UAE-based miner buys $187 million worth of Bitmain devices after IPO and Whatsminer deal

Phoenix raised $370 million in an initial public offering

10.01.2024 - 13:55

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3 min

What’s new? UAE-based miner Phoenix Group has struck a deal to buy bitcoin mining devices from manufacturer Bitmain for $187 million. Phoenix also purchased Whatsminer’s miners in December for a total value of $380 million, and in November it made an initial public offering (IPO) on the Abu Dhabi Stock Exchange (ADX), through which it raised $370 million.

Press release

What else is known? The deal with Bitmain is designed to increase the company’s hashrate and share in the global BTC mining market. At the same time, Phoenix is committed to its sustainability strategy and only uses eco-friendly, hydro-cooled devices.

According to analyst Colin Wu, Phoenix’s IPO was the largest funding round among centralized finance projects (CeFi) in November.

Phoenix Group started operations in 2017. It operates BTC mining and hosting services in the Middle East, as well as Canada, the US, and Europe, and operates the Abu Dhabi-regulated crypto investment platform M2. Phoenix has a capitalization of $3,95 billion as of January 4.

Earlier this month, miner CleanSpark announced the purchase of 160 000 Bitmain Model S21 devices with a combined hashrate of 32 EH/s and also announced the launch of its own marketplace to sell mined coins

Marathon miner sets record for monthly mining volume with 1853 BTC

The company expects to increase the hashrate to 50 EH/s in the next two years

The Hut 8 miner also reported mining 453 bitcoins in December, bought an additional 63MW facility, and began working with lending platform Celsius, which will be restructured into a mining firm under the bankruptcy plan.

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