Abu Dhabi’s crypto mining firm Phoenix Group posts 236% revenue surge amid global expansion

Phoenix Group declared $ 107 million in Bitcoin extraction income for 2024, or more than 230% compared to 2023.

The cryptocurrency minor Phoenix Group saw his mining income increase by 236% in 2024, reaching $ 107 million while operating operations and has made industry challenges, said the firm. In a February 12 press releaseTHE Abu Dhabi-The companies based declared $ 32 million in 2023 and $ 5.4 million in 2022, reflecting an increase of 1,852% over two years.

The total turnover of the company has reached $ 206 million, with a net profit of $ 167 million and a global result of $ 219 million. The chief executive officer of Phoenix, Munaf Ali, affirms that the results “testify to our unwavering commitment to innovation and strategic growth worldwide”. He also called the 2024 “pivot” for the company, with “significant expansion and increased profitability”.

At the beginning of January, Phoenix Group opened a 50 MW crypto mining installation in northern Dakota, as a company based in Abu Dhabi Eyes that become public On the Nasdaq in 2025 to extend its world footprint. Before that, the Phoenix group opened a 25 MW mining installation in Willamette, in South Carolina.

Founded in 2017, Phoenix Group became the first private blockchain company which became public on the Middle East scholarship in October 2023. It manages more than 765 MW of mining facilities in the United States, Canada and Water. The company is also the distributor of microbt bitcoin extraction devices in countries like Egypt, Turkey and Kenya, among others.