⇗ Phoenix Group Sees Economic Ups and Downs - Eyes Meme Coin Domination With Phoenix Coin

In recent news, Phoenix Group, an UAE-based Bitcoin mining firm, has seen a significant 236% rise in their 2024 revenue, reaching over $100 million. This surge was fueled by the addition of a 52 MW mining capacity in Ethiopia, expanding their total global mining capacity to over 500 Megawatts. The company added another 50MW capacity at a new facility in North Dakota, US, as part of its expansion strategy. Despite this growth, Phoenix Group has reported significant losses in Bitcoin mining.

A new initiative in Arizona law has resulted in the creation of a cryptocurrency reserve fund and the introduction of regulations for unclaimed digital assets. Furthermore, Phoenix's crypto mining operations also expanded to XRP Ledger where they launched a new token, $PHNIX, intending to dominate the meme coin space on XRPL. Despite the release, experts note that meme coins typically lack innovation.

Phoenix Coin Shop made the news after disappointingly leaving a customer without either goods or payment. This surprise comes alongside multiple donations of gold coins worth over $1,300 each to the Salvation Army in Phoenix. The identity of the generous donor remains unknown.

Another noteworthy event is the partnership between Tether and Phoenix group to launch a stablecoin pegged to the UAE Dirham. This move aims to facilitate trade and remittances conveniently. Yet, the partnership announcement doesn't clearly outline the tech innovations involved.

Phoenix Coin News Analytics from Fri, 07 Sep 2012 07:00:00 GMT to Wed, 04 Jun 2025 14:24:00 GMT - Rating 4 - Innovation -5 - Information 7 - Rumor -3