Phoenix Group Amplifies Bitcoin Mining Capacity to Over 500 Megawatts
April 29, 2025
Abu Dhabi-based Phoenix Group PLC has significantly expanded its global #bitcoin mining operations, surpassing a total capacity of 500 megawatts (MW). This milestone is a result of strategic initiatives, including the launch of a 50MW facility in North Dakota and 80MW power purchase agreement (PPA) in Ethiopia.
The North Dakota facility, completed in record time, contributes over 2.7 exchanges to Phoenix Group's processing capacity, reinforcing its position in the U.S. market . Simultaneously, the Ethiopian PPA, secured in partnership with Abu Dhabi-based cybersecurity firm Data7, marks Phoenix Group's entry into the African market. This agreement ensures a sustainable energy supply for the company's expanding Bitcoin mining operations, with energy delivery slated to commence in the second quarter of 2025.
Financially, Phoenix Group reported a 236% year-over-year increase in #bitcoin mining revenue for 2024, reaching $107 million, up from $32 million in 2023 . This growth underscores the company's strategic vision and operational excellence in the dynamic cryptocurrency market.
With its total installed capacity now exceeding 765MW, Phoenix Group continues to solidify its position as a leading global Bitcoin miner. The company's ongoing expansions and investments reflect its commitment to shaping the future of decentralized finance.
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