Phoenix Group Expands with New Facility
Phoenix Group, a UAE-based company listed on the Abu Dhabi Stock Exchange, has inaugurated a new 25-megawatt cryptocurrency mining facility in Willamette, South Carolina. It was a common achievement as reported by Zawya, and the global mining capacity was increased to 18 exahash.
Advancing Proprietary Mining Technology
“This next phase, mining in Willamette allows the company to deploy necessary capacity upgrades to the in-house mining rig that will optimize mining efficiancy by allocating miners in a way that they will generate a higher hashrate.“, said Mr Dr Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO of Phoenix Group. The addition of Willamette site also is a demonstration of the commitment of the company to the global leading technology of mining and the effectiveness of operations.
Phoenix Group Aims Global Expansion
As part of the expansion strategy, Phoenix Group, which is headquartered in Abu Dhabi, has opened its latest mining site named Willamette. Now with this site, Phoenix is on its way to open one of the three mining facilities in the US soon, joining Canada, CIS, and UAE department. Each facility is running as a separate unit one of the four primary directions: mining, hosting, trading, and investments.
The CEO of the company joined the conversation: “We are now ready to answer those demands in the blockchain space which occur from time to time, maintaining our flexibility through internal capacity-building and creating an edge with our machinery stock.”, Mr Alizadehfard said.
Record Growth and Strategic Acquisitions
By the sunrise of this year, Phoenix Group had come to publicly reveal that it has had an increase of 50% in its net income and the sales of the year 2020 compared with the one-year IPO sales. The company surprised as they ranged between 15-20% in sales increase. This is positive news to the public and is likely to leverage the future of their fledgling business enterprise as they have shown impressive results in such a short period.
The term’s primary hosting business witnessed an incredibly high year-on-year increment of 119%, whereas its self-mining sectors hit an epic day-to-day growth of 480%. The company Phoenix Group made a deal at the beginning of the year consisting of mining equipment estimated to be worth 187 million dollars, the main company being Bitmain Development PTI Limited, and the facilitation of the deal done through Cypher Capital DMCC.
Whatisminer, on the other hand, is the company that made a $380-million purchase with the special objective of buying hydro cooling hardware, the last one being the company’s HvF technology with water regulations and automatic water management systems to make heat transfer more efficient.
Global Competition and Market Challenges
HIVE Digital Technologies takes the said-decision and raises the level by planning a 100-megawatt mining installment to be built in Paraguay, and that will be the company’s premiere step into the country. In fact, they will be able to practically double their hash rate as a result of this decision, so the new facility will scale its capacity from 5.6 EH/s to 12.1 EH/s after the installation process is complete.
“Bitcoin miners are currently unfolding through a stage called “capitulation” because the recent fall in the Bitcoin market prices has diminished the returns. Capitulation is the fact that the miners can’t afford mining anymore, so they will be selling a part of their mined coins. It also affects the reserves, which makes them turn to the option of sustaining operations, earning yield, or hedging exposure. Reduced Bitcoin’s hashrate is one of the characteristics here; it reached a low of 576 EH/s after it had gone so high on the 27th of April this year.
Future Prospects
It appears that the post-FTX collapse conditions in December 2022 are rather similar to the ones relevant to this issue today which markets us to reckon the possibility of the market ice being the cboiicorne. This period of underpayment for miners is of great concern as indicated by the miner-profit/loss sustainability indicator. Particularly in the context of the halving, where the base block rewards, and transaction fee revenue were exceeded cumulative revenue by 63% and fell respectively.
