Abu Dhabi based crypto miner Phoenix group has reported a huge rise in its 2024 revenue numbers. According to the firm’s official release, in 2024, Phoenix Group’s Bitcoin mining income reached $107 million, a 230% increase over 2023.
The Abu Dhabi-based company reported $32 million in 2023 and $5.4 million in 2022, representing a 1,852% rise over two years. The main reason behind the firm’s revenue rise is its global expansion and the rise in the prices of variouscryptocurrenciess.
The Phoenix Group’s continuing profitability and increase in shareholder value were reinforced by its total assets of USD 962 million and earnings per share (EPS) of USD 0.028.
Phoenix Garners Huge Profit Number
The company made $206 million in total revenue, $167 million in net profit, and $219 million in comprehensive income.
Commenting on the 2024 results, Munaf Ali, CEO & Co-Founder, stated: “These results are a testament to our unwavering commitment to innovation and strategic growth on a global scale.”
They add, “The past year has been pivotal for Phoenix Group, marked by significant expansion and enhanced profitability. We are not simply navigating the digital asset revolution – we are shaping it. With a strong foundation and a clear vision, we are confident in delivering continued value to our shareholders and stakeholders worldwide.”
Also Read: UAE’s First Crypto Firm Phoenix Group Plans Dual Listing on ADX and Nasdaq in 2025
Phoenix’s Rise in Revenue Comes as Crypto Price Surge
The rising values of cryptocurrencies, especially Bitcoin and Ethereum, have resulted in crypto mining becoming more and more profitable. The demand for digital assets rises as more institutional investors join the market, increasing the assets’ value.
Furthermore, mining technologies are advancing, and lower operating costs are a result of more effective hardware and software solutions. Upgrades to the network, such as the implementation of proof-of-stake and other energy-efficient consensus techniques, are also helping miners.
Profitability is further increased by certain areas’ incentives, such as cheap electricity prices and advantageous laws. Profitability keeps drawing in miners of all sizes as the cryptocurrency industry develops and mining gets more efficient.
Phoenix’s Revenue Rise Also Supported by Abu Dhabi’s Crypto Expansion
Thanks to forward-thinking policies and calculated actions, Abu Dhabi has emerged as a major center for blockchain and cryptocurrency innovation in the Middle East.
The Abu Dhabi Global Market (ADGM) and other city regulators have put in place transparent and encouraging frameworks for cryptocurrency enterprises, creating a favorable atmosphere for both domestic and foreign companies.
Abu Dhabi is becoming a significant player in the global cryptocurrency industry thanks to its progressive strategy, which has drawn in a large number of cryptocurrency exchanges, blockchain businesses, and institutional investors.
Also Read: Abu Dhabi’s Sovereign Wealth Fund, ADQ Invests $5 Million In Hybrid Crypto Exchange, GRVT