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<p class="is-style-lead">Following its listing on the Abu Dhabi Securities Exchange (ADX), Middle Eastern Bitcoin mining company Phoenix Group has announced a new deal with Whatsminer, the second largest Bitcoin mining machine manufacturer.</p> 
<p>The contract, surpassing $380 million, stands as Whatsminer’s most substantial order in the last two years, underscoring Phoenix Group’s commanding presence in the Middle East’s burgeoning tech and blockchain landscape.</p> 
<h2 class="wp-block-heading" id="a-dynamic-landscape">A dynamic landscape</h2> 
<p><a href="https://www.globenewswire.com/news-release/2023/12/07/2792403/0/en/Phoenix-Group-and-Whatsminer-Seal-380M-Deal-for-Sustainable-Hydro-Powered-Mining-Innovation.html" target="_blank" rel="noreferrer noopener">The agreement</a>&nbsp;is said to involve the immediate delivery of mining equipment valued at $136 million, coupled with an additional option worth $246 million. The deal indicates Phoenix Group’s dedication to upholding its market leadership in the dynamic landscape of Bitcoin mining, especially during a period of significant excitement and growth within the industry.</p> 
<p>As an existing partner and exclusive distributor of WhatsMiner, Phoenix Group is further advancing its position by collaborating with WhatsMiner to integrate hydro cooling miners to establish cutting-edge high-performance computing (HPC) data centers.</p> 
<p> You might also like: <a href="https://crypto.news/crypto-mining-firm-phoenix-group-delays-share-listing-date/"> Crypto mining firm Phoenix Group delays share listing date </a> </p> 
<h2 class="wp-block-heading" id="the-successful-ipo">The successful IPO</h2> 
<p>Phoenix Group initially reported its&nbsp;<a href="https://crypto.news/bitcoin-miner-phoenix-groups-370m-ipo-overwhelms-with-massive-subscription-rate/" target="_blank" rel="noreferrer noopener">successful IPO on Nov. 21</a>, after which it experienced an exceptional response as subscriptions surpassed the initial offering price by 33 times.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="UAE’s Phoenix Group gears up for IPO in Abu Dhabi" width="1020" height="574" src="https://www.youtube.com/embed/5fY6s4S461I?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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</figure> 
<p>The listing also showcased remarkable excitement by retail investors, with subscriptions exceeding expectations 180 times over.</p> 
<p> Read more: <a href="https://crypto.news/bitcoin-miner-phoenix-groups-370m-ipo-overwhelms-with-massive-subscription-rate/"> Bitcoin miner Phoenix Group’s $370m IPO overwhelms with massive subscription rate </a> </p>

Phoenix Group secures $380m contract with Whatsminer post-ADX listing

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