Phoenix Group Expands Portfolio with $380 Million WhatsMiner Deal
United Arab Emirates firm Phoenix Group has announced a significant hardware purchase from WhatsMiner, with the aim of expanding its hydro cooling rig portfolio. The $380 million deal represents WhatsMiner’s largest order in two years. Under the agreement, Phoenix received mining equipment valued at $136 million, with an additional option worth $246 million available.
Efficient Hydro Cooling System
WhatsMiner’s hydro cooling hardware utilizes a closed-loop water system, which offers more efficient heat transfer compared to air or oil. The benefits of this system include reduced operational costs and a minimized environmental impact.
New Collaboration for High-Performance Computing Data Centers
This collaboration between Phoenix and WhatsMiner is seen as a crucial step in establishing High-Performance Computing (HPC) data centers. It is unclear where the equipment will be deployed, as Phoenix has mining facilities in the UAE, Canada, and the United States.
About WhatsMiner and Phoenix Group
WhatsMiner is a brand owned by MicroBT, founded by Zuoxing Yang in 2016. Phoenix Group is not only an exclusive distributor of WhatsMiner hardware but also Bitmain’s official Middle East distributor.
Challenges Faced by Crypto Mining Companies
Crypto mining companies have been struggling due to rising energy costs and lower Bitcoin prices since early 2022. As a result, many firms have had to raise capital or seek alternative solutions to mitigate these challenges.
Hot Take: Phoenix Group Expands Hydro Cooling Rig Portfolio with WhatsMiner Deal
The $380 million deal between Phoenix Group and WhatsMiner signifies a significant expansion of Phoenix’s hydro cooling rig portfolio. By utilizing WhatsMiner’s efficient hydro cooling hardware, Phoenix aims to reduce operational costs and minimize its environmental impact. This collaboration is a crucial step in establishing High-Performance Computing (HPC) data centers. With the rising challenges faced by crypto mining companies, such as rising energy costs and lower Bitcoin prices, this strategic partnership demonstrates Phoenix Group’s commitment to adapting to the changing landscape of the industry.
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