Phoenix Group Reports 236% Revenue Surge Driven by Cryptocurrency Mining and SOL Investments

In a remarkable development, Phoenix Group, a prominent cryptocurrency mining company based in Abu Dhabi, reported a staggering 236% increase in year-on-year revenue for fiscal year 2024. Their mining operations generated $107 million, up sharply from $32 million in 2023 and $5.4 million in 2022, reflecting an impressive growth trajectory of 1,852% over the past two years. The firm’s overall revenue soared to $206 million, featuring a net profit of $167 million and a comprehensive income of $219 million.

Phoenix Group has strategically expanded its operations by launching new mining facilities across the United States, Canada, and Oman, incorporating an additional 160 megawatts of power capacity. Beyond mining, the company is diversifying its interests by investing in a variety of digital assets, including SOL, ETH, FAH, UNCN, LVLY, and TON. Notably, they have established a partnership with the Tether Foundation to introduce a dirham-backed stablecoin, demonstrating their commitment to innovation in the crypto space.