenue reached $107 million in 2024, a sharp rise from $32 million in 2023 and $5.4 million in 2022.
“This represents an astounding 1852% increase over two years,” the press release stated. “This exceptional performance highlights 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.”
Company’s Plan to Position Itself as Leader in Bitcoin Mining
The company aims for expansion and optimization. It recently launched new mining sites in the US, Canada, and Oman, adding a total of 160 MW. However, Phoenix Group has withdrawn from the CIS region due to regulatory challenges.
Additionally, it has invested in key cryptocurrencies including SOL, ETH, FAH, UNCN, LVLY, and TON.
Furthermore, they secured agreements for additional sites, including a 132 MW facility in Ethiopia and a 20 MW site in Texas, totaling 152 MW of upcoming capacity.
In collaboration with the Tether Foundation, Phoenix Group will introduce a dirham-backed stablecoin.
Paolo Ardoino, CEO of Tether commented, “The UAE’s progressive stance on technology and its leadership in digital assets adoption across the MENA region make 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.”
On January 6, 2025, the company announced its newest 50 MW Bitcoin mining facility in North Dakota, marking its second site in the US following a successful 25 MW facility in South Carolina.
Reza Nedjatian, CEO of Global Mining Operations remarked, “The new facility isn’t just another project—it’s a key piece of their growth strategy.”
