Phoenix Group Partners with WhatsMiner for $380 Million Hydro Cooling Mining Equipment Deal
United Arab Emirates Bitcoin mining firm, Phoenix Group, has announced a $380 million deal with WhatsMiner for hydro cooling mining equipment. This significant achievement comes less than 48 hours after Phoenix Group’s stock debuted on the Abu Dhabi Securities Exchange (ADX).
Commitment to Eco-Friendly Mining
Phoenix Group plans to integrate hydrocooling miners in collaboration with WhatsMiner to establish high-performance computing (HPC) data centers. This move aligns with the company’s commitment to adopting eco-friendly practices in crypto mining and positions them as a leader in responsible and efficient mining solutions.
Largest Order for WhatsMiner
The $380 million deal includes mining equipment valued at $136 million, with an option for an additional $246 million. This order is the most significant one for WhatsMiner in the past two years, solidifying Phoenix Group’s position in the crypto mining sector.
Efficient and Environmentally Friendly Hardware
WhatsMiner’s hydro cooling hardware utilizes a closed-loop water system, resulting in more efficient heat transfer and reduced operational costs. The company claims that this technology minimizes environmental impact compared to traditional cooling methods.
Phoenix Group’s Expansion
As the exclusive distributor of WhatsMiner equipment since 2022, Phoenix Group sees this collaboration as a crucial step in establishing high-performance computing (HPC) data centers. While their mining facilities operate in multiple locations, including the UAE, Canada, and the United States, specific deployment details are yet to be disclosed.
Phoenix Group Soars on ADX Debut
WhatsMiner, founded by former Bitmain employee Zuoxing Yang, is known for its innovative mining rigs. Phoenix Group’s recent hardware deal comes after their successful IPO and stock debut on the Abu Dhabi Securities Exchange (ADX), where their market capitalization exceeded $4 billion within the first two days of trading.
Challenges in the Crypto Mining Industry
The crypto mining industry has faced challenges such as rising energy costs and lower Bitcoin prices. Despite these challenges, Phoenix Group’s CEO attributed their success to the ADX listing, which empowered them to forge significant partnerships with major mining firms like WhatsMiner.
Expanding Hardware Investments
While specific details about the acquired mining machines were not disclosed, other players in the industry, like Riot Platforms, have also made substantial investments in hardware. For example, Riot Platforms collaborated with MicroBT to acquire over 66,000 mining machines for $290 million.
Hot Take: Sustainable Mining Solutions
Phoenix Group’s $380 million deal with WhatsMiner for hydro cooling mining equipment demonstrates their commitment to sustainable and eco-friendly crypto mining practices. This partnership positions Phoenix Group as a leader in responsible and efficient mining solutions, contributing to the industry’s efforts in reducing environmental impact. By integrating WhatsMiner’s efficient hardware technology, Phoenix Group aims to establish high-performance computing data centers while minimizing operational costs. This landmark deal further solidifies Phoenix Group’s position in the crypto mining sector and showcases their ability to secure significant partnerships amid industry challenges.
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