Expansion of Portfolio
United Arab Emirates firm Phoenix Group has announced its latest purchase of hardware equipment from WhatsMiner, a deal worth $380 million aimed at expanding the company's portfolio of hydro cooling rigs. This marks WhatsMiner's largest order in two years.
The Agreement
Under the agreement, Phoenix received mining equipment valued at $136 million, with an additional option worth $246 million available. WhatsMiner's line of hydro cooling equipment, released in 2022, has current prices ranging from $1,008 to $2,484, according to the company's website.
The Benefits of Hydro Cooling
WhatsMiner's hydro cooling hardware uses a closed-loop water system, which preserves the volume and quality of water inside pipes. The company claims that this system offers more efficient heat transfer compared to air or oil, resulting in reduced operational costs and minimized environmental impact.
Establishing High-Performance Computing Data Centers
Since 2022, Phoenix has been the exclusive distributor of WhatsMiner equipment. This new collaboration is seen as a crucial step in establishing High-Performance Computing (HPC) data centers. It is yet to be determined where the equipment will be deployed, as Phoenix has mining facilities in the UAE, Canada, and the United States.
About WhatsMiner
WhatsMiner is a brand owned by MicroBT, founded by Zuoxing Yang in 2016. Yang is a former employee of Bitmain and one of the designers behind its Antminer S9. In October, WhatsMiner released its latest mining rigs with hydro, immersion, and air-cooling systems.
Phoenix's Rise in the Market
Phoenix is not only the exclusive distributor of WhatsMiner hardware but also Bitmain's official Middle East distributor. The company recently debuted trading on the Abu Dhabi Securities Exchange (ADX), with its stock price soaring over 50% from its initial public offering (IPO). Phoenix IPO subscriptions exceeded the offer by 33 times.
Challenges in the Crypto Mining Industry
Crypto mining companies have been facing challenges due to rising energy costs and lower Bitcoin prices since early 2022. Mining firm Canaan, for instance, recently raised capital due to a sharp decline in revenue.
Conclusion
Phoenix Group's purchase of WhatsMiner hardware represents a significant move in expanding its hydro cooling rigs. With a closed-loop water system and the promise of reduced costs and environmental impact, this collaboration positions Phoenix as a trailblazer in the crypto mining industry.
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