UAE-Based Phoenix Group Bolsters Mining Capabilities With $187M Bitmain Deal Amidst Global ASIC Race

Phoenix Group, a bitcoin mining and blockchain infrastructure company, precocious disclosed its acquisition of $187 cardinal successful application-specific integrated circuit (ASIC) bitcoin mining rigs. The acquisition was made from Bitmain, 1 of the starring ASIC manufacturers successful the industry.

Phoenix Group Amplifies Mining Fleet With Latest ASIC Purchase From Bitmain

Listed connected the Abu Dhabi Securities Exchange (ADX: PHX), Phoenix Group announced its latest statement with Bitmain. The institution stated that its $187 cardinal concern was successful Antminer-brand bitcoin mining rigs from the ASIC manufacturer. However, Phoenix did not uncover the full hashrate capableness obtained oregon the precise exemplary types of the rigs purchased. The woody follows Phoenix’s recent procurement with different important acquisition, this clip from Bitmain’s rival, Microbt.

Earlier successful December 2023, the United Arab Emirates-based bitcoin mining entity placed an bid for ASICs valued astatine $380 cardinal with Microbt. In a mode akin to its Bitmain agreement, Phoenix chose not to uncover the nonstop models of Microbt’s Whatminers purchased. Additionally, the institution precocious concluded its oversubscribed archetypal nationalist offering (IPO), boosting its fiscal reserves with $370 million.

“This latest deal, pursuing our palmy IPO and partnerships, signals our relentless pursuit of excellence and solidifies our enactment successful this dynamic space,” the co-founder and CEO of Phoenix Group, Bijan Alizadehfard remarked during the announcement. “Partnering with titans similar Bitmain and [Microbt] equips america with the champion tech, fuels our growth, and redefines the aboriginal of businesslike and sustainable mining.”

Phoenix’s caller strategy corresponds with the ongoing bitcoin mining rig arms race, peculiarly arsenic the web halving nears. Numerous ASICs, amounting to tens of thousands, person been ordered from starring manufacturers specified arsenic Bitmain, Microbt, and Canaan. This week, Cleanspark revealed its acquisition of 60,000 S21 miners from Bitmain, retaining the enactment to acquisition up to 100,000 further units. Similarly, Riot Platforms secured 66,500 units from Microbt and holds the enactment to adhd different 75 exahash per 2nd (EH/s) of mining capacity.

What bash you deliberation astir Phoenix’s latest woody with Bitmain? Share your thoughts and opinions astir this taxable successful the comments conception below.