This week, Phoenix Group PLC reported $31.3 million in revenue for the first quarter of 2025, along with progress towards a global Bitcoin mining capacity of 500 megawatts (MW) including Texas’ newly operational 20 MW facility.
The Phoenix Group is targeting the top 5 Bitcoin mining spots by 2026
Phoenix Group, an Abu Dhabi-based cryptocurrency mining company, has announced that it has consolidated its first-quarter revenue of $31 million, along with the rise in its self-mining business. Total mining margin rose to 30%, up from 24% in the fourth quarter of 2024, with gross profit of $6.3 million. Operating expenses rose to $9 million due to global scaling efforts.
The company mined 350 Bitcoin (BTC) during the quarter, including 222 self-minded cases. After the quarter, it revitalized the 20 MW Texas site and expanded its North American operational capacity to 185 MW. The Texas facility is part of a plan to add 1.2 exahash per second (EH/S) to the Phoenix hashrate, reaching 500 MW worldwide. Phoenix also went on to operate in Ethiopia, securing an additional capacity of 52 MW, with 20 MW already being done online.
Phoenix currently operates a 500 MW collection in five countries, including the United States, the United Arab Emirates, Canada, Oman and Ethiopia. CEO Munaf Ali highlighted the company’s resilience amid market volatility, citing strategic site location and energy optimization. “We are actively building the capabilities needed to meet the inevitable surge in electricity demand that Bitcoin mining and AI data centers require,” he said.
Mining efficiency has improved to 25.4 Joules per Terrahash (J/T) after upgrades in the US and Ethiopia. The company claimed it maintains a debt-free balance sheet and maintains growth in funding through liquid reserves. Despite unrealized losses in EBITDA in the first quarter, led to a decline in cryptocurrency prices, Phoenix expects a rebound by the third quarter of 2025. It aims to rank among the top five Bitcoin miners by 2026 and diversify into artificial intelligence (AI) data centers.
Founded in 2017, Phoenix Group operates the largest mining farm in the Middle East and has become the first regional blockchain company to be listed on the Abu Dhabi Stock Exchange. Its global footprint is intended to focus on energy-rich and cost-effective markets.