Posted: January 10, 2024 9:40 AM Updated: January 10, 2024 9:40 AM
Correction and fact check date: January 10, 2024, 9:40 AM
briefly
UAE-based Phoenix Group has teamed up with Whatsminer to acquire Bitcoin miners from Bitmain worth a total of $187 million.
Phoenix Group, a UAE-based cryptocurrency mining company, has teamed up with Whatsminer to acquire Bitcoin miners worth a total of $187 million from Bitmain, a popular cryptocurrency mining server manufacturer.
This strategic acquisition follows Whatsminer’s collaboration with Phoenix Group, which went public in December 2023 and the company’s IPO on the Abu Dhabi Securities Exchange (ADX) in the same month. The Bitmain transaction will help increase Phoenix Group’s hashing power and market share.
“This transaction, which follows a successful IPO and partnership, signals our relentless pursuit of excellence and solidifies our leadership in this dynamic space. Our partnerships with giants like Bitmain and Whatsminer provide us with the best technology, drive growth and redefine the future of efficient and sustainable mining.” Bijan Alizadehfard, Co-Founder and Group CEO of Phoenix Group, said:
Phoenix Group also maintains its commitment to environmentally friendly practices by incorporating water-cooling technology, a joint effort between Bitmain and Whatsminer.
The company had previously acquired hydraulic cooling hardware equipment from WhatsMiner for $380 million. A closed-loop water supply system is used to preserve the quantity and quality of water in the pipes. This system improves heat transfer efficiency by taking into account that water is a more effective heat conductor than air or oil.
“Our environmental responsibility is at the core of our values. Partnerships like this, combined with our commitment to watercooling, pave the way for a greener blockchain future,” said Munaf Ali, Co-Founder and Group MD, Phoenix Group.
This collective action strengthens Phoenix Group’s position in the global mining sector and highlights its influence on the industry. Founded in 2017, Phoenix Group PLC aims to redefine the future of blockchain technology and shape the mining landscape.
Companies are preparing mining machines ahead of the Bitcoin halving.
As Bitcoin approaches its halving in April 2024, when mining rewards will be halved, numerous companies are actively engaging in the acquisition of advanced miners to improve mining efficiency and profitability and strengthen their presence in the cryptocurrency mining landscape.
Recently, cryptocurrency mining company Hive Digital Technologies purchased 7,000 miners from Bitmain.
The company is known for its proficiency in data center operations and plays an active role in the decentralized digital economy. The company aims to leverage Bitcoin mining to advance Web3, AI, and high-performance computing (HPC) technologies. Bimain’s latest acquisition is strategically aligned with the company’s goal to expand its production capacity to 8 EH/s by 2024.
Likewise, Cipher Mining announced last week the acquisition of 16,700 new mining machines from computing equipment producer Canaan. This move is part of preparations for a highly anticipated upcoming event in the cryptocurrency landscape.
Phoenix Group’s recent strategic purchase strengthens the company’s reputation in the cryptocurrency mining industry and demonstrates its commitment to sustainable practices and technological innovation.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
more articles