Odaily News Phoenix Group, an Abu Dhabi cryptocurrency mining company, announced that its revenue for fiscal year 2024 increased by 236% year-on-year, with mining revenue reaching US$107 million, a significant increase from US$32 million in 2023 and US$5.4 million in 2022, an increase of 1,852% in two years.
Phoenix Group's total revenues reached $206 million, with net profits of $167 million and comprehensive income of $219 million.
The company recently opened new mining sites in the United States, Canada, and Oman, adding 160 megawatts of power generation capacity. In addition to mining, Phoenix Group has also diversified its digital asset portfolio, 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.