Phoenix Group’s Bitcoin Mining Meltdown: $154M Q1 Loss as Revenue Crashes 54%

Another day, another crypto miner bleeding cash—this time it’s Phoenix Group posting numbers that’d make a VC flinch. The Dubai-based firm just reported a brutal $154 million net loss for Q1 2025, with revenues nearly halved from last quarter.

When the halving giveth, and the halving taketh away. While Phoenix rode the 2024 bull run to its $370 million IPO, today’s numbers show what happens when you bet the farm on volatile block rewards. Their 54% revenue drop outpaced even the most pessimistic analyst forecasts—turns out ’hodling’ through market cycles works better on Twitter than in SEC filings.

Meanwhile, Wall Street analysts are suddenly remembering that mining ops live and die by electricity costs... and that ’long-term Bitcoin adoption’ doesn’t pay this quarter’s AWS bills. But hey—at least they didn’t pull a Core Scientific and file for bankruptcy. Yet.