Finance UAE’s Phoenix Group opens US crypto mining facility By Pramod Kumar January 6, 2025, 10:37 AM Reuters/Kacper Pempel The North Dakota site will add more than 2.7 exahashes to Phoenix Group's processing capacity Phoenix Group, an Abu Dhabi Securities Exchange-listed company and one of the world’s leading bitcoin miners, has launched its 50 megawatt (MW) cryptocurrency mining facility in North Dakota, US. The opening of the site is part of the company’s bid to expand its capabilities and investments in the US. The company said that the facility, completed in record time, strengthens its position as a leader in delivering large-scale, high-performance digital asset infrastructure. After becoming fully operational, the site will add more than 2.7 exahashes – a unit of measurement used to quantify the processing power of a cryptocurrency mining network – to Phoenix’s global capacity. CEO Reza Nedjatian said that the US has always been important for its mining operations, adding that the opening of the 50MW Dakota site is another step in expanding investment in this key market. Eric Trump tells Abu Dhabi bitcoin will hit $1m The ‘race is on’ to set up bitcoin national reserves Gulf asset managers remain wary of resurgent bitcoin In August 2024, the company tied up with Tether, a cryptocurrency company, to launch a stablecoin pegged to the UAE dirham. The global market for stablecoins is currently valued at $150 billion and set to grow exponentially to $2.8 trillion by 2028.
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