Abu Dhabi-Listed Phoenix Group Launches New Crypto Mining Site in South Carolina

Phoenix Group, a cryptocurrency mining and blockchain firm listed in Abu Dhabi, has inaugurated a new 25-megawatt mining facility in Willamette, South Carolina. This expansion increases the company's global mining capacity to 18 exahash.

The new site is part of Phoenix Group's strategy to enhance its web3 initiatives worldwide, aiming to boost hash rate productivity while minimizing incremental costs. Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO, emphasized the importance of the Willamette expansion in deploying upgrades to their proprietary mining technology and optimizing miner allocation for improved efficiency.

"This strategic development is crucial as we prepare for future demands in the blockchain space, ensuring that Phoenix Group remains agile and well-positioned for technological advancements and market growth," Bijan stated.

The launch of the Willamette facility marks the expansion of Phoenix Group's operations to ten mining sites across the US, Canada, CIS, and the UAE. Each site is dedicated to one of the company's four core verticals: mining, hosting, trading, and investments.

Source: Bindu Rai / Zawya