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Thursday, 7 December 2023, 20:00 HKT/SGT

Source: Phoenix Group PLC
Phoenix Group and Whatsminer Seal $380M Deal for Sustainable Hydro-Powered Mining Innovation

ABU DHABI, UAE, Dec 7, 2023 - (ACN Newswire) - In conjunction with its successful listing on the Abu Dhabi Securities Exchange (ADX), Phoenix Group PLC, a leader in the realms of cryptocurrency mining and blockchain technology, announces a groundbreaking contract with Whatsminer, a major player in cryptocurrency mining hardware. The contract, exceeding $380 million, marks the largest order for Whatsminer in the last two years, underlining Phoenix Group's dominant position in the Middle East's tech and blockchain sector.

The agreement entails an immediate delivery of mining equipment valued at $136 million, with an additional option worth $246 million. This strategic move demonstrates Phoenix Group's commitment to maintaining its market leadership and being at the cutting edge of Bitcoin mining, at a time when the industry is witnessing considerable excitement and growth.

Phoenix Group, already partnered with and the exclusive distributor of WhatsMiner, is taking a significant leap forward by integrating hydro cooling miners in collaboration with WhatsMiner. This initiative, already underway, marks a pivotal step towards establishing world-class High-Performance Computing (HPC) data centers. Far from being just a vision, this move reflects our deep commitment to eco-friendly crypto mining, positioning Phoenix Group at the forefront of efficient and responsible mining solutions. Our established partnership with WhatsMiner, now further enhanced by this deal, showcases our dedication to pioneering sustainable mining technologies, leading the industry towards a greener future.

Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group PLC, shares, "This collaboration with Whatsminer is a milestone for Phoenix Group, reflecting our strategic foresight and commitment to pioneering in the tech industry. Our successful listing on the ADX has further empowered us to pursue such significant partnerships, enhancing our capabilities in the blockchain and cryptocurrency sector."

Munaf Ali, Co-Founder & Group MD, adds, "Our partnership with Whatsminer and the development of hydro cooling technologies are key components of our vision for sustainable and innovative mining operations. These advancements are not only a leap in our technological capabilities but also align with our commitment to environmental responsibility."

The ADX listing of Phoenix Group and the collaboration with Whatsminer mark a new era of growth and innovation for the company. Phoenix Group is poised to leverage these developments to solidify its position as a leader in the global tech landscape, contributing significantly to the digital economy and the sustainable advancement of cryptocurrency mining.

About Phoenix Group PLC

Phoenix Group PLC, established in 2017, is a renowned leader in cryptocurrency mining, tech, and blockchain. The company has been instrumental in developing proprietary blockchain technologies and advancing crypto mining operations globally. With an emphasis on innovation and sustainability, Phoenix Group continues to shape the future of digital finance.

For more information, visit https://phoenixgroupuae.com.

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Topic: Press release summary
Source: Phoenix Group PLC

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