Abu Dhabi’s Phoenix Group Sees 236% Revenue Surge Amid Global Expansion

Phoenix Group, a cryptocurrency mining firm based in Abu Dhabi, has seen its revenue soar by 236% in 2024, reaching $107 million in Bitcoin mining revenue, compared to $32 million in 2023. This growth is part of the company’s broader global expansion and adaptation to industry challenges. The company’s total revenue for 2024 reached $206 million, with a net profit of $167 million and comprehensive income of $219 million.

The firm’s CEO, Munaf Ali, attributed this success to Phoenix Group’s commitment to innovation and strategic growth, marking 2024 as a “pivotal” year for the company. As part of its expansion efforts, Phoenix Group opened a 50 MW mining facility in North Dakota in early January, following a previous facility launch in Willamette, South Carolina. Phoenix Group also plans to go public on the Nasdaq in 2025 to further extend its global reach.

Founded in 2017, Phoenix Group made history by becoming the first private blockchain firm to go public on a Middle Eastern stock exchange in October 2023. The company manages over 765 MW of mining facilities across the U.S., Canada, and the UAE. Additionally, Phoenix Group is the distributor of MicroBT Bitcoin mining devices in various countries, including Egypt, Turkey, and Kenya, solidifying its growing influence in the global crypto mining industry.