Phoenix Confirms $380M Agreement with WhatsMiner for Eco-Friendly Bitcoin Mining

According to Cointelegraph: United Arab Emirates-based Phoenix Group has unveiled a $380 million pact with WhatsMiner, marking the largest order for the latter in two years. This deal is part of Phoenix's broader strategy for green Bitcoin mining, securing hydro cooling mining equipment valued at over $136 million, with an additional optional purchase of $246 million. Phoenix plans to grow its collection of hydro cooling rigs, designed to transfer heat efficiently due to water's superior conductivity compared to air or oil. The system, according to WhatsMiner, reduces operational costs and environmental impact by maintaining water quantity and quality in a closed-loop water circuit. Having served as an exclusive distributor for WhatsMiner since 2022, Phoenix sees this investment as a key move towards constructing High-Performance Computing (HPC) data centers. While Phoenix operates mining facilities in the UAE, Canada, and the US, it's yet unclear where this new equipment will be deployed. The deal comes after impressive Phoenix Group performance at the Abu Dhabi Securities Exchange (ADX), where it listed on December 5. Starting its trading journey with stock prices raising 50% over its initial public offering, Phoenix's IPO subscriptions oversubscribed the offer by 33 times. Consequently, over 907 million shares were sold, bringing in approximately $371 million. Crypto mining enterprises like Phoenix are currently navigating a challenging environment, marked by escalating energy costs and declining Bitcoin prices. Successful strategic investments like this WhatsMiner deal could prove vital in maintaining sustainability and profitability in such a landscape.