UAE Bitcoin Miner Phoenix Adds 25 MW in South Carolina
Phoenix increased proprietary mining revenue to $21.6 million in Q1
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UAE-headquartered bitcoin mining and hardware distributor Phoenix Group has announced an expansion of its power capacity in the U.S.
The Abu Dhabi-listed company stated on Tuesday that it is launching a new mining facility with a capacity of 25 megawatts (MW) in Willamette, South Carolina. However, Phoenix did not specify the construction timeline or the anticipated hashrate capacity for the new site.
According to Phoenix’s earnings report for the first quarter of 2024, the company generated $68.9 million in revenue, with $27.7 million (40%) coming from sales of bitcoin ASIC miners and hardware wallet equipment.
Phoenix is an exclusive distributor for MicroBT in the Middle East region. Notably, revenue from hardware distribution declined by 56% year-over-year as Phoenix shifted focus to proprietary mining.
Proprietary Bitcoin mining contributed $21.6 million to Phoenix’s revenue in Q1, up from $5.9 million in Q1 2023. This increase suggests that Phoenix’s bitcoin production was comparable to that of Bit Digital, which earned $21.9 million from mining 410 BTC during Q1 this year.
In addition, Phoenix earned $19.5 million in hosting revenue in Q1, up from $13.4 million during the same period in 2023.
In its 2023 annual report, Phoenix reported a proprietary hashrate of 2.9 EH/s with an efficiency of 30.8 J/TH and a hosted hashrate of 4.4 EH/s. The power cost across its business segments was stated to be $0.0545/kWh.
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