Phoenix Invests $187 Million in Bitmain BTC-Mining Machines Acquisition
Blockchain 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.
[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 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 system that preserves water volume and quality within pipes, enhancing heat transfer efficiency.
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