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Author: Admin | 2025-04-28
And build a foundation, and then, from that founda- tion, you go step by step, and implement stuff around it."This philosophy is emblematic of Alizadeh's own entrepreneurial story as well. From 2010 until today, Alizadeh and his business partner Munaf Ali have been pushing boundaries in crypto mining and blockchain-focused venture funding, creating an extraordinary business conglomerate in little more than a decade. Their story starts when Alizadeh, a graduate of electrical engineering from the American University in Dubai, teamed up with Ali in 2010 to work on real estate projects. Three years later, while Alizadeh was vacationing in Bali, Ali suggested that he met with a potential investor in one of their hotel development projects on the island.This investor -whom Alizadeh recalls as being only 21 years old at the time-ended up becoming his introduction to Bitcoin, and with it, blockchain as well, and that further led to Alizadeh and Ali opening their very first account on the US-based cryptocurrency exchange and bank, Kraken, to accept a payment of US$400,000 from that young investor in Bitcoin. "A year later, Munaf called me and said the price of Bitcoin rose, and that our $400,000 was then worth $2 million," Alizadeh says. "We knew then we had to go into this business, and that it was the future of the financial system."In 2015, Ali and Alizadeh established Phoenix Group, which is today a conglomerate of 23 businesses that operate nine mining facilities in the US, Canada, Russia, and the UAE, the last of which being where its joint venture with the Abu Dhabi government has built a $2 billion crypto mining farm that is now considered the biggest of its kind in the world. Meanwhile, other companies in the Phoenix Group act as mining hardware resellers and providers of hosting and other related services for all mined assets. "We started in 2015 from a small warehouse in Dubai as a proof of concept, and we quickly started getting issues with cooling the premises during the UAE summers [crypto mining is an energy-intensive process], and so, we moved to Canada," Alizadeh says. "That is our flagship site in Winnipeg, Manitoba, which is still there. Then, I received a call from Abu Dhabi, and after a lot of research, we came up with a very unique solution to use only water to cool the equipment, which is now called hydro mining. At the
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