Phoenix Group PLC (ADX: PHX), a pioneering global cryptocurrency, blockchain, and digital asset infrastructure company, today announced its financial and operational results for the first quarter of 2025. The company also announces today its continued global expansion by energizing a new 20 megawatt mining facility in Texas.
Phoenix Group reported consolidated revenue of $31 million for Q1 2025, reflecting its ongoing strategic transition toward self-mining operations and a reduction in hosting and trading activities compared to prior periods. Gross mining margins improved to 30%, up from 24% in Q4 2024, supported by operational efficiencies and energy optimization initiatives. The Company reported gross profit of $6.3 million, while operating expenses totaled $9 million, reflecting increased costs associated with scaling operations globally. Phoenix Group remains fully committed to its global expansion plan. It aims to secure a top 5 position in Bitcoin mining and AI data centers by 2026. As global demand for power increases, forecasters predict a power shortage by 2027. In response, Phoenix Group continues to acquire more land sites with power contracts, enabling it to enhance its assets and Bitcoin mining capabilities while also integrating and capitalizing on the upcoming demand for AI and data centers by introducing a new business vertical and profit centre. HPC and AI-driven advancement offer Phoenix Group a key diversification avenue beyond crypto mining, with the company strategically positioned to leverage this by dedicating a portion of an existing site in the US for prototype setup and completing a feasibility study. In addition, Phoenix continues to scout for new sites in the US as a priority region for its expansion plans. Phoenix Group mined over 350 Bitcoins in Q1, which includes 222 Bitcoins that were self-mined. The opening of new facilities in the US and Ethiopia is expected to increase this capacity in Q3 and beyond.
LIST | A Look At 10 Key Milestones Behind Ethiopia’s Rise As a Bitcoin Mining Haven in 2024
In this article, we explore the key milestones that propelled #Ethiopia into the ranks of global Bitcoin mining powerhouseshttps://t.co/EtQcpEBTBr @KalKassa @qrb_labs @WestDataGroup pic.twitter.com/tCxj4Wye4f
— BitKE (@BitcoinKE) January 3, 2025
Texas energization marks major milestone in Global and U.S. expansion Following the end of the quarter, the Group successfully energized its 20 megawatt Texas site, taking Phoenix’s global operational capacity to over 500 megawatts across five countries. The Texas facility, built over 4.3 acres and energized within three months, adds 3,990 hydro-cooled miners contributing approximately 1.2 EH/s to Phoenix’s hash rate. The site benefits from high-quality energy infrastructure as well as favorable regulatory conditions and contributes to Phoenix Group’s expanding North American footprint, which now includes six sites with a combined capacity of 185 megawatts. In addition to the Texas deployment, Phoenix advanced its recent international expansion with growth at its Ethiopian site, where it secured an additional 52 megawatts of mining capacity, to be developed in two phases. Phase 1, which has been energized, will deliver 20 megawatts of capacity and Phase 2 (32 megawatts) remains on track for completion by the end of Q2 2025.
BITCOIN | Abu Dhabi’s Phoenix Group Announces Extra 52 MW Mining Capacity in Ethiopia
This expansion brings the company’s total operational capacity in Ethiopia to 132MW and global capacity to over 500MW across five countrieshttps://t.co/Ie6QWLhjHr @phoenixgroupuae pic.twitter.com/C5uiTzQL8T
— BitKE (@BitcoinKE) May 1, 2025
This expansion increases the Company’s total operational capacity in the country to 132 megawatts, setting a new benchmark for sustainable mining in Africa and delivering large-scale operations in energy-rich regions. Munaf Ali, CEO and Co-Founder of Phoenix Group, commented: “Phoenix Group’s position as a top 10 global Bitcoin miner, underpinned by our strategic site locations in Canada, Ethiopia, Oman, the UAE, and the U.S., provides us inherent resilience to market fluctuations. We are not just weathering the current sector-wide pressures but actively accelerating our expansion. This momentum will carry through 2025 and 2026 as we aggressively build out the capacity needed to meet the inevitable surge in demand for power required by Bitcoin mining and AI data centers. Phoenix Group is strategically poised to be a primary enabler of this digital transformation. The launch of our Texas facility strengthens our operational base in North America while reinforcing our industry-leading mining infrastructure and global diversification strategy. Texas is one of the most mining-friendly jurisdictions in the U.S. and our progress there builds on the operational momentum we’ve delivered recently following our expansion in Ethiopia. We remain committed to scaling efficiently, maintaining cost leadership, generating value and positioning Phoenix to capture opportunities as market dynamics evolve.” Continued operational progress The Company’s mining operations delivered an average of 14.2 EH/s in Q1 2025, maintaining its competitive global share of network hash rate. Mining efficiency improved 17% to 25.4 joules per terahash (J/TH) following the deployment of next-generation miners across key sites in the U.S. and Ethiopia. Phoenix continues to fund its growth strategy through a disciplined capital allocation approach, supported by liquidity reserves and a strong balance sheet and no expansion debt on its books, enabling the Company to execute growth without compromising financial flexibility. Looking ahead, Phoenix remains focused on scaling self-mining capacity in strategic, energy-rich markets while continuing to enhance energy efficiency and fleet optimization across global operations. The Company also reported an unrealized EBITDA loss in Q1, driven by a decline in digital asset prices and global macroeconomic factors. These assets have already begun to rebound in Q2 2025, and a continued recovery is expected to return these assets to profitability by Q3 2025.
POLITICS | @IMFNews Warns of Global Economic Slowdown Amid Rising Trade Tensions
The IMF’s concerns echo those expressed both the Federal Reserve and the World Bank who have warned about the long-term consequences of aggressive trade policies.https://t.co/OgtYffne7Q @IMFAfrica pic.twitter.com/QsW5ZhhBb2
— BitKE (@BitcoinKE) April 18, 2025
__________________ About Phoenix Group
Phoenix Group is a multi-billion-dollar global technology leader headquartered in Abu Dhabi, UAE. Founded in 2017, the Company has rapidly grown into a conglomerate with a diverse portfolio of businesses in the blockchain, crypto, and technology sectors. As one of the world’s top ten Bitcoin miners, Phoenix Group is at the forefront of the digital asset revolution. With a strong focus on innovation, sustainability, and operational excellence, the Company is driving the adoption of digital assets and blockchain technology. Phoenix Group operates multiple mining facilities in the UAE, the U.S., Canada, Oman, and Ethiopia, with a total mining capacity of over 500 megawatts. Phoenix Group is the first crypto and blockchain conglomerate in the region to be listed on the Abu Dhabi Securities Exchange (ADX). It also operates the largest mining farm in the MENA region.
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