Phoenix Group Signs $380 Million Contract for Sustainable Bitcoin Mining Equipment
Bitcoin (BTC) miner Phoenix Group has secured a $380 million hardware deal from Whatsminer, less than two days after listing its shares on the Abu Dhabi Stock Exchange (ADX).
In a Dec. 7 statement, the miner said it would take immediate delivery of $136 million worth of mining equipment and receive options for $246 million worth of additional mining equipment. Phoenix claims the deal is Whatsminer’s biggest order in the past two years.
The Middle East-based miner added that it is working with WhatsMiner to integrate water-cooled miners to build a world-class high-performance computing (HPC) data center.
According to the company, this move reflects its commitment to environmentally friendly cryptocurrency mining practices and further puts it at the forefront of efficient and responsible mining solutions.
Munaf Ali, co-founder of Phoenix Group, explained that the partnership with Whatsminer and the development of water-cooling technology are central to the company’s vision for sustainable and innovative mining operations. He added:
“This advancement is not only a leap forward in our technological capabilities, but is consistent with our commitment to environmental responsibility.”
Phoenix Group did not provide details about the types of miners it is purchasing.
Meanwhile, Phoenix is not the only miner that has invested heavily in hardware. Texas-based Bitcoin mining company Riot Platforms recently acquired more than 66,000 miners for $290 million through MicroBT.
Phoenix Group is making waves.
The development follows the miner’s historic debut on the Abu Dhabi Stock Exchange (ADX) on December 5, after raising $370 million in an initial public offering last November.
The miner’s shares performed broadly positively, with its market capitalization moving above $4 billion, or AED 15.1 billion, in the first two days of trading, according to data from the ADX website.
Bijan Alizadehfard, the company’s co-founder and group CEO, said that the company’s successful listing on ADX has enabled it to pursue important partnerships with leading mining companies such as Whatsminer and has also enhanced the company’s capabilities in the blockchain and cryptocurrency sectors.
