Abu Dhabi-based cryptocurrency mining firm Phoenix Group has reported a significant surge in revenue for 2024, with Bitcoin mining earnings reaching $107 million—a 236% increase from the previous year.
The company, which earned $32 million in 2023 and just $5.4 million in 2022, has seen an impressive 1,852% growth in mining revenue over two years.
According to a February 12 press release, Phoenix Group’s total revenue for 2024 stood at $206 million, with a net profit of $167 million and a comprehensive income of $219 million. Also, it’s total assets stand at $962 million, and earnings per share (EPS) recorded at $0.028.
The miner’s self-mining gross margins rose to 24% in Q4 2024, up from just 5% in Q3 2024, driven by an average 37% increase in Bitcoin price and a 6% improvement in efficiency, mainly coming from sites in the US and Canada. Phoenix Group maintained a robust contribution of 15.0 EH/s to the Bitcoin network, with its market share holding steady at 1.9%.
The company also noted that it successfully launched new mining sites in the US, Canada, and Oman, which added a total of 160 MW to its existing capabilities.
CEO Munaf Ali described the year as a pivotal period for the company, highlighting its strategic expansion and strong financial performance as key drivers of success. He emphasized that Phoenix Group is not just navigating the digital asset revolution but actively shaping it, with a strong foundation and clear vision for continued value creation for shareholders and stakeholders worldwide.
Notably, Phoenix Group partnered with the Tether Foundation to launch a dirham-backed stablecoin. The collaboration was set to create a digital version of the dirham that would be fully backed by liquid reserves held within the UAE.
Founded in 2017, Phoenix Group operates and manages over 765 MW of mining capacity across the United States, Canada, and the United Arab Emirates. The company, which went public on the Middle Eastern stock exchange in October 2023, is now preparing for an even bigger milestone—its planned Nasdaq listing in 2025.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
