Phoenix Group expands mining fleet with $187m Bitmain deal post-IPO

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Phoenix Group, a number one Bitcoin mining agency primarily based within the UAE, has lately invested considerably in increasing its operations.

The corporate has acquired mining rigs value $187 million from Bitmain, a number one supplier within the discipline. This transfer comes shortly after Phoenix Group’s funding of $136 million in rigs.

This acquisition is a strategic step following Phoenix Group’s notable achievements, together with a groundbreaking partnership with Whatsminer in December 2023 and a profitable preliminary public providing (IPO) on the Abu Dhabi Securities Trade (ADX) in the identical interval.

Bijan Alizadehfard, the co-founder and CEO of Phoenix Group, emphasised the significance of partnerships with business giants Bitmain and Whatsminer. He famous that these collaborations present entry to probably the most superior know-how within the discipline, gasoline the corporate’s development, and redefine the chances of environment friendly and sustainable cryptocurrency mining.

The influence of those strategic strikes was instantly evident out there response to Phoenix Group’s IPO. The corporate’s shares reached a excessive of two.32 AED, or $0.63, resulting in a market capitalization of 14.5 billion AED, round $3.95 billion, as of Jan. 4.

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