Phoenix Group, listed in Abu Dhabi, is expanding its operations in the U.S. with a new 50 MW cryptocurrency mining site in North Dakota.

The Abu Dhabi-based Phoenix Group has inaugurated a 50 MW crypto mining facility in North Dakota, reinforcing its commitment to widen its Bitcoin (BTC) mining footprint in the United States, according to a report from Arabian Gulf Business Insight report.

Once operational, the facility is expected to contribute an additional 2.7 exahashes to Phoenix Group’s mining capacity. CEO Reza Nedjatian emphasized the importance of the U.S. market for the company, describing the new facility as a critical component of their investment strategy. This expansion follows the previous establishment of a 25 MW mining facility in Willamette, South Carolina, to bolster its presence in the U.S.

Founded in 2017, Phoenix Group stands as the largest cryptocurrency mining operator in the MENA region, overseeing 765 MW of mining operations in the U.S., Canada, and the UAE. Additionally, the firm serves as the distributor of MicroBT Bitcoin mining devices in various countries, including Egypt, Turkey, and Kenya.

In October 2023, Phoenix Group made history by becoming the first private crypto and blockchain company to be listed on the Abu Dhabi Securities Exchange. Its IPO raised $370 million, with demand outpacing the initial offering by 33 times. Retail investor interest exceeded expectations by a staggering 180 times. Phoenix Group aims to list on Nasdaq by 2025 to further enhance its global presence, although the precise timeline remains uncertain.