Phoenix Group and Whatsminer Bags $380M Deal for Mining Innovation By CIOTechOutlook Team

Phoenix Group and Whatsminer Bags $380M Deal for Mining Innovation

CIOTechOutlook Team | Friday, 08 December 2023, 02:35 IST

Phoenix Group PLC, a leader in cryptocurrency mining and blockchain technology, announces a historic arrangement with Whatsminer, a significant player in cryptocurrency mining gear, in conjunction with its successful IPO on the Abu Dhabi Securities Exchange (ADX). The deal, worth more than $380 million, is Whatsminer's largest order in the last two years, highlighting Phoenix Group's dominance in the Middle East's tech and blockchain sectors.

The agreement entails an immediate delivery of mining equipment valued at $136 million, with an additional option worth $246 million. This strategic move demonstrates Phoenix Group's commitment to maintaining its market leadership and being at the cutting edge of Bitcoin mining, at a time when the industry is witnessing considerable excitement and growth, as per Phoenix Group.

Phoenix Group, which is already a WhatsMiner partner and exclusive distributor, is taking a huge step forward by incorporating hydro cooling miners in partnership with WhatsMiner. This program, which is currently underway, represents a critical step toward the establishment of world-class High-Performance Computing (HPC) data centers. Far from being a pipe dream, this action underscores Phoenix Group's deep dedication to environmentally sustainable crypto mining, putting the company at the forefront of efficient and responsible mining solutions. Our long-standing cooperation with WhatsMiner, which has been strengthened by this agreement, demonstrates our commitment to pioneering sustainable mining solutions and guiding the sector toward a greener future.

Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group PLC, shares, "This collaboration with Whatsminer is a milestone for Phoenix Group, reflecting our strategic foresight and commitment to pioneering in the tech industry. Our successful listing on the ADX has further empowered us to pursue such significant partnerships, enhancing our capabilities in the blockchain and cryptocurrency sector."