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Abu Dhabi Bitcoin Miner Announces Major Scale Up

January 11, 2024
x min read
Abu Dhabi Bitcoin Miner Announces Major Scale Up

The race for publicly traded Bitcoin mining companies to secure new Bitcoin miners isn’t showing any signs of slowing down.

What’s happening:

  • Abu Dhabi based Bitcoin mining company Phoenix Group (ADX: PHX) has announced a $187M USD purchase agreement with Bitmain to supply them with new Bitcoin miners

By the numbers:

  • Last month, Phoenix Group announced a $380M USD purchase agreement for hydro cooling Bitcoin miners from Chinese based Bitcoin mining hardware company WhatsMiner
  • This brings Phoenix Group’s total investment in new Bitcoin mining hardware to $567M USD in the last few months alone
  • Phoenix Group currently owns 9 individual Bitcoin mining operations globally

Why it matters:

  • Phoenix Group just recently completely a highly over subscribed IPO on the Abu Dhabi Securities Exchange and is one of the largest Bitcoin mining companies in the UAE

Going deeper:

  • United States publicly listed Bitcoin mining companies have also been inking new purchase agreements for Bitcoin miners recently as well as expanding into new data centres ahead of the next highly anticipated upward move in Bitcoin prices
  • Phoenix Group’s Bitcoin mining operations in the UAE are one of the largest purpose built data centres in the world for mining Bitcoin and was initially built through a joint venture collaboration with the Abu Dhabi government
  • Aside from their significant presence in the UAE, Phoenix Group also owns Bitcoin mining operations in the United States and Canada

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