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Phoenix Group enters into a $187 million deal with Bitmain to supply mining equipment

Mining: Phoenix Group enters into a $187 million deal with Bitmain to supply mining equipment

Phoenix Group recently partnered with Bitmain, a leading player in the mining hardware industry.

This partnership should significantly increase Phoenix Group's hash power, and strengthen its position in the market.

Although the exact details of the contract and the number of ASICs to be acquired were not disclosed, the value of the deal is estimated at $187 million.

It's worth noting that Phoenix Group made headlines in November 2021 when it opened its state-of-the-art mining center in #OAE. The company invested a whopping $650 million dollars to acquire the latest equipment for the facility. Two years later, Phoenix Group made noise in the financial world by going public with a $370 million initial public offering (IPO). The response from retail investors was overwhelming: the offering was 180 times oversubscribed.

Phoenix Group's debut on the Abu Dhabi Securities Market was a major milestone for the company and the entire industry. As one of the pioneering companies in the Middle East, Phoenix Group has set a precedent for others to follow.

In December 2023, the bitcoin miner made a strategic move by placing an order for a batch of ASICs from Whatsminer, a trusted supplier in the industry. This $380 million visionary initiative aims to introduce efficient and responsible solutions for green #mining, demonstrating Phoenix Group's commitment to sustainability and innovation.

By leveraging its partnership with Bitmain, investing in state-of-the-art equipment, and implementing green mining practices, Phoenix Group is poised to make a significant impact on the mining industry and shape the future of cryptocurrency mining.

Overall, Phoenix Group's collaboration with #Bitmain, as well as #Phoenix Group's strategic investments and commitment to sustainability, underscore the company's commitment to remain at the forefront of the rapidly evolving mining industry.

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