Bitcoin

Phoenix

<a href="https://ultramining.com/news/en/uae-emerges-as-the-new-bitcoin-mining-powerhouse/">UAE</a>-headquartered bitcoin mining and <a href="https://ultramining.com/hardware/">hardware</a> distributor Phoenix Group has announced an expansion of its power capacity in the <a href="https://ultramining.com/news/en/senator-lummis-pushes-for-crypto-regulation-amid-sec-lawsuits/">U.S.</a> The Abu Dhabi-listed company stated on Tuesday that it is launching a new mining facility with a capacity of 25 megawatts (MW) in Willamette, South Carolina. However, Phoenix did not specify the construction timeline or the anticipated <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">hashrate</a> capacity for the new site. 
According to Phoenix’s earnings report for the first quarter of 2024, the company generated $68.9 million in revenue, with $27.7 million (40%) coming from sales of bitcoin ASIC miners and hardware wallet equipment. Proprietary Bitcoin mining contributed $21.6 million to Phoenix’s revenue in Q1, up from $5.9 million in Q1 2023. This increase suggests that Phoenix’s bitcoin <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">production</a> was comparable to that of Bit Digital, which earned $21.9 million from mining 410 BTC during Q1 this year, according to <a href="https://theminermag.com/news/2024-07-23/cormint-bitcoin-miner-equity-raise/">TheMinerMag</a>. 
Phoenix is an exclusive distributor for <a href="https://ultramining.com/en/manufacturers/microbt/">MicroBT</a> in the Middle East region. Notably, revenue from hardware distribution declined by 56% year-over-year as Phoenix shifted focus to proprietary mining. In addition, Phoenix earned $19.5 million in <a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/">hosting</a> revenue in Q1, up from $13.4 million during the same period in 2023. 
In its 2023 annual report, Phoenix reported a proprietary hashrate of 2.9 EH/s with an efficiency of 30.8 J/TH and a hosted hashrate of 4.4 EH/s. The power cost across its business segments was stated to be $0.0545/kWh.

Phoenix Group Announces New 25 MW Bitcoin Mining Facility in the U.S.

Ultramining_Eng

Other articles published on Jul 23, 2024

Notcoin Price Prediction: Should You Buy the Dip?

dYdX explores sale of derivatives trading arm

Top Altcoins Surge as Bitcoin Drops

Can MoonBag's 88% APY Staking Rewards Make You a Crypto Millionaire Faster Than Lido Staked Ether?

Bitwise pledges to donate 10% of Ethereum ETF

Wirex Partners with IntoTheBlock for Enhanced On-Chain Analytics

Join our free newsletter for daily crypto updates!