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Phoenix Invests $187 Million in Bitmain BTC-Mining Machines Acquisition
Last updated: January 10, 2024 02:05 EST . 1 min read
Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.
Source: AdobeStock/artiemedvedevBlockchain mining firm Phoenix Group PLC has successfully acquired mining equipment valued at $187 million from Bitmain Development PTI Limited.
In an announcement made on January 9, Phoenix Computer Equipment, a subsidiary of Phoenix Group, disclosed that the acquisition agreement was facilitated through Cypher Capital DMCC.
Seyed Mohammad Alizadehfard, the Group CEO, confirmed the completion of all relevant procedures and financial transactions for the acquisition.
He expressed confidence that the acquisition would significantly enhance Phoenix’s hashing power, reinforcing its position as a prominent global leader in the Bitcoin mining industry.
This strategic move closely follows Phoenix Group’s significant partnerships with Whatsminer, disclosed on December 7, 2023.
The agreement involved a $380-million deal to procure hydro cooling hardware equipment. This technology utilizes a closed-loop water that preserves water volume and quality within pipes, enhancing heat transfer efficiency.
Munaf Ali, Co-Founder & Group MD of Phoenix Group, reiterated the company’s commitment to environmental responsibility, emphasizing that partnerships and hydro cooling contribute to a more sustainable blockchain future.
Bitcoin Halving Triggers Mining Acquisitions
As Bitcoin approaches its halving event scheduled for April 2024 – a crucial moment when mining rewards are halved – companies are intensifying their efforts to acquire advanced mining machines.
This strategic initiative is aimed at improving mining efficiency, boosting profitability, and solidifying their positions in the cryptocurrency mining sector.
Hive Digital Technologies, renowned for its expertise in data center operations, recently secured 7,000 S21 Antminers from Bitmain on December 21, 2023.
This acquisition is a significant stride for Hive Digital Technologies, aligning with their goal to achieve a production capacity of 8 EH/s by 2024.
Similarly, Cipher Mining announced the acquisition of 16,700 new mining machines from Canaan in preparation for the upcoming halving event.
The company plans to deploy half of these acquired miners at its Bear facility and the remaining half at the Chief facility.
Tyler Page, CEO of Cipher, expressed enthusiasm about the recent deal, emphasizing the company’s satisfaction in finalizing and financing the plans for the initial 30 MW expansions expected in the second quarter.
Page anticipates substantial growth for Cipher, particularly with the strategic plans for the newly acquired Black Pearl mining site. This would position the company as a notable player in the industry following the halving event.