Business News Report
January 10, 2024

Phoenix Group Acquires $187 Million Worth of Bitcoin Mining Machines from Bitmain

Cryptocurrency Miner Phoenix Group Closes $187 Million Deal with Bitmain for Bitcoin Mining Machines

UAE-based crypto mining company Phoenix Group collaborated with Whatsminer to acquire Bitcoin mining machines totaling $187 million from renowned crypto mining server manufacturer — Bitmain.

The strategic acquisition follows Phoenix Group’s collaboration with Whatsminer, disclosed in December 2023 and the company’s IPO on the Abu Dhabi Securities Exchange (ADX) during the same month. The Bitmain deal serves to enhance Phoenix Group’s hashing power and market share.

“This latest deal, following our successful IPO and partnerships, signals our relentless pursuit of excellence and solidifies our leadership in this dynamic space. Partnering with titans like Bitmain and Whatsminer equips us with the best tech, fuels our growth, and redefines the future of efficient and sustainable mining.” said Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group.

Phoenix Group also maintains a commitment to environmentally friendly practices by incorporating hydro cooling technology, a collaborative effort with both Bitmain and Whatsminer.

The company earlier acquired hydro cooling hardware equipment from WhatsMiner, amounting to a $380-million deal. It employs a closed-loop water system, ensuring the preservation of water volume and quality within pipes. This system enhances heat transfer efficiency, given that water is a more effective heat conductor compared to air or oil.

“Our environmental responsibility is core to our values. Partnerships like these, coupled with our commitment to hydro cooling, pave the way for a greener blockchain future,” said Munaf Ali, Co-Founder & Group MD of Phoenix Group.

These collective actions strengthen Phoenix Group’s position in the global mining sector, emphasizing its influence and impact on the industry. Established in 2017, Phoenix Group PLC aims to redefine the future of blockchain technology and shape the mining landscape.

Companies Gear Up with Mining Machines Ahead of Bitcoin Halving

As Bitcoin approaches its halving event in April 2024, where mining rewards are reduced by half, numerous companies are actively engaging in the acquisition of advanced mining machines, aiming to improve its mining efficiency and profitability and strengthen their positions in the cryptocurrency mining landscape. 

Recently, Hive Digital Technologies, a cryptocurrency mining company, purchased 7,000 mining machines from Bitmain.

The company is known for its proficiency in data center operations, and plays a proactive role in the decentralized digital economy. By leveraging bitcoin mining the company aims to advance Web3, AI and high-performance computing (HPC) technologies. The latest acquisition from Bimain is strategically aligned with the company’s goal to expand its production capacity to 8 EH/s by the year 2024.

Likewise, Cipher Mining made an announcement last week regarding the acquisition of 16,700 new mining machines from the computing equipment production company Canaan. This move is part of their preparations for the upcoming event highly anticipated in the cryptocurrency landscape.

The latest Phoenix Group’s strategic purchase reinforces the company’s prominence in the cryptocurrency mining industry, showcasing its commitment to sustainable practices and technological innovation.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

More articles
Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

Hot Stories
Join Our Newsletter.
Latest News

NFTs & Mining: A Digital Synergy

The rise in usage of the non-fungible tokens has changed the way we see and engage with ...

Know More

AI in Crypto

Explore the ever-evolving realm of artificial intelligence within the cryptocurrency sphere. Discover the transformative impact of AI ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Magic Square Acquires TruePNL, Gears Up for Staking and Launchpad Release
Business News Report
Magic Square Acquires TruePNL, Gears Up for Staking and Launchpad Release
February 23, 2024
Kinetex Network Partners with Succinct to Develop BTCX, a Bitcoin ZK Light Client for DeFi Evolution
News Report Technology
Kinetex Network Partners with Succinct to Develop BTCX, a Bitcoin ZK Light Client for DeFi Evolution
February 23, 2024
Flare Blockchain Raises $35M Funding from Kenetic Capital, Aves Lair and Others
Business News Report
Flare Blockchain Raises $35M Funding from Kenetic Capital, Aves Lair and Others
February 23, 2024
Binance Web3 Wallet Unveils Inscriptions Marketplace, Adds Support for ERC-404 Tokens
Markets News Report
Binance Web3 Wallet Unveils Inscriptions Marketplace, Adds Support for ERC-404 Tokens
February 23, 2024
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.