In a remarkable turn of events, Phoenix Group, a prominent Bitcoin mining firm based in the United Arab Emirates, has announced a groundbreaking $380 million deal with WhatsMiner, a significant player in the crypto mining equipment industry. This substantial transaction comes hot on the heels of Phoenix Group’s recent debut on the Abu Dhabi Securities Exchange (ADX), where its stock made an impressive 50% leap within 48 hours of trading.
🚀 New Era Unleashed!
Celebrating #PhoenixIPO at ADX – a revolution in tech & blockchain. Grateful to Abu Dhabi's leadership for their support.
The core of this strategic partnership lies in acquiring hydro-cooling mining equipment from WhatsMiner, amounting to an initial investment of $136 million, with an additional option for an additional $246 million worth of equipment. WhatsMiner, owned by MicroBT, has gained prominence for its innovative hydro-cooling hardware, which employs a closed-loop water system. This technology offers enhanced heat transfer capabilities, outperforming traditional air or oil-based systems. The result? Reduced operational costs and a notably minimised environmental footprint, setting a new standard for sustainable mining practices.
Phoenix Group’s commitment to eco-friendly crypto-mining practices is a driving force behind this investment. By integrating hydro cooling miners, the company aims to establish high-performance computing (HPC) data centres that exemplify efficiency and responsibility, reaffirming its position as a trailblazer in the crypto mining sector.
Exclusive Distributor and Market Expansion
Phoenix Group has been the exclusive distributor of WhatsMiner equipment since 2022, cementing its place as a critical player in distributing cutting-edge crypto-mining technology. While the specific deployment location of the newly acquired equipment remains undisclosed, it is essential to note that Phoenix Group operates mining facilities in the UAE and extends its reach to Canada and the United States.
This remarkable partnership with WhatsMiner is another milestone for Phoenix Group, which holds the prestigious title of Bitmain’s official Middle East distributor. The company’s listing on the ADX was nothing short of historic, with its stock price surging from 1.50 UAE dirhams ($0.41) to an impressive 2.25 UAE dirhams ($0.60). In a testament to its strong market appeal, Phoenix’s IPO subscriptions exceeded the offer by 33 times, selling 907,323,529 shares for 1.3 billion dirhams ($371 million).
Navigating Industry Challenges
While Phoenix Group soars to new heights, it’s essential to acknowledge the crypto mining industry’s challenges. Rising energy costs and fluctuating Bitcoin prices have presented hurdles for many mining companies, leading some, such as Canaan, to raise capital to offset revenue declines.
As the exclusive distributor for #WhatsMiner in the Middle East, Turkey, & Africa, we're thrilled to be a part of the #WhatsMinerM60 series launch event. Catch our CEO and Co-Founder, Bijan Alizadeh, at the panel discussion.
Bijan Alizadehfard, the co-founder and CEO of Phoenix Group, attributed the company’s success to its listing on the ADX, enabling it to forge significant partnerships with major mining firms like WhatsMiner. This strategic collaboration strengthens Phoenix Group’s position in the blockchain and cryptocurrency sectors and propels the industry toward greener and more sustainable mining practices.
As the crypto mining landscape continues to evolve, Phoenix Group’s visionary approach and substantial investment in sustainable technology serve as a beacon of hope for a more responsible and efficient future in crypto mining. With WhatsMiner by their side, the sky is the limit for this dynamic partnership.
