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Abu Dhabi-listed crypto mining and blockchain firm Phoenix Group has opened its new 25-megawatt mining facility in Willamette, South Carolina, expanding its global cryptocurrency mining capabilities to 18 exahash.
Phoenix said the new site is part of the company’s growth strategy allowing it to invest in web3 initiatives around the globe, with the goal of delivering increased hash rate productivity at a reduced incremental cost.
“The Willamette site expansion also allows us to deploy upgrades to our proprietary mining technology stack and optimise our miner allocation for greater efficiency,” said Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO of Phoenix Group.
“This strategic development is crucial as we prepare for future demands in the blockchain space, ensuring that Phoenix Group remains agile and well-positioned for technological advancements and market growth,” he added.
With the launch of the Willamette site, Phoenix Group has expanded its operations to 10 mining facilities across the US, Canada, CIS, and the UAE, each dedicated to one of four core verticals: mining, hosting, trading, and investments.
(Writing by Bindu Rai, editing by Brinda Darasha)