Out in the wild and wooly landscape of quarterly earnings, Phoenix Group PLC has wrangled $31 million in Q1 2025, dust on their boots and a glint of something not quite gold in their eye. With the stubbornness of a mule and the appetite of a rabbit in spring, they’re ambling toward 500 megawatts (MW) of muscle behind their global bitcoin rigs—or, as old ranch hands might call it, “enough electricity to make your hair stand on end.” In Texas, where everything’s supposed to be bigger, a brand-spanking-new 20 MW facility now hums and buzzes like a beehive after someone poked it with a stick.
Phoenix Group Targets Top 5 Bitcoin Mining Spot by 2026
Phoenix Group, hailing from sunburned Abu Dhabi, declared a consolidated first quarter revenue that could buy every jackrabbit between Amarillo and Austin. The reason? The machines are working overtime—selfishly mining for Phoenix’s own purse strings. Margins climbed to 30%—up from 24% (which was already better than sticking your money under a mattress), yielding a $6.3 million gross profit. Of course, that profit had to square-dance with operating expenses, which ballooned to $9 million as they stretched across the globe like an overeager tumbleweed.
If we’re counting, and Phoenix sure is, they dragged up 350 bitcoins (BTC) out of the digital dirt, 222 of which were claimed all for themselves. After the quarter’s dust settled, Phoenix flipped the switch on their Texas site—a 20 MW powerhouse that adds 1.2 exahash per second (which, for the uninitiated, is enough computing might to make your grandma’s abacus jealous). This is just one piece of their puzzle on the way to a 500 MW empire. Meanwhile, over in Ethiopia, they’re hustling 52 new MW of capacity, already loading 20 MW online. There’s a gold (or at least digital token) rush happening from Oman to the Lone Star State. Yeehaw.
Now, Phoenix is tossing its lasso around a global 500 MW footprint, spanning five countries: the U.S., UAE, Canada, Oman, and that mystical highlands of Ethiopia—not exactly your neighbor’s block party. CEO Munaf Ali, seasoned by market turbulence and possibly by riding a camel backwards, brags about resilience, pointing to cunning site selection and an eye for cheap(er) wattage. As he put it, “We’re building out capacity so fast we might meet ourselves coming back.” (Okay, maybe not the exact quote, but that’s the spirit.)
After some wizard-like technical upgrades in the U.S. and Ethiopia, mining efficiency jumped 17% to 25.4 joules per terahash—science-speak that would make even Doc Brown nod appreciatively. They boast a debt-free balance sheet, apparently allergic to loans, relying entirely on their own liquidity reserves. And though Q1 saw an unrealized EBITDA loss thanks to crypto’s famous mood swings, the Group is confident they’ll right the ship by Q3 2025. Their mission? Break into the world’s top five bitcoin miners by 2026, and chase after that shiny AI data center rabbit—because why should robots miss out on the fun?
Since 2017, Phoenix Group has run the Middle East’s biggest mining operation (making camels everywhere slightly nervous about power bills) and was first to list on the Abu Dhabi stock exchange. Global plans? Yep. Chasing cheap, plentiful power like prospector ghosts in a data-driven gold rush. Bring your own pickaxe—and maybe a charger. 🔋🤠
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2025-05-07 18:26