This week, Phoenix Group PLC reported $31 million in Q1 2025 income alongside progress towards 500 megawatts (MW) of worldwide bitcoin mining capability, together with a newly operational 20 MW facility in Texas.
Phoenix Group Targets Prime 5 Bitcoin Mining Spot by 2026
Phoenix Group, an Abu Dhabi-based cryptocurrency mining agency, introduced consolidated Q1 income of $31 million, pushed by elevated self-mining operations. Gross mining margins rose to 30%, up from 24% in This fall 2024, yielding $6.3 million in gross revenue. Working bills climbed to $9 million on account of international scaling efforts.
The corporate mined 350 bitcoin (BTC) throughout the quarter, together with 222 self-mined. Submit-quarter, it energized a 20 MW Texas website, increasing its North American operational capability to 185 MW. The Texas facility provides 1.2 exahash per second (EH/s) to Phoenix’s hashrate and is a part of its plan to succeed in 500 MW globally. Phoenix additionally superior its Ethiopian operations, securing 52 MW of further capability, with 20 MW already on-line.
Phoenix now operates an combination of 500 MW throughout 5 international locations, together with the U.S., UAE, Canada, Oman, and Ethiopia. CEO Munaf Ali emphasised the corporate’s resilience amid market volatility, citing strategic website areas and power optimization. “We’re aggressively constructing out the capability wanted to fulfill the inevitable surge in demand for energy required by Bitcoin mining and AI information facilities,” he acknowledged.
Mining effectivity improved by 17% to 25.4 joules per terahash (J/T) following upgrades within the U.S. and Ethiopia. The corporate claimed it maintains a debt-free steadiness sheet, funding progress by means of liquidity reserves. Regardless of an unrealized EBITDA loss in Q1 tied to declining cryptocurrency costs, Phoenix anticipates a rebound by Q3 2025. It goals to rank among the many prime 5 bitcoin miners by 2026 whereas diversifying into synthetic intelligence (AI) information facilities.
Based in 2017, Phoenix Group operates the Center East’s largest mining farm and have become the primary regional blockchain agency listed on the Abu Dhabi Securities Change. Its international footprint goals to showcase its deal with energy-rich, cost-efficient markets.
