Phoenix Group, a crypto mining company based in the UAE, has announced a significant increase in net income and sales following its IPO on the Abu Dhabi Stock Exchange. The company reported a 50% growth in net income and a 20% surge in year-on-year sales. Additionally, its core hosting business saw a 119% increase, while its self-mining businesses experienced a 480% growth.
The company’s total assets also saw a substantial increase, rising from $229 million in 2022 to $834 million in 2023. Phoenix Group attributed its success to strategic partnerships with high-net-worth individuals, power supply companies, and mining equipment manufacturers in the region.
In January, the company acquired $187 million worth of mining equipment from Bitmain Development PTI Limited, and in December, it entered into a $380 million deal with Whatsminer to procure hydro cooling hardware equipment.
Looking ahead to 2024, Phoenix Group expressed optimism for continued growth, with plans to expand its success beyond the UAE. The company’s co-founder and CEO, Seyed Mohammad Alizadehfard, emphasized their commitment to excellence and their ambition to redefine success on a global scale.
As the Bitcoin Halving event approaches in April 2024, companies in the cryptocurrency mining sector are intensifying their efforts to acquire advanced mining machines. This strategic initiative aims to improve mining efficiency, boost profitability, and strengthen their positions in the market. Hive Digital Technologies, for example, recently secured 7,000 S21 Antminers from Bitmain on December 21, 2023.