Phoenix Group reported $ 107 million in bitcoin mining revenue for 2024, jumping more than 230% from 2023.
The Cryptocurrency Minor Phoenix Group saw an increase of 236% in its mining revenue in 2024, reaching $ 107 million as it expanded the challenges of operations and industry, said the firm said. On 12 February Press releaseAbu Dhabi-based firm reported $ 32 million in 2023 and $ 5.4 million in 2022, showing an increase of 1,852% in two years.
The total revenue of the firm reached $ 206 million, with a net profit of $ 167 million and a wide income of $ 219 million. Finix Chief Executive Officer Munaf Ali says the result is “a will for our unwavering commitment to innovative and strategic development.” He also called 2024 a “significant expansion and extended profitability” for the “significant expansion” for the firm.
In early January, Phoenix Group opened a 50 MW crypto mining facility in North Dakota, as Abu Dhabi-based firms were publicly publicly turned public to expand their world’s footprint on Nasdaq in 2025. Earlier, Phoenix Group opened 25 MW mining facility at Wilmet, South Carolina.
Established in 2017, Phoenix Group became the first private blockchain firm to public in October 2023 to public in the Middle Eastern Stock Exchange. It manages 765 MW mining facilities in the US, Canada and UAE. Firm is also a distributor of microbe bitcoin mining devices in countries such as Egypt, Türkiye and Kenya.
