Phoenix Group Garners $380M Deal for Eco-friendly Bitcoin Mining Hardware

By: Eva Baxter

Phoenix Group, a prominent Bitcoin miner, has successfully secured a $380 million hardware deal with Whatsminer, a renowned mining hardware development company. This seismic deal was sealed shortly after Phoenix Group's shares started trading on the Abu Dhabi Securities Exchange (ADX).

The company has stated that it's immediately receiving $136 million worth of mining equipment, with an additional option for $246 million. This deal is reported to be Whatsminer’s most significant order in the last couple of years. Phoenix Group has conveyed its intentions of integrating hydrocooling technology into its mining operations, reflecting its commitment towards adopting environmentally-friendly practices in cryptocurrency mining.

Phoenix Group, based in the United Arab Emirates, is not the only firm escalating its hardware investments for cryptocurrency mining. Riot Platforms, a Texas-based mining entity, recently procured more than 66,000 mining machines for $290 million from MicroBT.

Phoenix Group's co-founder, Munaf Ali, is optimistic that collaborating with WhatsMiner and promoting advanced hydrocooling technologies will boost their vision for sustainable mining operations. Despite the magnitude of the deal, there haven't been clear specifications on the type of mining machines being procured by Phoenix Group.