Bitcoin

UAE Bitcoin Miner Signs Order Worth Over $380 Million With Microbt



UAE Bitcoin Miner Signs Order Worth Over $380 Million With Microbt

United Arab Emirates-based bitcoin miner Phoenix Group PLC has signed an order worth more than $380 million with Whatsminer mining rig maker Microbt. Bijan Alizadehfard described the collaboration with Microbt as a reflection of his company’s “strategic foresight.”

Microbt to Integrate Hydro-Cooling Miners

Phoenix Group PLC, a bitcoin mining company based in the United Arab Emirates (UAE), has signed an order worth more than $380 million with Microbt, a mining rig manufacturer. As part of the agreement, Phoenix Group PLC will receive mining equipment valued at $136 million, with an additional option worth $246 million.

The UAE-based bitcoin miner is also collaborating with Microbt to integrate hydro-cooling miners, which is a significant milestone towards Phoenix Group’s goal of creating High-Performance Computing (HPC) data centers. Bijan Alizadehfard, the co-founder and CEO of Phoenix Group PLC, described the collaboration with Microbt as a reflection of his company’s strategic foresight.

“This collaboration with Whatsminer [Microbt] is a milestone for Phoenix Group, reflecting our strategic foresight and commitment to pioneering in the tech industry. Our successful listing on the ADX has further empowered us to pursue such significant partnerships, enhancing our capabilities in the blockchain and cryptocurrency sector,” Alizadehfard said.

Phoenix Group has announced a multi-million dollar deal with Microbt, coming just days after its highly successful initial public offering (IPO) which raised over $370 million.

The oversubscribed IPO and the deal with Microbt both signal a new era of growth and innovation for the UAE company. Phoenix Group PLC aims to leverage these advancements to reinforce its position as a leader in the global technology industry.

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