Phoenix Group Targets Top 5 Bitcoin Mining Spot by 2026
This week, Phoenix Group PLC reported $31 million in Q1 2025 revenue alongside progress toward 500 megawatts (MW) of global bitcoin mining capacity, including a newly operational 20 MW facility in Texas.
Phoenix Group Targets Top 5 Bitcoin Mining Spot by 2026
Phoenix Group, an Abu Dhabi-based cryptocurrency mining firm, announced consolidated Q1 revenue of $31 million, driven by increased self-mining operations. Gross mining margins rose to 30%, up from 24% in Q4 2024, yielding $6.3 million in gross profit. Operating expenses climbed to $9 million due to global scaling efforts.
The company mined 350 bitcoin (BTC) during the quarter, including 222 self-mined. Post-quarter, it energized a 20 MW Texas site, expanding its North American operational capacity to 185 MW. The Texas facility adds 1.2 exahash per second (EH/s) to Phoenix’s hashrate and is part of its plan to reach 500 MW globally. Phoenix also advanced its Ethiopian operations, securing 52 MW of additional capacity, with 20 MW already online.
Phoenix now operates an aggregate of 500 MW across five countries, including the U.S., UAE, Canada, Oman, and Ethiopia. CEO Munaf Ali emphasized the company’s resilience amid market volatility, citing strategic site locations and energy optimization. “We are aggressively building out the capacity needed to meet the inevitable surge in demand for power required by Bitcoin mining and AI data centers,” he stated.
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Mining efficiency improved by 17% to 25.4 joules per terahash (J/T) following upgrades in the U.S. and Ethiopia. The company claimed it maintains a debt-free balance sheet, funding growth through liquidity reserves. Despite an unrealized EBITDA loss in Q1 tied to declining cryptocurrency prices, Phoenix anticipates a rebound by Q3 2025. It aims to rank among the top five bitcoin miners by 2026 while diversifying into artificial intelligence (AI) data centers.
Founded in 2017, Phoenix Group operates the Middle East’s largest mining farm and became the first regional blockchain firm listed on the Abu Dhabi Securities Exchange. Its global footprint aims to showcase its focus on energy-rich, cost-efficient markets.