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

Phoenix Group, a bitcoin mining and blockchain infrastructure firm, not too long ago disclosed its acquisition of $187 million in application-specific built-in circuit (ASIC) bitcoin mining rigs. The buy was made out of Bitmain, one of many main ASIC producers within the trade.

Phoenix Group Amplifies Mining Fleet With Latest ASIC Purchase From Bitmain

Listed on the Abu Dhabi Securities Exchange (ADX: PHX), Phoenix Group introduced its newest settlement with Bitmain. The firm said that its $187 million funding was in Antminer-brand bitcoin mining rigs from the ASIC producer. However, Phoenix didn’t reveal the entire hashrate capability obtained or the exact mannequin kinds of the rigs bought. The deal follows Phoenix’s recent procurement with one other important acquisition, this time from Bitmain’s rival, Microbt.

Earlier in December 2023, the United Arab Emirates-based bitcoin mining entity positioned an order for ASICs valued at $380 million with Microbt. In a fashion akin to its Bitmain settlement, Phoenix selected to not reveal the precise fashions of Microbt’s Whatminers bought. Additionally, the corporate not too long ago concluded its oversubscribed preliminary public providing (IPO), boosting its monetary reserves with $370 million.

“This latest deal, following our successful IPO and partnerships, signals our relentless pursuit of excellence and solidifies our leadership in this dynamic space,” the co-founder and CEO of Phoenix Group, Bijan Alizadehfard remarked through the announcement. “Partnering with titans like Bitmain and [Microbt] equips us with the best tech, fuels our growth, and redefines the future of efficient and sustainable mining.”

Phoenix’s latest technique corresponds with the continuing bitcoin mining rig arms race, notably because the community halving nears. Numerous ASICs, amounting to tens of 1000’s, have been ordered from main producers resembling Bitmain, Microbt, and Canaan. This week, Cleanspark revealed its acquisition of 60,000 S21 miners from Bitmain, retaining the choice to buy as much as 100,000 extra models. Similarly, Riot Platforms secured 66,500 models from Microbt and holds the choice so as to add one other 75 exahash per second (EH/s) of mining capability.

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