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Bitcoin Mining Firm Phoenix Group's 2024 Revenue Surges by 236% Year-on-Year to Reach $107 Million

2025.02.13 13:40:19

On February 13th, the Abu Dhabi-based cryptocurrency mining firm Phoenix Group announced that its revenue for the 2024 fiscal year increased by 236% year-on-year. The mining revenue reached $107 million. This is a substantial increase from $32 million in 2023 and $5.4 million in 2022, representing a growth of 1,852% over two years. Phoenix Group's total revenue reached $206 million, with a net profit of $167 million and a comprehensive income of $219 million. The company recently opened new mining facilities in the United States, Canada, and Oman, adding 160 megawatts of power capacity. In addition to mining, Phoenix Group has diversified its digital asset portfolio by investing in cryptocurrencies such as SOL, ETH, FAH, UNCN, LVLY, and TON. The company has also partnered with the Tether Foundation to launch a dirham-backed stablecoin.
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