Phoenix Group Reports Significant Revenue Growth in 2024

According to BlockBeats, on February 13, Abu Dhabi-based cryptocurrency mining company Phoenix Group announced a 236% increase in revenue for the 2024 fiscal year. The company's mining revenue reached $107 million, a substantial rise from $32 million in 2023 and $5.4 million in 2022, marking an impressive growth of 1,852% over two years.Phoenix Group's total revenue amounted to $206 million, with a net profit of $167 million and a comprehensive income of $219 million. The company has recently expanded its operations by establishing new mining facilities in the United States, Canada, and Oman, adding 160 megawatts of power capacity. Furthermore, the company has collaborated with the Tether Foundation to launch a Dirham-backed stablecoin.