This week, Phoenix Group PLC reported $31.3 million in income for the primary quarter of 2025, together with progress in the direction of a world Bitcoin mining capability of 500 megawatts (MW) together with Texas' newly operational 20 MW facility.
The Phoenix Group is concentrating on the highest 5 Bitcoin mining spots by 2026
Phoenix Group, an Abu Dhabi-based cryptocurrency mining firm, has introduced that it has consolidated its first-quarter income of $31 million, together with the rise in its self-mining enterprise. Whole mining margin rose to 30%, up from 24% within the fourth quarter of 2024, with gross revenue of $6.3 million. Working bills rose to $9 million resulting from world scaling efforts.
The corporate mined 350 Bitcoin (BTC) through the quarter, together with 222 self-minded circumstances. After the quarter, it revitalized the 20 MW Texas web site and expanded its North American operational capability to 185 MW. The Texas facility is a part of a plan so as to add 1.2 exahash per second (EH/S) to the Phoenix hashrate, reaching 500 MW worldwide. Phoenix additionally went on to function in Ethiopia, securing an extra capability of 52 MW, with 20 MW already being accomplished on-line.
Phoenix at the moment operates a 500 MW assortment in 5 international locations, together with the USA, the United Arab Emirates, Canada, Oman and Ethiopia. CEO Munaf Ali highlighted the corporate's resilience amid market volatility, citing strategic web site location and vitality optimization. “We’re actively constructing the capabilities wanted to satisfy the inevitable surge in electrical energy demand that Bitcoin mining and AI knowledge facilities require,” he stated.
Mining effectivity has improved to 25.4 Joules per Terrahash (J/T) after upgrades within the US and Ethiopia. The corporate claimed it maintains a debt-free steadiness sheet and maintains progress in funding via liquid reserves. Regardless of unrealized losses in EBITDA within the first quarter, led to a decline in cryptocurrency costs, Phoenix expects a rebound by the third quarter of 2025. It goals to rank among the many prime 5 Bitcoin miners by 2026 and diversify into synthetic intelligence (AI) knowledge facilities.
Based in 2017, Phoenix Group operates the most important mining farm within the Center East and has turn out to be the primary regional blockchain firm to be listed on the Abu Dhabi Inventory Alternate. Its world footprint is meant to concentrate on energy-rich and cost-effective markets.
