Phoenix Group, a Bitcoin mining company based in the United Arab Emirates, announced a $380 million deal with WhatsMiner for hydraulically cooled mining equipment.
Bitcoin miner Phoenix Group announced on Dec. 7 that it quickly closed a $380 million hydrocooling deal with Whatsminer, a notable achievement less than 48 hours after its IPO on the Abu Dhabi Stock Exchange. Dubai (ADX).
Phoenix Group has revealed plans to integrate water-cooled miners in collaboration with WhatsMiner, a popular global high-performance computing (HPC) data center initiative. This strategic shift is in line with the company's commitment to adopting green cryptocurrency mining methods, positioning itself as a leader in responsible and efficient mining solutions.
The purchase includes mining equipment worth $136 million with an additional option of $246 million. This landmark deal is Whatsminer's largest order in the last two years, strengthening Phoenix Group's position in the cryptocurrency mining industry.
The WhatsMiner hydrocooler uses a closed-loop water system, providing more efficient heat transfer than air or oil, resulting in lower operating costs and less environmental impact, the company says.
As the exclusive distributor of WhatsMiner hardware since 2022, Phoenix sees this partnership as an important step in building high-performance data centers (HPC). The location of the equipment may be more obvious, as Phoenix uses mining facilities not only in the United Arab Emirates, but also in Canada and the United States.
WhatsMiner, a brand of MicroBT, was founded in 2016 by Zuoxing Yang, a former Bitmain employee and one of the designers of Antminer S9. In October, WhatsMiner unveiled its latest mining rig with a hydroelectric, immersion and air-cooling system.
Phoenix is not only the exclusive distributor of WhatsMiner hardware, but also the official distributor of Bitmain in the Middle East. Phoenix Group's latest hardware transaction follows its historic debut on the Abu Dhabi Stock Exchange (ADX) on December 5, following a successful initial public offering (IPO) that raised $370 million in November.
The company recently debuted on the ADX with an initial public offering price of AED2.25 (US$0.60), more than 50% higher than its initial public offering (IPO). ) 1.50 dirhams ($0.41). The performance of the company's shares on the ADX has been positive, with its market capitalization exceeding $4 billion (AED15.1 billion) in the first two days of trading.
Phoenix's IPO was oversubscribed 33 times, with 907,323,529 shares sold for 1.3 billion dirhams ($371 million). However, the cryptomining industry has faced challenges including rising energy costs and falling bitcoin prices, prompting companies like Canaan to raise capital amid plummeting revenues.
Bijan Alizadeford, founder and CEO of Phoenix Group, said the successful listing on ADX has allowed the company to establish key partnerships with leading mining companies such as Whatsminer, strengthening its capabilities in the blockchain and cryptocurrency sectors.
While Phoenix Group did not disclose specific details on the type of mining machines it purchased, other players such as Riot Platforms, a Texas-based bitcoin miner, have made significant investments in hardware, as evidenced by the purchase of more than 66,000 mining machines. rebellion car worth $290 million in collaboration with MicroBT.