Phoenix Group, a prominent Bitcoin mining firm based in the UAE, has been actively expanding its operations. It added 52MW to its mining capacity in Ethiopia, boosting it to 132 MW, and also made significant strides into the North American market with a new Texas Facility, thus increasing their global Bitcoin mining power to over 500 Megawatts. Despite these expansions, they have reported significant losses in recent operations. However, their 2024 revenue saw an impressive 236% jump, fuelled by their extensive global expansion, and topped $100 million. The Group is now eyeing a Nasdaq listing in 2025.
Furthermore, the Group has announced their collaboration with Tether, the world's largest stablecoin by market value, to launch a UAE dirham-pegged stablecoin. Simultaneously it also entered the meme coin market with the launch of Phoenix on the XRPL, which seeks to dominate the meme coin space. The company's tokenomics and focus on the community have fostered excitement among users.
Not all the news has been positive, however. There have been issues with the Phoenix Coin Shop, which left a customer without goods or payment, and the Phoenix Police Department has sparked controversy with its 'challenge coin'. The Department has faced criticism for alleged discrimination practices and excessive use of force.
Phoenix Coin News Analytics from Fri, 07 Sep 2012 07:00:00 GMT to Mon, 12 May 2025 15:33:10 GMT -
Rating 7
- Innovation 4
- Information 6
- Rumor 2
