Pheonix Group Expands Mining Fleet Through Bitmain Partnership
Phoenix Group, a bitcoin mining and blockchain infrastructure company, has announced its recent acquisition of $187 million worth of ASIC bitcoin mining rigs from Bitmain, a leading manufacturer in the industry.
Phoenix Group, listed on the Abu Dhabi Securities Exchange, did not disclose the specific model types or total hashrate capacity obtained through the agreement. This purchase follows the company’s previous procurement from Bitmain’s competitor, Microbt, in December 2023. Additionally, Phoenix Group recently completed a successful IPO, raising $370 million in funds.
CEO Bijan Alizadehfard stated that this latest partnership with Bitmain and Microbt solidifies their position as leaders in the dynamic mining space and supports their pursuit of excellence and sustainable mining.
Expanding Mining Fleet Amidst Network Halving
Phoenix Group’s recent acquisition aligns with the ongoing competition among bitcoin miners as the network halving approaches. Leading manufacturers like Bitmain, Microbt, and Canaan have received large orders for ASICs, with thousands of units being purchased.
Other companies, such as Cleanspark and Riot Platforms, have also made significant acquisitions. Cleanspark obtained 60,000 S21 miners from Bitmain, with the option to purchase up to 100,000 more units. Riot Platforms secured 66,500 units from Microbt and has the option to add an additional 75 exahash per second (EH/s) of mining capacity.
Hot Take: Phoenix Group Positions Itself as Industry Leader
Phoenix Group’s strategic partnerships and latest acquisition of ASIC bitcoin mining rigs demonstrate its commitment to staying at the forefront of the mining industry. With significant investments from Bitmain and Microbt, Phoenix Group is well-equipped to pursue future growth and contribute to the future of efficient and sustainable mining.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.