Phoenix Group has doubled its revenue as mining capacity grew in an epic year of growth for the firm.
By Godfrey Benjamin
Edited by Julia Sakovich
Updated
3 mins read
Phoenix Group PLC, a leading Bitcoin mining company, has announced a remarkable 236% increase in revenue for 2024. According to the firm, its mining revenue grew from $32 million in 2023 to $107 million in 2024,
This growth comes despite market challenges, including the Bitcoin halving event and the slow market conditions that persisted until late 2024. Per the update, Phoenix Group’s ability to thrive under these circumstances marks a tailwind for its performance in 2024.
From just $5.4 million in mining revenue in 2022, Phoenix Group said it registered a staggering 1,852% growth. Its income also reached $107 million in 2024.
This growth is credited to the company’s business decisions and ability to adapt to the ever-changing digital market. Phoenix Group showed resilience in market volatility as its total revenue across all sectors hit $206 million.
While the crypto market faced many ups and downs, such as Bitcoin halving and a slow market turnover, Phoenix Group expanded its revenue significantly. The company’s financial results reflect this success.
Its total income reached $219 million, and a net profit of $167 million. The firm’s reported assets grew to an impressive $962 million, while earnings per share (EPS) reached $0.028. This record shows the company’s healthy financial standing.
Phoenix Group’s strategic achievements in 2024 were also showcased. The company expanded its operations by opening new US, Canada, and Oman mining sites, adding 160 MW to its total capacity.
In Q4 2024, the company’s mining margins surged to 24%, up from 5% in Q3. This was thanks to a 37% rise in the price of Bitcoin and improved efficiency at mining sites in the US and Canada.
As reported by Coinspeaker, the Abu Dhabi-based company also expanded to North Dakota, launching a 50 MW Bitcoin mining facility. In addition to this, it is constructing a 132 MW mining facility in Ethiopia and a 20 MW site in Texas.
These projects, which add 152 MW in capacity, are expected to boost Phoenix Group’s income further and improve its mining operations.
Additionally, the Bitcoin miner diversified its investments into new cryptocurrencies such as Solana SOL $126.9 24h volatility: 6.1% Market cap: $64.68 B Vol. 24h: $2.67 B , Ethereum ETH $1 885 24h volatility: 3.0% Market cap: $227.28 B Vol. 24h: $9.45 B , and TON TON $3.42 24h volatility: 0.5% Market cap: $8.48 B Vol. 24h: $459.14 M . It has also partnered with the Tether Foundation to create a dirham-backed stablecoin. Meanwhile, it has decided to exit the CIS (Commonwealth of Independent States) region, citing regulatory scrutiny as the primary reason.
This move is to help the company reduce risks and find new growth opportunities in the digital asset space. Notably, Phoenix Group’s success in 2024 sets the stage for more growth in 2025 and beyond.
After the company successfully went public in Abu Dhabi in 2023, it plans to list on Nasdaq later this year. This is to increase its international influence and strengthen its global presence. The firm plans to take advantage of the improving regulatory climate in the United States.
While the details on the proposed US public debut are limited, it aligns with related plans by other Web3 firms like BitGo, Circle, and Kraken.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
