Phoenix Group Reports 236% Revenue Surge, Hits $107M Amid Global Crypto Mining Expansion
2025-02-12
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Phoenix Group, an Abu Dhabi-based crypto mining firm, has reported a staggering 236% surge in mining revenue, reaching $107 million for 2024. The firm’s financial success resulted from its strategic expansion efforts and operational efficiencies despite a challenging market environment.
According to the company’s Feb. 12 , mining revenue skyrocketed from $32 million in 2023 and just $5.4 million in 2022—an astounding 1,852% increase over two years. 
Phoenix Group’s total gross revenue reached $206 million, with a net profit of $167 million and a comprehensive income of $219 million. 
CEO Munaf Ali hailed the results as a reflection of the firm’s “unwavering commitment to innovation and strategic growth on a global scale.” He described 2024 as “pivotal” for the company, marked by “significant expansion and enhanced profitability.”
Phoenix Group successfully maintained resilience and profitability despite industry headwinds such as the Bitcoin halving and a prolonged bearish market until late 2024. 
The firm’s strategic initiatives included expanding into key international markets, diversifying into new digital assets, and making significant operational improvements.Phoenix Group Crypto Mining Revenue Up Despite Market Volatility
A key driver behind Phoenix Group’s growth has been its aggressive expansion into international mining hubs. The company recently launched new mining sites in the U.S., Canada, and Oman, adding 160 MW of capacity. 
In January, Phoenix Group opened a 50 MW facility in North Dakota to expand its footprint in North America. Additionally, it has announced plans to establish a 132 MW mining facility in Ethiopia and a 20 MW site in Texas, bringing its upcoming capacity additions to 152 MW.
The company also strategically moved to exit the CIS region due to regulatory uncertainties, reallocating its focus to more stable jurisdictions. Its self-mining gross margins improved significantly, rising to 24% in Q4 2024, up from just 5% in Q3 2024. 
This profitability boost was largely driven by a 37% increase in Bitcoin prices and a 6% improvement in mining efficiency, particularly at its U.S. and Canadian sites.
Beyond mining, Phoenix Group has diversified its digital asset portfolio, investing in cryptocurrencies such as SOL, ETH, FAH, UNCN, LVLY, and TON. 
The company has also expanded its influence in the broader digital finance sector by partnering with the Tether Foundation to launch a dirham-backed stablecoin.Bitcoin Mining Profit Increasing Amid Market Instability
Phoenix Group’s growth trajectory has positioned it as a key player in the global Bitcoin mining sector. The firm contributed 15.0 EH/s to the Bitcoin network, maintaining a 1.9% market share. It also continues serving as a major MicroBT Bitcoin mining device distributor in regions including Egypt, Turkey, and Kenya.
The company’s stock is currently listed on the Abu Dhabi Securities Exchange (ADX), but has set its sights on an even larger platform. Phoenix Group aims to expand its global presence and plans to go public on Nasdaq this year.
With total assets of $962 million and earnings per share (EPS) of $0.028, Phoenix Group remains a profitable and rapidly growing crypto company. 
Notably, the company’s audited consolidated financial statements are expected to be released by February 14, 2024.
Despite the market volatility, this increase in profitability has been widespread lately. In fact, recently a solo Bitcoin miner achieved the rare feat of mining an entire Bitcoin block on January 30, 2025, earning a $300,000 reward.
⚡ Against the odds, a solo Bitcoin miner secured a $300K reward after successfully mining a full block. A statistical anomaly or proof solo mining still has a place? — Cryptonews.com (@cryptonews) 
The miner reportedly secured the block independently using a BitAXE miner, a low-cost home mining device. Some speculate they used CKPOOL, a mining pool designed for solo miners.