Phoenix seals $380M take care of WhatsMiner for inexperienced Bitcoin mining

United Arab Emirates agency Phoenix Group has disclosed a brand new buy of {hardware} tools from WhatsMiner, geared toward increasing its portfolio of hydro cooling rigs. In keeping with an announcement on Dec. 7, the $380 million deal represents WhatsMiner’s largest order in two years.

Underneath the settlement, Phoenix acquired mining tools valued at $136 million, with a further choice value $246 million accessible. WhatsMiner’s line of hydro cooling tools was launched in 2022, with present costs starting from $1,008 to $2,484, in keeping with the corporate’s web site.

WhatsMiner’s hydro cooling {hardware} makes use of a closed-loop water system, preserving the quantity and high quality of water inside pipes. In keeping with the corporate, the system provides extra environment friendly warmth switch since water is a simpler warmth conductor than air or oil. The advantages of this technique embrace a discount in operational prices and a minimized environmental influence, the corporate claims.

Since 2022, Phoenix has been the unique distributor of WhatsMiner tools. This new collaboration, in keeping with Phoenix, is an important step for establishing Excessive-Efficiency Computing (HPC) information facilities. It is unclear the place the tools will probably be deployed since Phoenix has mining services not solely within the UAE but in addition in Canada and america.

WhatsMiner is a model owned by MicroBT, based by Zuoxing Yang in 2016, a former worker of Bitmain and one of many designers behind its Antminer S9. In October, WhatsMiner launched its newest mining rigs with hydro, immersion, and air-cooling programs.

MicroBT presents WhatsMiner M60 Sequence in Dubai. Supply: WhatsMiner.

Phoenix will not be solely an unique distributor of WhatsMiner {hardware} but in addition Bitmain’s official Center East distributor. The corporate debuted buying and selling on the Abu Dhabi Securities Alternate (ADX) on Dec. 5, with its inventory worth opening at 2.25 dirhams ($0.60), hovering over 50% from its preliminary public providing (IPO) of 1.50 dirhams ($0.41). Phoenix IPO subscriptions exceeded the provide by 33 occasions, with 907,323,529 shares offered for 1.3 billion dirhams ($371 million).

Crypto mining firms have been dealing with powerful occasions attributable to rising power prices and decrease Bitcoin costs since early 2022. Mining agency Canaan, for example, not too long ago raised capital attributable to a pointy decline in income.

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