Follow Us @
Abu Dhabi Bitcoin mining company expands operations in the US
-Trending Marketing news, content marketing, latest Ways to rank your website, marketing discoveries, Local SEO, seo and social media marketing services. enjoy your stay on our website.
Phoenix Group, a leader in cryptocurrency mining in the MENA region, announced the opening of a new 50 MW facility in North Dakotain the United States, as part of its expansion strategy in the North American market.
With this new unit, the company aims to increase its mining capacity at over 2.7 exahashes as it prepares to list on the Nasdaq by 2025. In October 2023, the company raised US$370 million in its historic IPO on the Abu Dhabi Securities Exchange.
The new facility in North Dakota, when fully operational, will add more than 2.7 exahashes to Phoenix Group’s mining capacity. Phoenix Mining CEO Reza Nedjatian highlighted the importance of the US as a key market. Furthermore, he described the new installation as a crucial step in the company’s investment strategy.
In addition to the new base in the northern region of the United States, the company runs a 25 MW facility in Willamette, South Carolina. Launched in July 2023, the factory was the company’s 10th installation, fully dedicated to mining, hosting, trading and investments.
Investment in the US and partnerships with Tether
Founded in 2017, the Phoenix Group has already established itself as the largest cryptocurrency mining operator in the MENA region – an acronym that refers to the region that encompasses the Middle East and North Africa – managing 765 MW of mining facilities in countries such as the USA, Canada and the United Arab Emirates.
In addition to its mining operations, the company also serves as a distributor of MicroBT mining devices in several nations, including Egypt, Türkiye and Kenya. Recently, the company signed a partnership with Tether to develop a stablecoin pegged to the dirham, official currency of the United Arab Emirates.
In October 2023, Phoenix Group made history by becoming the first private cryptocurrency and blockchain company listed on the Abu Dhabi Securities Exchange. THE The company’s IPO raised US$370 million, with demand exceeding the initial offering by 33 times. The strong interest from retail investors was even more notable, exceeding expectations by 180 times.
With plans to list on Nasdaq by 2025, Phoenix Group seeks to increase its global presence, particularly in the United States. The country became the center of global attention in November last year, when it elected Donald Trump for president.
One of Trump’s main campaign slogans was the development of the cryptocurrency sector in the country.
Abu Dhabi Bitcoin mining company expands operations in the US
Follow TODAYSGIST on Google News and receive alerts for the main trending SEO news, Ai news, latest Ways to rank your website, marketing discoveries, Local SEO and lots more!
Abu Dhabi Bitcoin mining company expands operations in the US
SHARE POST AND EARN REWARDS:
Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program
FIRST TIME REACTIONS:
Abu Dhabi Bitcoin mining company expands operations in the US
Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.
JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >
Abu Dhabi Bitcoin mining company expands operations in the US