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.
[COINTELEGRAPH] Phoenix acquires #Bitcoin mining machines for $187M
— BecauseBitcoin.com (@BecauseBitcoin) January 10, 2024
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.
🚀 Phoenix Group inks a historic $380M cope with Whatsminer, the most important in 2 years, for sustainable, high-performance mining. Prepared to remodel information heart operations!#PhoenixInnovation #WhatsMiner pic.twitter.com/Aydo4hsPKq
— Phoenix Group (@phoenixgroupuae) December 11, 2023
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.
$HIVE is happy to announce that it has bought 7,000 new Bitmain S21 Antminers, which will probably be delivered January by means of June 2024. As soon as put in, HIVE’s common fleet effectivity will probably be 25 J/TH, and 5.8 Exahash of Bitcoin mining capability.
With this supply, HIVE will… pic.twitter.com/SfjS5t7hPy
— HIVE Digital Applied sciences (@HIVEDigitalTech) December 22, 2023
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.