- Bitcoin mining company Phoenix Group has reported its 2023 earnings.
- An IPO in the UAE played an important role in the growth of financial performance, the firm said.
Mining company Phoenix Group has announced a 50% growth in profits for 2023. The public offering (IPO) on the Abu Dhabi Stock Exchange (ADX) played a determining role in the improved financial performance, the firm said.
The Phoenix soars in 2023! ⬆
Phoenix published it’s earnings report boasting an increase of 50% in net earnings.
Stay tuned for even more impressive results in 2024
Check it out here:https://t.co/WFc7JhgczH pic.twitter.com/bbJac3RMuq
- Phoenix Group (@phoenixgroupuae) February 15, 2024
According to the report, the holding company’s sales grew by 20% compared to the same period in 2022. The company’s core bitcoin hosting and mining business saw significant year-over-year growth of 119% and 480%, respectively. The bitcoin miner’s total assets increased from $229 million to $834 million.
As Phoenix Group noted, the team has entered into a number of important strategic partnerships with energy companies and mining equipment suppliers, allowing it to lay the groundwork for further growth in the coming years.
“The year 2024 promises to be truly transformative. With ambitious plans and a commitment to excellence, we are poised to expand not only in the UAE but also globally,” said Seyed Mohammad Alizadefard, the firm’s co-founder and CEO.
In November 2021, the company announced the launch of its first mining center in the UAE. Two years later, Phoenix Group held a public offering that raised $370 million.
In addition, the bitcoin miner continued to increase production capacity in 2023. Specifically, it ordered a batch of ASICs from Whatsminer for $380 million.The statement said that this is Whatsminer’s largest order in the past two years, which underscores Phoenix Group’s dominance in the Middle East’s tech and blockchain sector.
In January 2024, the firm signed a $187 million contract with vendor Bitmain. Phoenix Group said the partnership will increase its hashing power and strengthen its market position.
