Phoenix Group, a cryptocurrency mining firm, reported a significant increase in revenue for 2024, with a jump of over 230% compared to the previous year. The company expanded its operations and overcame industry challenges to reach a total mining revenue of $107 million. This marked a remarkable growth from the $32 million in 2023 and $5.4 million in 2022, reflecting a staggering 1,852% increase over two years. The firm's overall revenue for 2024 reached $206 million, resulting in a net profit of $167 million and comprehensive income of $219 million. Phoenix Group's CEO, Munaf Ali, attributed these impressive results to the company's commitment to innovation and global growth. The firm also recently opened a 50 MW crypto mining facility in North Dakota and intends to go public on Nasdaq in 2025. Phoenix Group manages multiple mining facilities in the U.S., Canada, and the UAE, and is also a distributor of MicroBT Bitcoin mining devices in various countries.



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