Abu Dhabi-listed Phoenix Group is deepening its presence in the US by opening a 50MW cryptocurrency mining site in North Dakota.

Phoenix Group has opened a 50-megawatt cryptocurrency mining facility in North Dakota, as the Abu Dhabi-based company doubles down on its plan to expand Bitcoin (Bitcoin) Mining operations in the United States, according to Arabian Gulf Business Insight a report.

The facility will add more than 2.7 exahashes to Phoenix Group's mining arm once it is fully operational. Reza Nejatian, CEO of Phoenix Mining, described the United States as a key market for the company, and described the new facility as a vital step in its investment strategy. The latest expansion follows another move to strengthen its presence in the US, where Phoenix Group previously opened a 25-megawatt mining facility in Willamette, South Carolina.

Founded in 2017, Phoenix Group is the largest cryptocurrency mining operator in the MENA region operating 765 MW of mining facilities in the US, Canada and the UAE. The company is also the distributor of MicroBT Bitcoin mining hardware in countries like Egypt, Turkey, Kenya, etc.

In October 2023, Phoenix Group became the first private cryptocurrency and blockchain company listed on the Abu Dhabi Stock Exchange. IPO He grew up $370 million, with subscriptions exceeding the initial offering by 33 times. Strong interest from retail investors also exceeded expectations by 180 times. Phoenix group Plan a menu On the Nasdaq stock exchange by 2025 to strengthen its global presence, although the exact timeline remains unclear.