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Phoenix Group reported $107 million in Bitcoin mining revenue for 2024, more than a 230% jump from 2023.

Cryptocurrency miner Phoenix Group saw its mining revenue surge 236% in 2024, reaching $107 million as it expanded operations and navigated industry challenges, the firm said. In a Feb. 12 press release, the Abu Dhabi-based firm reported $32 million in 2023 and $5.4 million in 2022, reflecting a 1,852% increase over two years.

The firm’s total revenue reached $206 million, with a net profit of $167 million and comprehensive income of $219 million. Phoenix’s chief executive officer Munaf Ali says the results are a “testament to our unwavering commitment to innovation and strategic growth on a global scale.” He also called 2024 a “pivotal” for the firm, with “significant expansion and enhanced profitability.”

In early January, Phoenix Group opened a 50 MW crypto mining facility in North Dakota, as the Abu Dhabi-based firm eyes going public on Nasdaq in 2025 to expand its worldwide footprint. Before that, Phoenix Group opened a 25 MW mining facility in Willamette, South Carolina.

Founded in 2017, Phoenix Group became the first private blockchain firm that went public on the Middle Eastern stock exchange in October 2023. It manages over 765 MW of mining facilities in the U.S., Canada, and the UAE. The firm is also the distributor of MicroBT Bitcoin mining devices in countries like Egypt, Turkey, and Kenya, among others.