Phoenix Group Mined 350 Bitcoin in Q1, Strengthening North American Operations with Texas Facility
This week, Phoenix Group PLC reported revenue of $31 million for the first quarter of 2025 and progress toward 500 megawatts (MW) of global bitcoin mining capacity, including a new 20 MW facility coming online in Texas.
Phoenix Group aims to become a top 5 Bitcoin miner 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-sustained mining. Gross mining margin increased to 30%, up from 24% in Q4 2024, resulting in gross profit of $6.3 million. Operating expenses increased to $9 million due to global expansion efforts.
During the quarter, the company mined 350 bitcoins (BTC), of which 222 were self-mined. After the quarter ended, it launched a 20 MW Texas facility, increasing its North American operating capacity to 185 MW. The Texas facility adds 1.2 exahashes per second (EH/s) to Phoenix’s hashrate and is part of a plan to reach 500 MW globally. Phoenix is also making progress in its Ethiopia operations, adding an additional 52 MW of capacity, of which 20 MW is already online.
Phoenix currently operates a total of 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 the strategic location of its facilities and the optimization of its power consumption. “We are actively expanding the capacity needed to meet the inevitable growth in energy demand for Bitcoin mining and AI data centers,” he said.
Mining efficiency increased by 17% to 25.4 joules per terahash (J/T) after upgrades in the US and Ethiopia. The company noted that it maintains an interest-free balance sheet, funding its growth with liquid reserves. Despite an unrealized EBITDA loss in the first quarter due to the decline in cryptocurrency prices, Phoenix expects a recovery by the third quarter of 2025. The company aims to become a top-five Bitcoin miner by 2026 while diversifying its operations into artificial intelligence (AI) data centers.
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 Stock Market. Its global presence demonstrates its focus on energy-rich and economically profitable markets.
Source: cryptonews.net
