Phoenix seals $380M deal with WhatsMiner for green Bitcoin mining

United Arab Emirates steadfast Phoenix Group has disclosed a caller acquisition of hardware instrumentality from WhatsMiner, aimed astatine expanding its portfolio of hydro cooling rigs. According to an announcement connected Dec. 7, the $380 cardinal woody represents WhatsMiner’s largest bid successful 2 years.

Under the agreement, Phoenix received mining instrumentality valued astatine $136 million, with an further enactment worthy $246 cardinal available. WhatsMiner's enactment of hydro cooling instrumentality was released successful 2022, with existent prices ranging from $1,008 to $2,484, according to the company's website.

WhatsMiner's hydro cooling hardware uses a closed-loop h2o system, preserving the measurement and prime of h2o wrong pipes. According to the company, the strategy offers much businesslike vigor transportation since h2o is simply a much effectual vigor conductor than aerial oregon oil. The benefits of this strategy see a simplification successful operational costs and a minimized biology impact, the institution claims.

Since 2022, Phoenix has been the exclusive distributor of WhatsMiner equipment. This caller collaboration, according to Phoenix, is simply a important measurement for establishing High-Performance Computing (HPC) information centers. It's unclear wherever the instrumentality volition beryllium deployed since Phoenix has mining facilities not lone successful the UAE but besides successful Canada and the United States.

WhatsMiner is simply a marque owned by MicroBT, founded by Zuoxing Yang successful 2016, a erstwhile worker of Bitmain and 1 of the designers down its Antminer S9. In October, WhatsMiner released its latest mining rigs with hydro, immersion, and air-cooling systems.

MicroBT presents WhatsMiner M60 Series successful Dubai. Source: WhatsMiner.

Phoenix is not lone an exclusive distributor of WhatsMiner hardware but besides Bitmain’s authoritative Middle East distributor. The company debuted trading connected the Abu Dhabi Securities Exchange (ADX) connected Dec. 5, with its banal terms opening astatine 2.25 dirhams ($0.60), soaring implicit 50% from its archetypal nationalist offering (IPO) of 1.50 dirhams ($0.41). Phoenix IPO subscriptions exceeded the connection by 33 times, with 907,323,529 shares sold for 1.3 cardinal dirhams ($371 million).

Crypto mining companies person been facing pugnacious times owed to rising vigor costs and little Bitcoin prices since aboriginal 2022. Mining steadfast Canaan, for instance, recently raised superior owed to a crisp decline successful revenue.

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