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UAE-based technology conglomerate Phoenix Group has unveiled a new 50-megawatt (MW) cryptocurrency mining facility in North Dakota, US.
The new site expands Phoenix Group's capabilities and reinforces its leadership in providing digital asset infrastructure. The facility was developed in five months.
Upon becoming fully operational, the site will add more than 2.7 exahashes (EH) to Phoenix's global capacity, significantly increasing its mining processing power.
Munaf Ali, CEO of Phoenix Group said, “The investment and opening of the Dakota site is an important step in our strategy to grow our mining capacity globally and in the United States in 2025 and beyond.”
Reza Nedjatian, CEO of Phoenix Group’s Global Mining Operations, further emphasized the importance of the US as a "key hub" for the group’s mining operations.
“The opening of the Dakota site is another major step in Phoenix Group expanding its investment in this key market,” he added.
The new site advances the company's sustainable growth strategy as it uses advanced technologies to achieve maximum energy efficiency, further solidifying its leadership in the blockchain space.
In July last year, it opened a new 25 MW mining facility in Willamette, South Carolina, US. Launched in 2017, Phoenix Group operates over ten crypto-mining facilities across the US, Canada, CIS, and the UAE.
"Phoenix Group boosts US presence with new crypto mining facility" was originally created and published by Investment Monitor, a GlobalData owned brand.
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