Thomas Daniels
After being listed on the Abu Dhabi Securities Exchange (ADX), the Middle Eastern Bitcoin mining company Phoenix Group has revealed a new agreement with Whatsminer, the second biggest producer of Bitcoin mining machines.
The deal, valued at over $380 million, is the largest order Whatsminer has received in the past two years, highlighting Phoenix Group’s significant role in the growing tech and blockchain sector in the Middle East.
A Vibrant Sector
The contract involves the immediate supply of mining equipment worth $136 million, along with an additional option of $246 million. This demonstrates Phoenix Group’s commitment to maintaining its market dominance in the evolving Bitcoin mining industry, particularly during a time of notable enthusiasm and expansion in the field.
As a current partner and the sole distributor of WhatsMiner, Phoenix Group is enhancing its position by working with WhatsMiner to incorporate hydro cooling miners in the creation of state-of-the-art high-performance computing (HPC) data centers.
Impressive Initial Public Offering (IPO)
Phoenix Group first announced its successful IPO on November 21. Following the announcement, the company saw an extraordinary response, with subscriptions exceeding the initial offer price by 33 times.
The IPO also attracted significant interest from retail investors, with subscriptions surpassing expectations by 180 times.
