Abu Dhabi-based Phoenix Group has reported a significant increase in revenue for 2024, with Bitcoin mining earnings reaching $107 million, a 236% increase from the previous year.
Record Financial Results for 2024
According to a press release on February 12, Phoenix Group’s total revenue for 2024 stood at $206 million, with a net profit of $167 million and a comprehensive income of $219 million. The company’s total assets stand at $962 million, and earnings per share were recorded at $0.028.
Strategic Expansion and Market Share Growth
In 2024, the company achieved a significant increase in self-mining gross margins from 5% in Q3 to 24% in Q4, driven by a rise in Bitcoin prices and a 6% efficiency improvement, largely from sites in the US and Canada. Phoenix Group maintained a contribution of 15 EH/s to the Bitcoin network, with a market share steady at 1.9%.
New Projects Development and Future Plans
Phoenix Group successfully launched new mining sites in the US, Canada, and Oman, adding 160 MW to its capabilities. CEO Munaf Ali highlighted 2024 as a pivotal year and discussed the partnership with the Tether Foundation for a dirham-backed stablecoin. The company is also preparing for a Nasdaq listing in 2025.
Phoenix Group showcases remarkable achievements in cryptocurrency mining, with substantial financial growth and strategic initiatives. The upcoming Nasdaq listing reflects the company's strong future aspirations.
