PHOENIX GROUP PLC EXPANDS GLOBAL MINING CAPACITY OPENING A NEW 25 MW MINING SITE IN WILLAMETTE, SOUTH CAROLINA, USA

Abu Dhabi, United Arab Emirates – 23 July 2024, Phoenix Group PLC (PHX), a leading multi-billion-dollar tech conglomerate listed on the Abu Dhabi Securities Exchange (ADX),  today unveiled its new 25-megawatt mining facility in Willamette, South Carolina, USA. This significant expansion introduces an additional 1 exa hash to the company’s mining capacity, enhancing its global cryptocurrency mining capabilities to 18 exa hash.

“While the addition of the Willamette site is part of our strategy to be one of the major global players in mining Bitcoin it also signals our commitment to growth and being able to invest in  innovative web 3 initiatives around the globe. The Willamette site expansion also allows us to deploy upgrades to our proprietary mining technology stack and optimize our miner allocation for greater  efficiency,” said Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO of Phoenix Group. “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.”

Contributing to a robust total of several gigawatts of operational and developmental capacity,  the Williamette site represents a significant enhancement in Phoenix Group’s infrastructure. It is part of a long-term strategy to complete and expand the Group’s mining facilities, with the goal of delivering increased hash rate productivity at a reduced incremental cost.

Bijan continued, “The new mining site in Willamette symbolizes our commitment to innovation and efficiency in the crypto mining industry. By controlling all aspects of our infrastructure and having access to substantial power resources, we can swiftly adapt to changes in the computing landscape, exploring opportunities in both blockchain and alternative high-value computing forms.”

Phoenix Group’s Willamette mining site is strategically located to leverage local energy resources, enhancing the operational efficiency and sustainability of the facility. The Group’s approach allows for a flexible adaptation of infrastructure to host alternative forms of compute, reducing the cost and time associated with new constructions or modifications.

With the launch of the Willamette site, Phoenix Group has expanded its operations to ten mining facilities across the US, Canada, CIS, and the UAE, each dedicated to one of four core verticals: Mining, Hosting, Trading, and Investments.

-END-

About Phoenix Group:
Phoenix Group, a multi-billion-dollar tech powerhouse headquartered in the UAE, leads the forefront of the blockchain, crypto, and tech revolution, driving innovation to new heights. In 2017, Bijan Alizadeh Fard and Munaf Ali laid the foundation for what would evolve into the Phoenix Group – a conglomerate comprising several thriving businesses. Beyond the web3 sphere, they offer comprehensive solutions, boast a 765MW mining operation, and fuel growth through strategic partnerships and innovation.

Phoenix Group operates ten mining facilities in the US, Canada, CIS, and the UAE, with each unique company operating in one of four distinct verticals: Mining, Hosting, Trading, and Investments.

Phoenix Group PLC is the region’s first crypto and blockchain conglomerate to be listed on the Abu Dhabi Securities Exchange. It also runs the largest mining farm in the MENA region.

Social presence:

X (Formal Twitter): https://twitter.com/phoenixgroupuae

LinkedIn: https://www.linkedin.com/company/phoenixgroupuae/

Website: https://phoenixgroupuae.com/press/

Phoenix Group PLC media team contact:

Email: ir@phoenixgroupuae.com