Phoenix Group, a Dubai-headquartered Bitcoin (BTC) mining company, has sealed a $380 million deal with Chinese mining equipment manufacturer, MicroBT.The deal comes just days after Phoenix’s stock made its <a href="https://medium.com/&#64;coinness.gl/phoenix-rises-50-on-adx-debut-c115eeba941b" rel="noopener noreferrer nofollow">debut</a> on the Abu Dhabi Securities Exchange (ADX). The miner announced on Thursday that it would promptly receive mining equipment valued at $136 million, with an additional option for equipment worth $246 million.Phoenix asserts that this transaction stands as the most substantial order for MicroBT’s Whatsminer equipment in the past two years. Whatsminer is a brand of mining hardware and chip design which has been developed by MicroBT.<h2 id="header-0">Green mining equipment</h2>As outlined in a press release <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" rel="noopener noreferrer nofollow">published</a> by the company, the Middle East-based miner is taking a step towards sustainability by incorporating hydro-cooling miners, a collaborative effort with MicroBT aimed at establishing world-class high-performance computing (HPC) data centers. The move highlights Phoenix Group’s interest in pursuing eco-friendly crypto-mining practices, something that will help to position the company as a leader in furthering efficient and responsible mining solutions.Munaf Ali, co-founder of Phoenix Group, emphasized the significance of partnering with MicroBT and advancing hydro-cooling technologies in achieving the company’s vision for sustainable and innovative mining operations. Ali stated:“Our partnership with Whatsminer and the development of hydro cooling technologies are key components of our vision for sustainable and innovative mining operations. These advancements are not only a leap in our technological capabilities but also align with our commitment to environmental responsibility.”While Phoenix did not disclose further specifics about the type of mining machines it is acquiring, the move signifies a broader trend among mining companies making substantial investments in cutting-edge hardware. Texas-based Bitcoin miner Riot Platforms recently spent $290 million to acquire over 66,000 mining machines from MicroBT.<h2 id="header-1">GCC distribution agreement</h2>Phoenix has an ongoing business relationship with MicroBT. In November 2022 the firm signed a <a href="https://www.whatsminer.com/src/views/dynamic_detail.html?id&#61;263" rel="noopener noreferrer nofollow">deal</a> with MicroBT that enabled it to act as a distributor of MicroBT’s Whatsminer brand of mining equipment. Under the terms of that partnership, Phoenix distributes Whatsminer products across Gulf Cooperation Council (GCC) countries such as the United Arab Emirates (UAE), Oman, Saudi Arabia, Bahrain, Qatar and Oman.Phoenix Group’s recent accomplishments extend beyond hardware acquisitions. Following its historic debut on the ADX on Tuesday, where it raised $370 million from its initial public offering in November, the company has experienced positive market performance.Data from ADX’s website reveals that Phoenix Group’s stock has propelled its market capitalization to over $4 billion (15.1 billion AED) within the first two days of trading. The initial public offering (IPO) price of 1.50 dirhams had been set earlier this week. Immediately, the shares increased by 50% to 2.25 dirhams.Bijan Alizadehfard, co-founder and group CEO of Phoenix Group, expressed the company’s success on the ADX as a catalyst for forging significant partnerships with major mining firms like MicroBT. Alizadehfard highlighted that the listing has bolstered the company’s capabilities in the blockchain and cryptocurrency sector, contributing to its ongoing advancements in the industry.

Phoenix Group strikes $380M deal with MicroBT

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