Phoenix Group secures $380M deal for sustainable Bitcoin mining equipment

Bitcoin (BTC) miner Phoenix Group secured a $380 million hardware deal from Whatsminer less than two days after its stock debuted on the Abu Dhabi Securities Exchange (ADX).

In a Dec. 7 statement, the miner stated it would take immediate delivery of $136 million worth of mining equipment, with an additional option worth $246 million. Phoenix claims the deal marks the largest order for Whatsminer in the last two years.

The Middle East-based miner furthered that it was integrating hydrocooling miners in collaboration with WhatsMiner to establish world-class high-performance computing (HPC) data centers.

According to the firm, this move reflects its commitment to eco-friendly crypto-mining practices and further positions it at the forefront of efficient and responsible mining solutions.

Munaf Ali, Phoenix Group’s co-founder, explained that partnering with Whatsminer and developing hydrocooling technologies are key to the company’s vision for sustainable and innovative mining operations. He added:

“These advancements are not only a leap in our technological capabilities but also align with our commitment to environmental responsibility.”

Phoenix Group did not provide details about the type of mining machines it was purchasing.

Meanwhile, Phoenix is not the only miner that has made substantial investments in its hardware. Texas-based Bitcoin miner Riot Platforms recently acquired more than 66,000 mining machines for $290 million with MicroBT.

Phoenix Group is making waves

This development follows the miner’s historic debut on the Abu Dhabi Securities Exchange (ADX) on Dec. 5 after raising $370 million from its initial public offering in November.

Data from ADX’s website shows that the miner’s stock has been largely positive, with its market capitalization moving to more than $4 billion, or 15.1 billion AED (dirhams), within the first two days of trading.

Bijan Alizadehfard, the co-founder and the group CEO of the company, said the firm’s successful listing on the ADX has empowered it to pursue significant partnerships with major mining firms like Whatsminer and has also enhanced the firm’s capabilities in the blockchain and cryptocurrency sector.