Phoenix Energizes 50MW Bitcoin Mine in North Dakota

UAE-based Bitcoin mining and colocation firm Phoenix has energized 50 megawatts of capacity in North Dakota, adding 2.7 EH/s to its overseas hashrate.

The Abu Dhabi-listed company announced on Monday that the new site is fully operational but did not clarify whether the newly added 2.7 EH/s capacity is for hosting or proprietary mining. The site’s efficiency is estimated at 18.5 J/TH, which is on par with MicroBT’s WhatsMiner M6XS series.

Phoenix touted the speed of the development, noting that construction was completed in under five months. This marks the company’s initial step in expanding its mining operations and investment in the U.S.

The energization of this site, with its improved efficiency, comes at a time when Phoenix’s existing fleet faces relatively higher hashcosts compared to major public peers, with a 5% margin for proprietary mining.

According to Phoenix’s Q3 2024 earnings presentation, the company’s proprietary hashrate capacity stood at 6.9 EH/s, while its hosting capacity was 1.1 EH/s. The overall mining efficiency was around 32 J/TH, with a blended power cost of $57/MWh. This suggests that Phoenix’s fleet hashcost approached $44/PH/s in the latest quarter, positioning it on the higher end of the spectrum compared to its U.S.-listed peers.