Cryptocurrency mining company Phoenix Group announced its Q1 financial report, with a net profit increase of 166% year-on-year

According to GlobeNewswire, crypto mining company Phoenix Group released its Q1 financial report, with a net profit of $66.2 million in the first quarter, an increase of 166% year-on-year. Main financial highlights:

⁠- Total assets surged by 237% year-on-year from $261 million to $879.3 million
⁠- Total assets increased by 5% quarter-on-quarter
-  increased by 18% quarter-on-quarter to reach $68.9 million
- ⁠Gross profit rose by 82.8% quarter-on-quarter to reach $23.28 million
- The total comprehensive income increased by 312% year on year to $102.28 million and grew by 33.7% compared with the previous quarter.
- Earnings per share for the first quarter of 2024 were at $0.011