Phoenix Group Mined 350 Bitcoin in Q1, Strengthening North American Operations with Texas Facility
This week, Phoenix Group PLC announced revenue of $31 million for the first quarter of 2025, as well as progress toward building 500 megawatts (MW) of global bitcoin mining capacity, including a new 20 MW facility that came online in Texas.
Phoenix Group aims to be among the top 5 Bitcoin mining destinations by 2026
Phoenix Group, a cryptocurrency mining company based in Abu Dhabi, reported consolidated revenue of $31 million for the first quarter, driven by an increase in self-mining volumes. Gross mining margin increased to 30%, up from 24% in Q4 2024, generating $6.3 million in gross profit. Operating expenses increased to $9 million as a result of global expansion efforts.
During the quarter, the company mined 350 bitcoins (BTC), of which 222 were self-mined. After the quarter, a 20 MW Texas facility was brought online, increasing its North American operating capacity to 185 MW. The new facility adds 1.2 exahashes per second (EH/s) to Phoenix’s hashrate and is part of a strategy to reach 500 MW globally. Phoenix also made progress in its Ethiopia operations, securing 52 MW of additional capacity, 20 MW of which is already online.
Phoenix currently operates 500 MW of capacity across five countries, including the US, UAE, Canada, Oman, and Ethiopia. CEO Munaf Ali praised the company’s resilience in the face of market volatility, citing strategic locations and optimized energy consumption. “We are actively developing the capacity needed to meet the inevitable growth in demand for electricity from Bitcoin mining and AI data centers,” he added.
Mining efficiency increased 17% to 25.4 joules per terahash (J/T) following upgrades in the US and Ethiopia. The company reported maintaining a debt-free balance sheet, funding growth with liquid reserves. Despite an unrealized EBITDA loss in Q1 due to the fall in cryptocurrency prices, Phoenix expects a recovery by Q3 2025. The company aims to become a top-five Bitcoin miner by 2026, while expanding its artificial intelligence (AI) data center operations.
Founded in 2017, Phoenix Group operates the largest mining farm in the Middle East and was the first regional blockchain company to list on the Abu Dhabi Securities Exchange. Its global presence underscores its focus on markets with high energy resource potential and economic efficiency.
Source: cryptonews.net
