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UAE-Based Company Adds $187 Million Worth of Crypto Mining Rigs

2 Mins read

It is not just crypto miners in the United States who have been beefing up their operations lately. In a press release, United Arab Emirates (UAE)-based public Bitcoin (BTC) miner Phoenix Group PLC revealed that they have landed a deal to add crypto mining rigs worth $187 Billion from Chinese ASIC maker Bitmain.

An Addition to The Company’s Hash Power

The company is currently listed on exchanges like London Stock Exchange (LSE) and Abu Dhabi Stock Exchange (ADX) with a ticker PHNX and PHX respectively. As of now, company shares on LSE were trading at a market price of 523.8 GBX ($6.68), down by 0.38 percent during the past 24 hours.

“This latest deal, following our successful IPO and partnerships, signals our relentless pursuit of excellence and solidifies our leadership in this dynamic space,” Phoenix Group co-founder Bijan Alizadehfard said. “Partnering with titans like Bitmain and Whatsminer equips us with the best tech, fuels our growth, and redefines the future of efficient and sustainable mining.”

Moreover, the press release highlights the deal will have a positive impact on the company’s hashing power and market share. Phoenix Group has operations going beyond the UAE, including the USA, Europe, Canada, and some parts of the Middle East. They are operating with a total capacity of 725 megawatts (MW).

Bitcoin halving has all the crypto miners focusing on their equipment profile to generate as much profit as they can. The event, due in the forthcoming April, reduces miners’ reward for mining the cryptocurrency to half. Many are confident that BTC will reach a new high upon completion of halving, although not immediately.

Phoenix Group also mentions sustainable mining in the release. They are using hydro cooling technology for all their machines. Typically, crypto miners are cooled using fans which produce a buzzing sound reaching up to 90 decibels which could damage hearing after ample exposure.

A study dubbed “Bitcoin’s growing water footprint” notes that crypto miners using hydropower use fresh water to cool down their machines. The report reads that, “Bitcoin’s expanding water footprint must be considered in the context of escalating water scarcity.”

Institutional crypto miners like CleanSpark, Riot Platforms, Cipher Mining, and more have made bulk orders for mining rigs over the past few months. In a strategic agreement, North American crypto miner CleanSpark will receive 60,000 Bitmain S21 miners. Additionally, they have a call option for 100,000 more rigs.

Marathon Digital and Riot Platforms are by far the leaders in crypto mining. Riot holds the largest hashrate capacity while Mara is currently the biggest public crypto miner in terms of BTC holdings. The latest update revealed that Marathon Digital is now holding 15,174 Bitcoin in their wallet.

At the time of writing, Bitcoin was trading at a market price of $45,700, down by 0.93 percent intraday.

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