Phoenix Group Acquires $187 Million Worth of Bitcoin Mining Machines from Bitmain
UAE-based Phoenix Group partnered with Whatsminer to acquire Bitcoin mining machines worth $187 million from crypto mining firm 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.
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