Phoenix Invests $187M in Bitmain BTC-Mining Machines

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Phoenix Invests 7M in Bitmain BTC-Mining Machines

Phoenix Invests 7M in Bitmain BTC-Mining Machines
Supply: AdobeStock/artiemedvedev

Blockchain mining agency Phoenix Group PLC has efficiently acquired mining gear valued at $187 million from Bitmain Growth PTI Restricted.

In an announcement made on January 9, Phoenix Pc Tools, a subsidiary of Phoenix Group, disclosed that the acquisition settlement was facilitated by means of Cypher Capital DMCC.

Seyed Mohammad Alizadehfard, the Group CEO, confirmed the completion of all related procedures and monetary transactions for the acquisition.

He expressed confidence that the acquisition would considerably improve Phoenix’s hashing energy, reinforcing its place as a outstanding world chief within the Bitcoin mining industry.

This strategic transfer intently follows Phoenix Group’s vital partnerships with Whatsminer, disclosed on December 7, 2023.

The settlement concerned a $380-million deal to obtain hydro cooling {hardware} gear. This know-how makes use of a closed-loop water system that preserves water quantity and high quality inside pipes, enhancing warmth switch effectivity.

Munaf Ali, Co-Founder & Group MD of Phoenix Group, reiterated the corporate’s dedication to environmental duty, emphasizing that partnerships and hydro cooling contribute to a extra sustainable blockchain future.

Bitcoin Halving Triggers Mining Acquisitions

As Bitcoin approaches its halving event scheduled for April 2024 – an important second when mining rewards are halved – corporations are intensifying their efforts to amass superior mining machines.

This strategic initiative is aimed toward bettering mining effectivity, boosting profitability, and solidifying their positions within the cryptocurrency mining sector.

Hive Digital Applied sciences, famend for its experience in information heart operations, recently secured 7,000 S21 Antminers from Bitmain on December 21, 2023.

This acquisition is a major stride for Hive Digital Applied sciences, aligning with their objective to realize a manufacturing capability of 8 EH/s by 2024.

Equally, Cipher Mining introduced the acquisition of 16,700 new mining machines from Canaan in preparation for the upcoming halving occasion.

The corporate plans to deploy half of those acquired miners at its Bear facility and the remaining half on the Chief facility.

Tyler Web page, CEO of Cipher, expressed enthusiasm in regards to the latest deal, emphasizing the corporate’s satisfaction in finalizing and financing the plans for the preliminary 30 MW expansions anticipated within the second quarter.

Web page anticipates substantial progress for Cipher, notably with the strategic plans for the newly acquired Black Pearl mining web site. This could place the corporate as a notable participant within the trade following the halving occasion.

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