Microbt and Phoenix Group Forge Hydro-Cooling Partnership in $380 Million Deal

Bitcoin mining company Phoenix Group PLC, based in the United Arab Emirates (UAE), has secured a significant order exceeding $380 million with mining rig manufacturer Microbt, known for its Whatsminer rigs.

The agreement involves the acquisition of mining equipment valued at $136 million, with an additional option totaling $246 million. Beyond the financial transaction, Phoenix Group is partnering with Microbt to implement hydro-cooling miners, a key step toward realizing its ambition of establishing High-Performance Computing (HPC) data centers.

Bijan Alizadehfard, CEO of Phoenix Group PLC, emphasized the strategic foresight behind this collaboration, marking a milestone for the company after its successful listing on the Abu Dhabi Securities Exchange (ADX). The recent oversubscribed IPO and the Microbt deal signify a new phase of growth and innovation for Phoenix Group, as it aims to solidify its position as a leader in the global technology industry.

Clever Robot News Desk 10^th December 2023