Phoenix Group expands Bitcoin mining globally, generates over $31mln revenues in Q1-25
Abu Dhabi – Phoenix Group posted consolidated revenues valued at $31.26 million in the first quarter (Q1) of 2025, according to the financial results.
The group reported gross profit of $6.30 million as of 31 March 2025, while operating expenses totaled $9 million, reflecting increased costs associated with scaling operations globally.
Phoenix Group mined more than 350 Bitcoins in Q1-25, which includes 222 Bitcoins that were self-mined.
Meanwhile, the opening of new facilities in the US and Ethiopia is expected to expand this capacity in Q3 and beyond.
Munaf Ali, CEO and Co-Founder of Phoenix Group, commented: 'Phoenix Group's position as a top 10 global Bitcoin miner, underpinned by our strategic site locations in Canada, Ethiopia, Oman, the UAE, and the US, provides us inherent resilience to market fluctuations.'
'We are not just weathering the current sector-wide pressures but actively accelerating our expansion. This momentum will carry through 2025 and 2026 as we aggressively build out the capacity needed to meet the inevitable surge in demand for power required by Bitcoin mining and AI data centers. Phoenix Group is strategically poised to be a primary enabler of this digital transformation,' Ali mentioned.
He noted: "The launch of our Texas facility strengthens our operational base in North America while reinforcing our industry-leading mining infrastructure and global diversification strategy.'
As of 31 December 2024, the group's revenues jumped by 236% year-over-year (YoY).
Source: Mubasher
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