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Bitcoin mining is getting harder for everyone except the miners who were already good at it. That's the story tucked inside the quarterly earnings figures Phoenix Group released this week: as a wave of higher-cost competitors has been forced offline by tightening margins, the Abu Dhabi-listed miner has quietly become more efficient, not less, and is now using that edge to fund a very different bet, on European artificial-intelligence infrastructure rather than Bitcoin alone.
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22 October 2025
22 October 2025