With approximately $570 million dedicated to brand-new mining hardware given that last fall, Phoenix seems strongly broadening in hopes of making the most of Bitcoin output.
Phoenix Group, an Abu Dhabi-based crypto mining company, has actually revealed a contract to buy $187 million worth of brand-new Bitcoin mining rigs from Bitmain Technologies, the current in a series of transfer to broaden their mining operations.
The purchase was made through Phoenix’s subsidiary Phoenix Computer Equipment and Bitmain dealership Cypher Capital DMCC, according to a filing on the Abu Dhabi Securities Exchange previously today. It consists of an undefined variety of Bitmain’s newest mining designs.
Phoenix mentioned the brand-new hardware will considerably increase its Bitcoin hashing power. The business went public in December 2022 on the Abu Dhabi exchange and has actually rapidly looked for to place itself as one of the biggest crypto miners internationally in regards to running capability.
The Bitmain purchase comes simply weeks after Phoenix sealed a $380 million handle competing mining hardware maker WhatsMiner for brand-new mining systems. For that handle specific, the focus was on WhatsMiner’s hydro-cooling mining rigs. It was the biggest order WhatsMiner had actually gotten in 2 years.
With approximately $570 million devoted to brand-new mining hardware because last fall, Phoenix seems strongly broadening in hopes of taking full advantage of Bitcoin output.
Last November, Phoenix Group closed its going public (IPO) with an oversubscription multiple of 33 times, reporting that its share deal saw “frustrating need.” Phoenix stated retail financiers oversubscribed the offering 180 times, while expert financiers added to a 22-fold oversubscription.
The economics of Bitcoin mining present obstacles, and Phoenix’s efforts to attain success might deal with troubles in this competitive sector.
With the United States Securities and Exchange Commission having actually currently authorized a Bitcoin exchange-traded fund (ETF), this advancement is anticipated to have a considerable influence on the Bitcoin mining market. The ETF approval might catalyze a rally in the market, causing increased financial investment and possibly increasing financial investments in the sector. Phoenix’s relocation can be viewed as remaining in anticipation of the approval, with Bitcoin’s rate now reaching the $46,500 level.
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