Bitcoin Mining Company Phoenix Group Reports 50% Net Income Increase and 20% Sal

[sirty143]

Bitcoin Mining Company Phoenix Group Reports 50% Net Income Increase and 20% Sales Growth

After its oversubscribed initial public offering (IPO), Phoenix Group, a Dubai-based company specializing in bitcoin mining and blockchain infrastructure, has announced a significant 50% increase in net income... See more for yourself here.

Your opinion is greatly appreciated.

[philipma1957]

Not a lot of hard facts in the article.  As a person that has built out mines.  For 10 to 1000 miners I can tell you that mining btc is headed towards a brick wall as I type. If we do not see btc rise to 75-90k asap  miners will be crushed in the April-May months after the 1/2 ing.

[Stompix]

Not a lot of hard facts in the article.  As a person that has built out mines.  For 10 to 1000 miners I can tell you that mining btc is headed towards a brick wall as I type. If we do not see btc rise to 75-90k asap  miners will be crushed in the April-May months after the 1/2 ing.

Phoenix Group it's a sort of mastery for me, they basically came out of nowhere really, got 300millions in an IPO, are now running a $12billion business if we count share price, and have some really weird financial report with $229 million in assets, $288 million in revenues and $207 million net operating profit, of all the publicly traded companies their balance is the weirdest!


 

[Llew]

Wow, that's impressive news from Phoenix Group! A 50% increase in net income is no small feat. It's great to see companies thriving in the crypto space. Thanks for sharing the update! Staying informed is a very important part of working in the cryptocurrency industry.

[paid2]

Not a lot of hard facts in the article.  As a person that has built out mines.  For 10 to 1000 miners I can tell you that mining btc is headed towards a brick wall as I type. If we do not see btc rise to 75-90k asap  miners will be crushed in the April-May months after the 1/2 ing.

Yeah for now the fees are crazy high because of ordinals bullshit, but it will not last forever... Curious to see how the total network hashrate will move during the next two months, especially when ordinals will stop to spam the blockchain ?and fees back to 0.3-0.7 BTC per block?

[Stompix]

4 months later and the mystery is the same and the last news just made it more of a mistery.
Abu Dhabi just limited mining by banning farms (agricultural) to use the cheap energy to also mine bitcoin to conserve energy, at the same time the 2 billion project exists, but in the other papers is shared by Marathon group and it's a bit downsized 200MW in the first instance and 250MW second, while Phoenix claim to have it ready at 650MW capacity.

Zero Two (formerly FS Innovation), forged a partnership with local bitcoin mining company Phoenix Technology marking the establishment of two immersion-cooled facilities in Abu Dhabi, with a combined capacity of 250 MW. Zero Two will own 200 MW, while Marathon will operate the remaining 50 MW.

It's still weird, we have all the news possible from even a failed merger between two major players but a company which can on their paper be behind almost 15% of the total hashrate with an insane profitability is basically know just from press releases while at the same time it seems they take all the steps needs to make themselves known.  The thing is legit but why advertise if you at he same time don't need investors and you're not open to completely reveal data? Just for bragging?

[yhiaali3]

It's still weird, we have all the news possible from even a failed merger between two major players but a company which can on their paper be behind almost 15% of the total hashrate with an insane profitability is basically know just from press releases while at the same time it seems they take all the steps needs to make themselves known.  The thing is legit but why advertise if you at he same time don't need investors and you're not open to completely reveal data? Just for bragging?

Maybe this strange thing is justified, I read in an article on Cointelegraph that:

In October 2023, Abu Dhabi's International Holding Company acquired a 10% stake in Phoenix Group through its subsidiary International Tech Group.

https://cointelegraph.com/news/phoenix-surges-50-abu-dhabi-ipo

For your information, the International Holding Company Group is the largest conglomerate in Abu Dhabi, headed by Sheikh Tahnoun bin Zayed Al Nahyan. Sheikh Tahnoun bin Zayed Al Nahyan has been Deputy Ruler of the Emirate of Abu Dhabi since March 29, 2023, and has also held the position of National Security Advisor in the United Arab Emirates since February 14. 2016. He is one of the sons of Sheikh Zayed bin Sultan Al Nahyan, President of the United Arab Emirates.

I don't know, maybe this is the reason