© Reuters.
ABU DHABI – Phoenix Group PLC, a company specializing in blockchain technology and high performance computing (HPC) data centers, has signed a significant agreement worth $380 million with Whatsminer. The deal, announced today, includes the immediate supply of mining hardware worth $136 million, with an option to purchase additional equipment worth $246 million.
The transaction follows Phoenix Group’s initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) earlier this week, where the company raised $370 million and saw capital market value increased to more than $4 billion. This quick follow-up deal highlights Phoenix Group’s aggressive expansion strategy in the cryptocurrency sector.
The core of this strategic move is the integration of hydraulic cooling technology in their HPC data centers. Co-founders Bijan Alizadehfard and Munaf Ali highlighted this development as a testament to their commitment to environmental stewardship in cryptocurrency mining operations. The innovative cooling technique is expected to advance Phoenix Group’s sustainable approach to digital finance.
Ali emphasized the importance of balancing environmental concerns with technological advances, pointing out that environmentally conscious practices are integral to the company’s ethos. Alizadehfard echoed this sentiment, pointing out that strategic partnerships such as with Whatsminer have been made possible by their successful market launch on ADX.
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