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

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

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

WhatsMiner’s hydro cooling {hardware} makes use of a closed-loop water system, preserving the amount and high quality of water inside pipes. Based on 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 method embrace a discount in operational prices and a minimized environmental influence, the corporate claims.

Since 2022, Phoenix has been the unique distributor of WhatsMiner gear. This new collaboration, in accordance with Phoenix, is an important step for establishing Excessive-Efficiency Computing (HPC) information facilities. It is unclear the place the gear can 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.

Phoenix just isn’t 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 supply by 33 instances, with 907,323,529 shares offered for 1.three billion dirhams ($371 million).

Crypto mining corporations have been going through powerful instances attributable to rising power prices and decrease Bitcoin costs since early 2022. Mining agency Canaan, for example, just lately raised capital attributable to a pointy decline in income.

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