Improving efficiency. Strengthening margins. Advancing AI infrastructure.
Phoenix delivered further improvements in mining efficiency and self mining margins, alongside progress in its Texas operations and the development of its first AI data centre in France.
Gross Revenue: $17.4M
Self Mining Revenue: $13.3M
Total Digital Assets: $183.1M
Approximately 322 BTC mined in Q3’26
Mining efficiency improved to 18.50 J/TH
Self mining gross margin strengthened to 44%
Average power cost stood at approximately $0.050/kWh
During the quarter, Phoenix’s self mining site in Texas was energized with a total capacity of 38 MW. The Company also advanced its inaugural 18 MW AI ready data centre in Lyon to RIBA Stage 2, with a specialist design consortium appointed to support the next stages of development.
كفاءة متنامية. هوامش ربح أقوى. وتقدم في البنية التحتية للذكاء الاصطناعي.
حققت مجموعة فينيكس مزيدًا من التحسن في كفاءة التعدين وهوامش ربح التعدين الذاتي، بالتوازي مع تقدم عملياتها في تكساس وتطوير أول مركز بيانات لها للذكاء الاصطناعي في فرنسا.
إجمالي الإيرادات: 17.4 مليون دولار
إيرادات التعدين الذاتي: 13.3 مليون دولار
إجمالي الأصول الرقمية: 183.1 مليون دولار
إجمالي البيتكوين المُعدّن في الربع الثالث: نحو 322 بيتكوين
تحسنت كفاءة التعدين إلى 18.50 جول/تيراهاش
ارتفع هامش الربح الإجمالي للتعدين الذاتي إلى 44%
بلغ متوسط تكلفة الطاقة نحو 0.050 دولار لكل كيلوواط ساعة
وخلال الربع، جرى تشغيل موقع فينيكس للتعدين الذاتي في تكساس بقدرة إجمالية تبلغ 38 ميجاواط. كما أحرزت الشركة تقدمًا في تطوير أول مركز بيانات لها مهيأ للذكاء الاصطناعي بقدرة 18 ميجاواط في ليون، وصولًا إلى مرحلة التصميم المفاهيمي «RIBA Stage 2»، مع تعيين تحالف متخصص للتصميم لدعم مراحل التطوير المقبلة.
Phoenix Group
ADX-listed digital infrastructure operator running over 550 MW of power across six markets
4.0/ 5
Our score
Very good
Type
Public minerHosting
Hashrate
15.9 EH/s
Coins
BTC
Stock ticker
ADX: PHX
What is Phoenix Group?
Phoenix Group is an Abu Dhabi-based digital infrastructure and compute operator running over 550 MW of power capacity across the Middle East, Africa, North America, and Europe. Listed on the Abu Dhabi Securities Exchange under the ticker PHX, the company splits its operational capacity between self-mining Bitcoin and hosting high-performance computing and artificial intelligence workloads.
Corporate background and leadership
Founded in 2017 in the United Arab Emirates, Phoenix Group expanded from regional mining into an international data center enterprise backed by International Holding Company (IHC). Co-founder and Chief Executive Officer Munaf Ali leads the business, drawing on more than two decades of capital markets and investment banking experience, including previous executive tenures at Citigroup across London and the UAE. Board member and co-founder Seyed Mohammad Alizadehfard also shares leadership responsibilities across the group's global footprint.
Mining operations and infrastructure scale
Phoenix Group develops and operates energy-anchored facilities designed for high-density compute environments. The company relies on grid power, private energy procurement, and renewable resources, operating hydro-cooled and air-cooled mining fleets alongside high-density GPU hosting setups. Operating capacity spans facilities in the United Arab Emirates (Citadel 250 MW), Ethiopia (132 MW), the United States (95 MW), Oman (45 MW), Canada (23 MW), and France (18 MW). In Q2 2026, the company reported an average fleet efficiency of 18.81 J/TH, generating a self-mining margin of 43%.
Financial performance and milestones
Phoenix completed its initial public offering on the ADX in 2023. By Q4 2025, the firm contributed an average hashrate of 15.9 EH/s to the Bitcoin network, representing approximately 1.5% of the global network hash. In November 2025, Phoenix launched a 30 MW hydropower-anchored Bitcoin mining facility in Ethiopia in partnership with Ethiopian Electric Power. In May 2026, it expanded into Western Europe through an agreement with DC Max to construct an 18 MW AI-ready data center in Lyon, France. As of June 30, 2026, Phoenix reported total assets of $592.6M, total equity of $541.9M, and digital asset holdings valued at $197.5M.
Operational risks and limitations
Investing in public mining operators carries direct exposure to Bitcoin network difficulty adjustments and block reward halvings, which alter the underlying economics of hashrate production. Operating across six separate national jurisdictions also exposes power supply contracts to sovereign and regulatory adjustments, energy cost variations, and localized grid stability factors. In addition, high-density hardware fleets face hardware obsolescence cycles that require ongoing capital deployment into newer-generation ASIC units and cooling systems.
Founders
Mr. Seyed Mohammad Alizadehfard (Bijan)Board Member, Co-founder & Group CEO
Mr. Munaf AliBoard Member, Co-founder & Group Managing Director
Best for:Institutional investors seeking ADX-listed equityEnterprises needing AI and HPC colocationInstitutions tracking diversified Bitcoin hashrate
Pros and cons
Pros
- Operates over 550 MW across six sovereign-aligned global markets
- Reported an efficient mining fleet performance of 18.81 J/TH in Q2 2026
- Generated 15.9 EH/s in Q4 2025, representing 1.5% of global Bitcoin hashrate
- Regulated as a publicly traded company on the Abu Dhabi Securities Exchange
- Diversified revenue across Bitcoin mining, AI infrastructure, and HPC colocation
Cons
- Revenue remains vulnerable to Bitcoin block reward halvings and difficulty increases
- Energy prices and supply stability depend on six distinct regulatory regimes
- No retail hosting or individual consumer mining plans
Our review
4.0/5
Very good
Phoenix Group provides transparent, scaled Bitcoin mining and data center hosting as a public company, but offers limited access to direct retail mining contracts.
Founded in 2017 and publicly listed on the Abu Dhabi Securities Exchange under ticker PHX, Phoenix Group operates compute infrastructure across six countries: the United Arab Emirates, Ethiopia, the United States, Oman, Canada, and France. Backed by International Holding Company, the firm runs more than 550 MW of power capacity dedicated to Bitcoin self-mining, hosting, and high-performance computing data centers.
Audited figures outline the operational scale. As of June 2026, the company reported a fleet efficiency of 18.81 J/TH and a self-mining gross margin of 43%. During the second quarter of 2026, it mined 354.8 BTC, of which 239.9 BTC came from self-mining operations. Its power footprint includes a 250 MW installation in the UAE, 132 MW in Ethiopia powered by hydroelectric contracts with Ethiopian Electric Power, and 185 MW across North American sites.
The business model brings distinct operational trade-offs:
- Public market transparency with quarterly reporting under IFRS rules and external audits.
- Multi-region power sourcing that lowers geographic and regulatory risks across four continents.
- Exposure to energy price shifts and post-halving margin pressure.
- No retail mining pool or standard consumer hosting plans available for individual miners.
Phoenix Group targets institutional investors seeking equity exposure to diversified Bitcoin mining as well as enterprise clients requiring high-density colocation. The company operates as a dedicated corporate miner and infrastructure developer rather than a retail service provider, leaving individual home miners and users seeking plug-and-play ASIC hosting outside its target market.
Specs
| Type | Public miner, Hosting · unverified |
|---|---|
| Coins | BTC · unverified |
| Hashrate | 15.9 EH/s · unverified |
| Stock ticker | ADX: PHX · unverified |
| Locations | United Arab Emirates, Ethiopia, United States, Oman, Canada, France · unverified |
| Energy sources | Hydroelectric · unverified |
Not disclosed by the provider: Pool fee, Payout schemes, Minimum payout, Hardware models.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Multinational power capacity
Operates and manages over 550 MW of deployed and committed power capacity distributed across the UAE, Ethiopia, the United States, Oman, Canada, and France.
Low fleet energy consumption
Maintains an ASIC mining fleet efficiency rating of 18.81 J/TH as of June 2026.
Proprietary Bitcoin self-mining
Mined 354.8 BTC during Q2 2026, with 239.9 BTC generated directly from proprietary self-mining operations.
Renewable energy integration
Operates hydro-powered mining infrastructure, including a 30 MW site developed alongside Ethiopian Electric Power.
HPC and AI colocation
Provides high-density data center facilities for enterprise compute, including an 18 MW AI-ready data center in Lyon, France.
Treasury asset reserves
Maintained $197.5M in digital asset reserves as of Q2 2026, including holdings in BTC and SOL.
Inside Phoenix Group
Bitcoin Mining Operations
Proprietary self-mining and infrastructure hosting fleet utilizing hydro-cooled and air-cooled rigs across facilities in North America, East Africa, and the Middle East.
AI and HPC Data Centers
High-density compute infrastructure and colocation facilities built for enterprise AI inference, sovereign compute workloads, and high-performance computing, including an 18 MW site in Lyon, France.
Energy & Power Assets
Energy procurement and management framework securing grid-connected capacity, including a 30 MW hydroelectric partnership with Ethiopian Electric Power.
Phoenix Group screenshots
User reviews
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FAQ
Who founded Phoenix Group?
Phoenix Group was co-founded by Munaf Ali and Seyed Mohammad Alizadehfard (Bijan) in 2017. Munaf Ali serves as Co-Founder and Chief Executive Officer.
Where is Phoenix Group listed, and what is its stock ticker?
Phoenix Group is listed on the Abu Dhabi Securities Exchange in the United Arab Emirates. It trades under the stock ticker PHX.
What power capacity does Phoenix Group operate?
The company operates and has committed more than 550 MW of power capacity across the UAE, Ethiopia, the United States, Oman, Canada, and France. Its largest individual site deployment is the 250 MW Citadel facility in the UAE.
What is Phoenix Group's mining fleet efficiency?
As of June 30, 2026, Phoenix Group reported an average mining fleet efficiency of 18.81 J/TH. During that quarter, it achieved a 43% self-mining margin.
Has Phoenix Group experienced security incidents or pool exploits?
No hacks, exploits, or security incidents have been reported for Phoenix Group's mining operations or data center infrastructure. The company operates proprietary facilities rather than a custodial web wallet or retail platform.
Latest from Phoenix Group on X
Two digital tools can answer the same question while placing very different demands on infrastructure.
Traditional web search retrieves and ranks information from an existing index. Generative AI uses a trained model to generate a response through repeated calculations, often accelerated by GPUs.
Both depend on data centres, but their processing, memory, storage and networking requirements differ.
يمكن لأداتين رقميتين الإجابة عن السؤال نفسه، مع فرض متطلبات مختلفة جداً على البنية التحتية.
يسترجع البحث التقليدي المعلومات من فهرس قائم ويرتبها، بينما يستخدم الذكاء الاصطناعي التوليدي نموذجاً مدرباً لإنشاء استجابة عبر عمليات حسابية متكررة، غالباً ما تسرّعها وحدات معالجة الرسومات.
يعتمد كلاهما على مراكز البيانات، لكن متطلبات المعالجة والذاكرة والتخزين والشبكات تختلف بينهما.
Traditional web search retrieves and ranks information from an existing index. Generative AI uses a trained model to generate a response through repeated calculations, often accelerated by GPUs.
Both depend on data centres, but their processing, memory, storage and networking requirements differ.
يمكن لأداتين رقميتين الإجابة عن السؤال نفسه، مع فرض متطلبات مختلفة جداً على البنية التحتية.
يسترجع البحث التقليدي المعلومات من فهرس قائم ويرتبها، بينما يستخدم الذكاء الاصطناعي التوليدي نموذجاً مدرباً لإنشاء استجابة عبر عمليات حسابية متكررة، غالباً ما تسرّعها وحدات معالجة الرسومات.
يعتمد كلاهما على مراكز البيانات، لكن متطلبات المعالجة والذاكرة والتخزين والشبكات تختلف بينهما.
A data centre does not run on hardware alone.
Facilities engineering, network operations, infrastructure monitoring and physical security work together to keep systems connected, protected and available.
Reliable infrastructure depends on skilled people working behind the scenes every day.
لا يعمل مركز البيانات بالاعتماد على الأجهزة وحدها.
تتكامل فرق هندسة المنشآت وعمليات الشبكات ومراقبة البنية التحتية والأمن المادي للحفاظ على اتصال الأنظمة وحمايتها واستمرارية عملها.
تعتمد البنية التحتية الموثوقة على كوادر متخصصة تعمل خلف الكواليس كل يوم.
Facilities engineering, network operations, infrastructure monitoring and physical security work together to keep systems connected, protected and available.
Reliable infrastructure depends on skilled people working behind the scenes every day.
لا يعمل مركز البيانات بالاعتماد على الأجهزة وحدها.
تتكامل فرق هندسة المنشآت وعمليات الشبكات ومراقبة البنية التحتية والأمن المادي للحفاظ على اتصال الأنظمة وحمايتها واستمرارية عملها.
تعتمد البنية التحتية الموثوقة على كوادر متخصصة تعمل خلف الكواليس كل يوم.
The employment impact of data centres extends well beyond the facility itself.
A 2026 PwC study found that every direct US data-centre industry job supported approximately 4.5 additional jobs across construction, engineering, suppliers, local businesses and supporting services.
Infrastructure investment can create opportunity across the wider economy.
يمتد أثر التوظيف الناتج عن مراكز البيانات إلى ما هو أبعد من حدود المنشأة نفسها.
وجدت دراسة أجرتها PwC عام 2026 أن كل وظيفة مباشرة في قطاع مراكز البيانات بالولايات المتحدة دعمت نحو 4.5 وظائف إضافية في قطاعات تشمل الإنشاءات والهندسة والموردين والشركات المحلية والخدمات المساندة.
يمكن للاستثمار في البنية التحتية أن يخلق فرصاً أوسع في مختلف أنحاء الاقتصاد.
A 2026 PwC study found that every direct US data-centre industry job supported approximately 4.5 additional jobs across construction, engineering, suppliers, local businesses and supporting services.
Infrastructure investment can create opportunity across the wider economy.
يمتد أثر التوظيف الناتج عن مراكز البيانات إلى ما هو أبعد من حدود المنشأة نفسها.
وجدت دراسة أجرتها PwC عام 2026 أن كل وظيفة مباشرة في قطاع مراكز البيانات بالولايات المتحدة دعمت نحو 4.5 وظائف إضافية في قطاعات تشمل الإنشاءات والهندسة والموردين والشركات المحلية والخدمات المساندة.
يمكن للاستثمار في البنية التحتية أن يخلق فرصاً أوسع في مختلف أنحاء الاقتصاد.
Some of the most important digital services begin in infrastructure most people never see.
From navigation and medical diagnostics to weather forecasting and critical response, every outcome depends on data being processed, stored, secured and moved through connected systems.
Reliable power, cooling, connectivity and disciplined operations keep compute available when it matters.
تبدأ بعض أهم الخدمات الرقمية داخل بنية تحتية لا يراها معظم الناس.
من الملاحة والتشخيص الطبي إلى التنبؤ بالطقس والاستجابة للحالات الحرجة، تعتمد كل نتيجة على معالجة البيانات وتخزينها وتأمينها ونقلها عبر أنظمة مترابطة.
وتضمن الطاقة الموثوقة والتبريد والاتصال والانضباط التشغيلي بقاء الحوسبة متاحة عند الحاجة.
From navigation and medical diagnostics to weather forecasting and critical response, every outcome depends on data being processed, stored, secured and moved through connected systems.
Reliable power, cooling, connectivity and disciplined operations keep compute available when it matters.
تبدأ بعض أهم الخدمات الرقمية داخل بنية تحتية لا يراها معظم الناس.
من الملاحة والتشخيص الطبي إلى التنبؤ بالطقس والاستجابة للحالات الحرجة، تعتمد كل نتيجة على معالجة البيانات وتخزينها وتأمينها ونقلها عبر أنظمة مترابطة.
وتضمن الطاقة الموثوقة والتبريد والاتصال والانضباط التشغيلي بقاء الحوسبة متاحة عند الحاجة.
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