The new mining operation increases Phoenix Group’s global mining capacity to 18 exahash. Zawya’s latest report reported this information.

“The Willamette site allows us to develop our proprietary mining technology and increase efficiency by optimizing miner allocation,” said Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO of Phoenix Group. The opening of the Willamette facility marks Phoenix Group’s expansion with a total of ten mining facilities in the United States, Canada, the Commonwealth of Independent States (CIS) and the United Arab Emirates.

Each facility is dedicated to one of four core sectors: mining, hosting, trading and investments.

Alizadehfard emphasized that this development prepares Phoenix Group for future demands in the blockchain space and ensures that the company remains agile and well positioned for technological advances and market growth.

Earlier this year, Phoenix Group reported seeing 50% growth in net revenue and a “significant increase” in annual sales following its initial public offering on the Abu Dhabi Stock Exchange (IPO).

The company said sales are experiencing a 20% annual increase. Additionally, the firm’s core hosting business saw 119% annual growth, while its own mining business experienced 480% annual growth.

In January, Bitmain Development of Phoenix Group announced that it had successfully purchased $187 million worth of mining equipment from PTI Limited.

Phoenix Computer Equipment, a subsidiary of Phoenix Group, announced that the acquisition agreement was made through Cypher Capital DMCC.

In December, Phoenix Group announced a partnership with Whatsminer.

The deal included a $380 million agreement to supply hydrocooling rig equipment using a closed-loop water system. This system increases heat transfer efficiency by maintaining the volume and quality of water in the pipes.

In other news, HIVE Digital Technologies has announced plans to build a 100-megawatt Bitcoin mining facility in Paraguay. This marks the company’s first venture in the country.

This step is expected to more than double the company’s mining hashrate. With the completion of the new site, the capacity is expected to be increased from 5.6 exahash per second to 12.1 EH/s. Bitcoin miners are entering a critical phase known as “capitulation” as their earnings dwindle amid the recent sell-off in the Bitcoin market.

Capitulation is when miners reduce their operations or continue their operations, earn returns or hedge their Bitcoin exposure by selling some of the Bitcoin and reserves they have obtained through mining.

An important indicator of capitulation is the decrease in hashrate, which represents the total computing power maintaining the Bitcoin network.

After reaching a record high on April 27, hashrate dropped significantly by 7.7% to a four-month low of 576 EH/s.

The similarity of this decline to conditions after the FTX crash in December 2022 points to the possibility of a market bottom.

Additionally, miners received significantly lower wages during this period, which is indicated by the miner profit/loss sustainability indicator.

Their daily revenue dropped by 63% after the halving, when both Bitcoin’s underlying block rewards and transaction fee revenues were higher.