Abu Dhabi-listed Phoenix Group deepens its U.S. footprint with the opening of a 50 MW crypto mining site in North Dakota.

Phoenix Group has opened a 50 MW crypto mining facility in North Dakota, as the Abu Dhabi-based firm doubles down on its plan to expand Bitcoin (BTC) mining operations in the U.S., per an Arabian Gulf Business Insight report.

The facility will add over 2.7 exahashes to Phoenix Group’s mining arm once fully operational. Phoenix Mining chief executive Reza Nedjatian described the U.S. as a key market for the company, calling the new facility a vital step in its investment strategy. The latest expansion follows another move to strengthen its U.S. presence, as Phoenix Group previously opened a 25 MW mining facility in Willamette, South Carolina.

Founded in 2017, Phoenix Group is the largest crypto mining operator in the MENA region as it manages 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.

In October 2023, Phoenix Group became the first private crypto and blockchain company listed on the Abu Dhabi Securities Exchange. Its IPO raised $370 million, with subscriptions exceeding the initial offer by 33 times. The strong interest from retail investors also surpassed expectations by 180 times. Phoenix Group plans to list on Nasdaq by 2025 to grow its global presence, although the exact timeline is still unclear.

A closely followed crypto analyst says that smart contract platform Solana (SOL) is potentially forming a bullish technical pattern that could see it surge by over 1,700%.

In a new strategy session, crypto trader Ali Martinez tells his 108,000 followers on the social media platform X that it’s possible the Ethereum (ETH) rival is forming a cup-and-handle pattern that could push it to astronomical levels.

“There’s a chance SOL is forming a cup-and-handle pattern, and it will reach $4,000!”

A cup and handle is typically observed when the price movement of an asset forms a “cup” pattern before printing a smaller “handle” structure which suggests consolidation prior to a potential breakout.

Solana is trading for $215 at time of writing, a 1.3% decrease during the last 24 hours. If Solana were to reach Martinez’s target price, it would represent a staggering 1,760% increase.

Moving on to the flagship digital asset Bitcoin (BTC), Martinez notes that Coinbase’s Premium Index – which tracks the price premium for BTC on Coinbase and therefore its demand in the US by proxy – suggests that institutional demand for the top crypto asset by market cap is ramping up in America.

“The Coinbase Premium Index recently hit -0.23%, a two-year low, but it’s now rebounding quickly. This signals growing institutional demand for BTC from US-based investors!”

Bitcoin is trading for $98,137 at time of writing, a marginal decrease on the day.

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Cardano founder Charles Hoskinson took to the X platform recently to inform members of the ADA community of what the future holds for Lace Wallet. He hinted at the numerous upgrades planned out for the Cardano-based light wallet platform this year.

The Potential Lace Wallet Upgrades

In his X post, Hoskinson suggested that Lace would make a debut on multiple platforms. This is in addition to the other new and exciting features that the wallet would welcome.

Only a few days ago, the Cardano Founder voiced his optimism on the possibility for Lace Wallet to become a “powerhouse” this year. This was around the time when the wallet announced that its migration of users from Nami to Lace, was in “full swing. ”

Apart from Lace, the Cardano ecosystem is also working on enhancing other solutions within the ecosystem. In November, Hoskinson engaged Ripple’s CTO David Schwartz in a technical discussion around Midnight and XRP.

As a privacy-focused blockchain project, Midnight is designed to enhance secure data handling while also maintaining regulatory compliance. Hoskinson is very positive about Midnight’s potential to drive the evolution of privacy-centric Decentralized Applications (dApps) and further blockchain development.

Their discussion suggests that there may be an impending collaboration between Cardano and Ripple in the near future.

In the case of Voltaire, the Chang Hard Fork upgrade, which ushers this decentralized governance era launched in September. This launch put Cardano’s future in the hands of the community to govern.

Consequently, Hoskinson confirmed that his last duty for the ecosystem “is to remove any roadblock for this transition.” He promised to prevent any bottleneck that will derail the plans this year.

The Cardano Bitcoin DeFi Plans

In addition to the different solutions designed by developers in its ecosystem, Cardano has plans to explore Bitcoin DeFi. There is currently a growing clamor for utility around the flagship cryptocurrency and recent partnerships between Cardano and BitcoinOS to create a bridge for both ecosystems.

So far, the Cardano team has been saddled with the responsibility of coming up with a meaningful Bitcoin roadmap demo by May 2025. To achieve its set goals, Charles Hoskinson stated that Cardano will collaborate with Fair Gate Labs, a Multi Party Computational protocol.

Notably, Cardano price is up 3.4% in 24 hours to $1.07 as investors remain hyped by its upgrades and ecosystem plans.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.