UAE Phoenix Group is top 10 bitcoin miner globally

UAE Phoenix Group is top 10 bitcoin miner globally

Phoenix Group PLC (ADX:PHX), a global cryptocurrency, blockchain, and next-generation digital asset infrastructure company, is now one of the top 10 crypto mining entities globally. Recently it announced that it has a total crypto mining operational capacity in Ethiopia of 132 MW after just adding 52 MW in the country. In total Phoenix Group now has a Bitcoin mining capacity of 500 MW across five countries globally, including operations in UAE, GCC, America, Canada and Ethiopia.

Munaf Ali, CEO & Co-Founder of Phoenix Group, said, “Phoenix Group has rapidly become a leading force among the top 10 global Bitcoin mining companies, a testament to our strategic foresight in securing prime locations with abundant, low-cost energy and our operational excellence driven by vertical integration and cutting-edge technology. The opportunities for future growth are immense, and we are committed to aggressively expanding our global footprint in key energy markets.”

Earlier this year, Phoenix Group entered Ethiopia with an 80 MW power purchase agreement (PPA), laying the groundwork for efficient, low-cost, and sustainable operations in a strategically important region. The newly secured 52 MW site will be developed in two phases. Phase 1 will deliver 20 MW of capacity, activating 5,300 high-efficiency air-cooled mining units with an expected output of 1.2 EH/s. Phase 2, set for completion by the end of Q2 2025, will add a further 32 MW, using hydro-cooling technology. Once fully operational, the site’s total hash rate is projected to double to approximately 2.4 EH/s.

Sustainable crypto mining in Ethiopia

Reza Nedjatian, CEO of Phoenix Mining, AI & Data Centers, added, “With 132 MW now running on clean hydropower, we’re proud to set a new benchmark for sustainable mining in Africa and deliver large-scale operations in energy-rich regions.”

Phoenix Group’s Ethiopian operations rank among the most sustainable in global Bitcoin mining, with 90% of their energy sourced from renewable hydropower via the Grand Ethiopian Renaissance Dam.

In an interview with CNBC Crypto Weekly show Munaf Ali discussed the huge Bitcoin mining project in Abu Dhabi UAE that was designed built and operated by the company. The site occupies 80,000 square meters with 45,600 servers. He noted that this is one of the largest sites in the world.

The Future of Bitcoin mining is in electricity and power

The future of Bitcoin mining according to Munaf Ali is contingent on electricity. In his interview with Henri Arslanian he notes, there is a grab for power, everyone wants to have access to electricity because data processing is a new commodity, whether it is for bitcoin mining, AI, Web3 or DeFi, everybody needs electricity for these datacenters being built.

These comments come as The UAE government works on its energy needs with the launch of XRG, an international energy investment company that will focus on projects across the spectrum, from gas to chemicals to low carbon fuels to energy infrastructure. The energy investment company was launched by ADNOC in November 2025 with the aim to have $80 billion in assets under management by 2035.

XRG was launched by Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and ADNOC. He noted at the time that global energy demand is set to rise dramatically, increasing from 9,000 GW to 15,000 GW by 2035 and potentially reaching 35,000 GW by 2050—a staggering 250% increase. The rise of AI applications like ChatGPT, which consumes ten times the energy of a single Google search, is accelerating this trajectory.

Kuwait Ministry of Interior to target illegal crypto mining

Kuwait Ministry of Interior to target illegal crypto mining

The Kuwait Ministry of Interior (MoI) has issued a statement saying that crypto mining in the country is illegal and unlicensed. Officials from Kuwait’s Ministry of Electricity, Water and Renewable Energy noted that there are over 1,000 crypto mining sites in the country.

In a press statement published on X, the General Department of Security Relations and Media, at the ministry clarified that cryptocurrency mining violates several key laws, including Law No. (56) of 1996 related to the Industry Law, Law No. (31) of 1970 amending certain provisions of the Penal Code No. (16) of 1960, Law No. (37) of 2014 establishing the Communications and Information Technology Regulatory Authority (CITRA), and Law No. (33) of 2016 concerning the Kuwait Municipality.

The Ministry noted that crypto mining depletes electricity power and increases the load on the power networks which can result in power outages a threat to public safety.

This warning follows joint efforts between the Ministry of Interior, the Ministry of Electricity, Water and Renewable Energy, the Communications and Information Technology Authority, the Public Authority for Industry, and Kuwait Municipality. These efforts are part of a coordinated national initiative to address these illegal practices and reduce their adverse effects on the country’s electrical infrastructure.

The Ministry of Interior urged violators to promptly rectify their activities, emphasizing that failure to comply will result in necessary legal actions. Violators will be referred to the appropriate investigative authorities for further action in accordance with applicable laws.

Kuwait also considers crypto trading as illegal.

However Kuwait as a country is considered as one of the cheapest countries to carry out crypto mining because of its subsidized electricity cost. estimates have previously dubbed Kuwait the most affordable location to mine bitcoin (BTC) worldwide. One roundup suggested the cost of mining in Kuwait was just $1,400 per BTC in 2022 compared to more than $18,000 in Texas (bitcoin was worth more than $40,000 at the time).

M2 partners with crypto mining solution provider NiceHash

M2 partners with crypto mining solution provider NiceHash

UAE regulated M2, a cryptocurrency exchange and investment platform, has partnered with NiceHash, a global crypto mining solution provider and hashrate marketplace serving over one million miners globally.

Through this partnership, M2 Global Wealth Limited (M2GWL) will provide miners worldwide with seamless access to flexible lending solutions in USDT, allowing them to unlock the full potential of their Bitcoin holdings. By collateralizing their BTC, miners can now access convenient USDT loans, enabling them to scale their operations, cover expenses, and optimize profitability, without selling their valuable assets.

Miners can unlock liquidity by using their Bitcoin as collateral and enjoy flexible repayment options, including allocating a portion of their hash rate. With seamless integration to NiceHash’s technology, Bitcoin miners can effortlessly manage both their mining pool rewards and their open loans through a single intuitive dashboard, automatically directing earnings toward loan repayment—eliminating complexity and ensuring a hassle-free experience.

Sudhu Arumugam, Chief Product Officer, M2, added, “At M2, we understand the challenges miners face in maintaining liquidity while preserving their Bitcoin investments. Our partnership with NiceHash represents a shared vision of empowering miners with smarter financial solutions that allow them to grow their businesses without sacrificing their Bitcoin holdings. This is just the beginning—we are committed to continuously innovating and delivering financial services that support the crypto mining ecosystem in meaningful ways.”

By powering the tech behind M2’s lending solutions, NiceHash helps bring a world-first solution to financing big mining operations and expansion.

In February 2025, M2 partnered with Transak, a payments infrastructure provider for digital assets like cryptocurrencies, stablecoins and NFTs, integrating its solution with M2, UAE regulated crypto exchange. This streamlined integration seeks to lower barriers to market participation, while ensuring strict levels of security and compliance. Through Transak, verified M2 users will be able to conveniently make fiat-to-crypto purchases for 30+ of tokens and cryptocurrencies using their credit and debit cards, M2’S OTC service will continue to be available.

UAE Phoenix Group announces crypto mining revenues of $107 million

UAE Phoenix Group announces crypto mining revenues of $107 million

Phoenix Group PLC (ADX:PHX), ADX-listed blockchain and crypto mining entity saw crypto mining revenues of $107 million in 2024, compared to $32 million in 2023 and $5.4 million in 2022. This represents a1852% increase over two years.

The company’s total gross revenue across all verticals reached $206 million. Phoenix Group’s proactive operational efficiencies and strategic initiatives, including global expansion and diversification, have paved the way for sustained profitability and growth.

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. 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.”

The company achieved a total comprehensive income of $ 219 million and a net profit after tax of USD 167 million. Total assets stood at $962 million, along with earnings per share (EPS) recorded at $0.028, reinforcing Phoenix Group’s continued profitability and shareholder value growth.

Some of the reasons for the increase include improved profitability from self-mining. Gross margins rose to 24% in Q4 2024, up from just 5% in Q3 2024, driven by an average 37% increase in Bitcoin price and a 6% improvement in efficiency improvement mainly coming from sites in the US and Canada. In addition Phoenix Group also advanced its crypto mining operations to Ehtiopia.

In addition, processing power maintained a robust contribution of 15.0 EH/s to the Bitcoin network, with its market share holding steady at 1.9%. The company’s preliminary results remain subject to external audit, with audited consolidated financial statements expected by February 14, 2024.

Qareeb data centers and bitcoin miner Pantheon to rollout Bitcoin mining data centers in MENA

Qareeb data centers and bitcoin miner Pantheon to rollout Bitcoin mining data centers in MENA

Bahrain based Qareeb Data Centres, a Middle East edge data center provider, and Pantheon, a full-service global Bitcoin mining service provider, have partnered to cover the rollout of Pantheon Bitcoin mining data centers across the Middle East region.

Pantheon is a global Bitcoin mining company dedicated to building efficient, profitable mining operations. Through its Mining as a Service (MaaS) model, Pantheon offers clients tailored solutions that simplify Bitcoin mining for HNWI and financial institutions which aims to enter the MENA region.

As per the press release, Qareeb will act on behalf of Pantheon to secure sites adjacent to locations where Qareeb has secured, or is in the process of securing, sites to build its own colocation facilities. In addition, the Qareeb team will deliver fully-fitted and operational solutions for Pantheon as part of its build process as well as provide a full suite of engineering, operations, security and FM services.

“Partnering with Pantheon represents a significant opportunity for Qareeb, as we collaborate with one of the most exciting visionaries in the Bitcoin mining industry,” said Annemarie van Zadelhoff, Chief Strategy Officer at Qareeb. “Pantheon’s dedication to innovation and operational excellence aligns perfectly with our mission to deliver state-of-the-art data centre solutions across the Middle East. This partnership reflects our shared commitment to building a future-ready digital infrastructure and setting new standards for innovation and resilience in the region.”

Nick van Houtrijve, COO and Founder of Pantheon, added, “Pantheon’s expansion into the GCC is a strategic milestone as we continue to set new benchmarks for operational efficiency and performance. This partnership with Qareeb enables us to establish robust infrastructure in one of the fastest-growing Bitcoin mining markets globally.”

Phoenix Group UAE crypto entity Founder steps down

Phoenix Group UAE crypto entity Founder steps down

Phoenix Group, a cryptocurrency, blockchain, and Web 3 company and the first UAE home-grown cryptocurrency firm to be listed on the Abu Dhabi Securities Exchange, announced that is former CEO and co-founder, Seyed Mohammad Alizadehfard (Bijan), has stepped down and been replaced by Munaf Ali, a co-founder as well who previously held the position of Group Managing Director.

As per the press release, Seyed Mohammad Alizadehfard (Bijan), will step down to focus on expanding and managing his investment fund, Cypher Capital but will continue to be involved with Phoenix Group as a major shareholder and as a trusted key advisor to Phoenix.

Munaf Ali who has been well versed in the crypto, digital asset and blockchain field, will focus his efforts on cultivating strong relationships with institutional players to capitalize on the opportunities that lie ahead in the evolving cryptocurrency and blockchain landscape. Phoenix is already working with leading investment banks and crypto advisers on possible dual listing opportunities in favourable international jurisdictions for 2025.

“I want to extend my deepest thanks to Bijan for being my co-founder and for his successful stewardship in guiding Phoenix Group from a private company to our listing on the ADX. We have worked together since we founded Phoenix and grown it into a listed billion-dollar company. Our strong relationship will continue, a CEO could not wish for a better advisor who will continue to bring opportunities to our door.”

“Taking on the role of CEO at Phoenix Group represents an incredible opportunity to lead this forward-thinking company during a time of unprecedented growth,” continued Munaf. “My extensive experience and background in banking and finance equips me to navigate the complexities of our industry as the worlds of traditional and digital assets move closer together, allowing us to position Phoenix Group for success. Looking ahead, we are exploring dual listing opportunities including on NASDAQ in 2025 as we continue to build our global presence.”

Seyed Mohammad Alizadehfard, the outgoing CEO and co-founder, will continue to play a vital role in the company as a valued advisor and shareholder. “While I transition from the CEO role, I am dedicated to supporting Munaf and the team as we embark on the next stage of Phoenix’s journey. My knowledge and expertise in cryptocurrency, combined with Munaf’s institutional background, will ensure that Phoenix Group remains at the forefront of our industry both here in UAE and on the global stage” he stated.

Global Blockchain show is covering Web3, Crypto mining, and AI in UAE

Global Blockchain show is covering Web3, Crypto mining, and AI in UAE

Join the Global Blockchain Show: The Ultimate Blockchain Season Finale!

Welcome to the Global Blockchain Show, the Web3 Founders’ Festival set to unite industry leaders, developers, and blockchain enthusiasts from around the world. Taking place in the vibrant city of Dubai on 12-13 December 2024, this event will immerse you in the future of blockchain with 16 hours of unplugged networking, discussions, and collaboration with Web3’s top 1%.

This year’s show is more than just a conference – it’s a festival including the best minds in Web3. With 3000+ Web3 Founders, 75+ industry icons, 200+ startups, and 100+ of the most sought-after investors, you’ll be part of something truly exceptional.

Our agenda covers a wide range of trending topics across various verticals, including:

  • Web3 Gaming: Explore the future of gaming in the decentralized web.
  • Digital Currency: Understand the evolving landscape of digital financial systems.
  • Blockchain Regulations: Gain insights into the regulatory frameworks shaping the blockchain industry.
  • Crypto Mining & Trading: Learn from experts about the latest strategies and technologies in cryptocurrency mining and trading.
  • Web3 Security: Discover cutting-edge security measures to protect decentralized applications and platforms.
  • Integration of AI & Blockchain: Examine how artificial intelligence and blockchain are converging to create innovative solutions.
  • Crypto Collectibles: Dive into the world of NFTs and other digital collectibles.

The Global Blockchain Show provides an unparalleled opportunity to network in an unhinged, informal setting with top professionals from sectors such as startups, corporations, solution providers, and investors.

Event Highlights:

  • Meet the top 1% in Web3 during a 16-hour mixer
  • 200+ of the top 1% Web3 Startups showcasing their innovations
  • 100+ of the most influential Web3 investors ready to connect, and with buying intent

Top Speakers Include:

  • Yat Siu: Co-Founder and Chairman, Animoca Brands
  • Rachel Conlan: Global Chief Marketing Officer, Binance
  • H.E. Justin Sun: Founder of TRON, Member of the HTX Global Advisory Board
  • Marcello Mari: CEO & Founder of SingularityDAO
  • Alicia Kao: Managing Director, Kucoin
  • David Palmer: Chief Product Officer, Co-founder, Vodafone
  • Vivien Lin: Head of BingX Labs, BingX
  • Jason Allegrante: Chief Legal & Compliance Officer, Fireblocks
  • Dr. Sameer Al Ansari: CEO, RAK DAO
  • Pierre Samaties: Chief Business Officer, DFINITY
  • Alex Fazel: Chief Partnership Officer, Swissborg

To View the Full List of Speakers – Click Here

Who Should Attend? 

Whether you’re an entrepreneur, investor, developer, researcher, or simply passionate about Web3, this event is for you. If you’re looking to explore opportunities, gain cutting-edge insights, or connect with like-minded individuals shaping the future of blockchain, the Global Blockchain Show in Dubai is the place to be.

Don’t miss the chance to be part of this revolutionary event.

For more information and to secure your ticket, visit: https://www.globalblockchainshow.com/tickets/

UAE Phoenix Group reports $35.9 million in revenues from crypto mining, a 7% quarter decline

UAE Phoenix Group reports $35.9 million in revenues from crypto mining, a 7% quarter decline

UAE’s multi-billion dollar tech conglomerate, Phoenix Group PLC, listed on the Abu Dhabi Securities Exchange (ADX: PHX) has announced its Q3 2024 results, reporting core revenue of $35.9M and investment income of $68.5M. Core revenue is primarily generated from self-mining, with additional contributions from trading and hosting services. The investment income, drawn from digital assets and other diversified Web3 investments, reflects the company’s active capital deployment strategy.

As per the press release, total assets saw a 148% year-over-year increase in the first nine months of 2024, rising to $977.6 million from $394.1 million, with a 6% quarter over quarter increase.

The self-mining segment achieved significant growth, surging 285% year-over-year to $26.6 million in Q3 2024, up from $6.9 million in Q3 2023. Earnings per share for Q3 2024 were reported at $0.008.

Q3 2024 revenue came in at $35.9M, with a decline in trading and hosting revenue due to the company’s strategic shift towards deploying more inventory into self-mining. Self-mining revenue has shown resilience, with only a 7% quarter-over-quarter decrease despite the full impact of the halving, increased mining difficulty, and lower BTC prices. Phoenix Group anticipates improvements in mining economics as early indicators of a new bull market begin to emerge.

The company achieved robust returns from investments, marking a 16% quarter-over-quarter growth driven primarily by gains from new digital asset investments.

As per the release, Phoenix Group demonstrated a strong ability to generate value across diverse Web3 investments, with some assets, such as Solana tokens, achieving over 4x returns. The company is actively pursuing a strategy to increase capital deployment into foundational deals and incubation projects. Despite a challenging quarter for the industry, Phoenix Group has shown notable resilience and a strong bottom line, outperforming many peer mining companies.

“Our Q3 results reflect the effectiveness of our adaptive investment strategy, particularly within the self-mining sector and across digital assets. Phoenix Group remains committed to capitalizing on emerging opportunities within Web3 and digital assets, ensuring we continue to lead with innovation and resilience. As we expand into foundational projects and incubation deals, we are well-positioned to provide significant value to our shareholders and support growth in the region’s tech landscape.” said Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO of Phoenix Group.

“Our Q3 achievements underscore Phoenix Group’s dedication to proactive and sustainable growth, especially within the self-mining and digital asset sectors. By leveraging market dynamics and focusing on foundational investments, we continue to unlock new value streams that fortify our resilience and enhance our market leadership. We remain committed to aligning our strategies with shareholder interests, building a robust platform that stands resilient against market volatility while advancing the UAE’s tech landscape.” said Munaf Ali, Co-Founder and Group Managing Director of Phoenix Group.

In May 2024, Phoenix Group announced its Q1 results, showcasing a net income of $66.2 million which it noted was representing a growth of 166% year-on-year. As per the press release, total assets surged by 237% year-over-year, soaring to $879.3 million from $261 million. ⁠

At the time Phoenix Group noted that quarter-over-quarter growth in total assets stood at 5%, while revenue experienced an 18% quarter-on-quarter increase, reaching $68.9 million. In addition gross profit saw a robust 82.8% quarter-on-quarter rise, amounting to $23.28 million, while total comprehensive income expanded by 312% year-on-year to $102.28 million and by 33.7% quarter-on-quarter. As such the earnings per share for Q1 2024 amounted to $0.011.

It would seem that earnings per share has decreased in Q3 to $0.008 from $0.011 in Q1.

UAE Phoenix Group launches 20 Megawatt digital asset mining facility in Canada

UAE Phoenix Group launches 20 Megawatt digital asset mining facility in Canada

Phoenix Group PLC (PHX), a leading multi-billion-dollar blockchain and crypto mining conglomerate listed on the Abu Dhabi Securities Exchange (ADX), has launched 20-megawatt mining facility in St Leon, Canada to grow its data center capacity and digital asset mining. The new site will add 700PH and provide the lowest electricity price (0.039 USD) in the Phoenix Group fleet with more than 97% uptime. This significant expansion plays an important role in enhancing top and bottom-line revenue within Phoenix Group’s core businesses including data center capacity and digital asset mining.

As per the press release, the site adds to the group’s overall gigawatt-scale operational and development capacity. It is part of a long-term strategy to expand the Group’s core business, with the goal of enhancing hash rate productivity while lowering costs.

Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO of Phoenix Group, commented, “Expanding and strengthening our core business presence in Canada and North America, where we see a bright, growth-oriented future is a natural extension of our ambition to be at the forefront of growth and innovation in crypto mining and associated Web 3 and blockchain development. The new capacity will benefit both our top and bottom line revenue and we anticipate further investment in business expansion over the coming months.

Strategically located to utilize local energy resources effectively, the St Leon mining site optimizes operational efficiency and sustainability and maintains Phoenix Group’s position as one of the top 4 bitcoin mining operations globally. The Group’s adaptable infrastructure approach allows Phoenix to swiftly adapt to changes in the computing landscape, exploring opportunities in both blockchain and alternative high-value computing forms.

Phoenix Group boasts a 765MW mining operation, and fuel growth through strategic partnerships and innovation.

In May 2024, Phoenix Group announced financial results for the first quarter of 2024 with a Q1 net income of $66.2 million, a growth of 166% year-on-year. As per the press release, total assets surged by 237% year-over-year, soaring to $879.3 million from $261 million. ⁠The quarter-over-quarter growth in total assets stands at 5%, while revenue experienced an 18% quarter-on-quarter increase, reaching $68.9 million.

Azimut invests a total of $156 million in Alps Blockchain to expand operations in Oman and other markets

Azimut invests a total of $156 million in Alps Blockchain to expand operations in Oman and other markets

Azimut, an independent, global group in asset management, wealth management, investment banking and fintech, has successfully completed a new club deal to invest in Alps Blockchain totaling $156 million. Alps Blockchain is one of Europe’s leading companies and a leader in Italy in the production of computational power for blockchain and digital mining with operations in Oman.

This new €105 million ( $113 million) investment by Azimut in Alps Blockchain, follows a previous round of €40 million ($43 million) in 2023, confirming the confidence and involvement of private investors in the growth of this innovative company. Total club deal investments now stand at $156 million.

Azimut’s investment was made through Azimut Direct Investment Alps Blockchain II SCSp, a dedicated Luxembourg vehicle that invested in a 5-year guaranteed bond with the option of early redemption by Alps Blockchain. This transaction allowed around 1,000 customers, served by the Group’s network of financial advisors and wealth managers in Italy, to gain exposure to the growth of the blockchain sector.

Alps Blockchain is an Italian company that builds and operates mining farms with the aim of contributing to the development of new technologies and supporting the evolution of the energy sector, combining innovation and efficiency. In the last three years the company has quintupled the number of mining machines installed in its planned sites globally from 2,500 to over 15,000. This increase has enabled the company to reach a total energy capacity of 50 MW and more than 2 EH/s (exahash per second) of computing power produced by June 2024.

Alps Blockchain’s positive trend is also reflected in its financial results. Revenues increased from €697,000 in 2020 to €17.3 million in 2022. In 2023, thanks in part to Azimut’s first investment round, revenues reached €43.6 million, an increase of around 140% compared to the previous year, which, with a positive EBITDA.

The funds raised will be used to support Alps Blockchain’s growth and internationalization path, with a focus on consolidating and implementing its existing operations and considering expansion into new markets to further strengthen its global position.

From Italy, the company has already established operations in countries such as Paraguay and Ecuador, where the completed mining farms use hydroelectric power. Alps Blockchain actively supports the energy sector not only by focusing on hydropower, but also by exploring new sources and projects to promote the energy transition.

Among the key markets for future growth is Oman, where the company is already present with a state-of-the-art mining farm within the Green Data City technology hub. The strategic focus is also on North America, a major destination for the mining industry and attractive for new expansion opportunities.

Giorgio Medda, CEO and Global Head of Asset Management & Fintech of the Azimut Group, commented, “We are thrilled to strengthen our relationship with Alps Blockchain, whose objective is to make mining more sustainable, and to offer our customers the opportunity to participate in the growth of an all-Italian excellence that is rapidly establishing itself around the world. This new transaction is part of Azimut’s broader commitment to promoting a global and sustainable energy transition through innovative investment solutions in private markets. A commitment that from 2022 to date counts investments of over €350 million. Our vision is that asset management can increasingly play a crucial role in combining efficient capital allocation with building a more sustainable future’.

Francesco Buffa, CEO of Alps Blockchain, stated, ‘At Alps Blockchain we are committed to shaping projects that foster the synergy between new technologies and the world of energy, generating a positive impact in both sectors. This new investment is an extraordinary confirmation of the confidence in our work and an essential support for the near future. On the sixth anniversary of the company’s establishment, which was July 20th, we are enthusiastically inaugurating a new chapter in its history dedicated to the pursuit of ambitious growth targets.

Francesca Failoni, CFO of Alps Blockchain, added, “The increase in resources will allow us to contribute even more substantially to the blockchain ecosystem, fostering the development of solid and sustainable projects over time. Thanks to this financial transaction, we will not only be able to increase and make our existing sites more efficient, but also invest in the construction of new facilities, aiming to quadruple the production capacity of computing power in the service of this technology by the first quarter of 2025.”