Phoenix Group PLC Secures $187M Deal for Cutting-Edge Bitcoin Mining Machines from Bitmain

Bits Logics Team . 10th Jan 2024

• Phoenix Group acquires USD 187 million worth of top-tier Bitcoin mining machines from Bitmain.
• The move follows the company’s historic multi-million-dollar partnership with Whatsminer and a successful IPO on the ADX.
• The historic Whatsminer partnership and the IPO success catapulted Phoenix Group’s share price to 2.32 AED.

In a groundbreaking move that further cements its status as a global powerhouse in Bitcoin mining, Phoenix Group PLC has announced a landmark deal worth USD 187 million for state-of-the-art mining machines from industry giant Bitmain. The strategic acquisition, unveiled after the company’s recent record-breaking partnerships with Whatsminer and a monumental IPO on the Abu Dhabi Securities Exchange (ADX), solidifies Phoenix Group’s position as a dominant force in the ever-evolving blockchain technology landscape.

Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group, stated, “This latest deal, following our successful IPO and partnerships, signals our relentless pursuit of excellence and solidifies our leadership in this dynamic space. 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.”

The historic Whatsminer partnership and the IPO success catapulted Phoenix Group’s share price to 2.32 AED (USD 0.63) with a market cap of 14.5 billion AED (USD 3.95 billion) as of January 4th, 2024. The Bitmain deal further amplifies the company’s hashing power and market share, positioning it as a global contender and reshaping the narrative of the mining industry.

Yet, for Phoenix Group, it goes beyond mere numbers.

The company remains committed to green practices, integrating hydrocooling technology in collaboration with both Bitmain and Whatsminer. Munaf Ali, Co-Founder and Group MD of Phoenix Group, emphasized, “Our environmental responsibility is core to our values. Partnerships like these, coupled with our commitment to hydro cooling, pave the way for a greener blockchain future.”

This double whammy of industry-leading deals—Bitmain and Whatsminer—underlines Phoenix Group’s ambitious mission to rewrite the global mining landscape and emerge as the undisputed leader, one strategic move at a time.