Phoenix Group, based in the United Arab Emirates, has announced a substantial investment of $380 million in hydro cooling mining equipment from WhatsMiner. This deal represents WhatsMiner’s largest order in the past two years. The agreement includes the acquisition of mining equipment valued at $136 million, with an option for an additional purchase worth $246 million. WhatsMiner’s hydro cooling hardware utilizes a closed-loop water system, offering more efficient heat transfer and minimizing operational costs and environmental impact.
As part of the agreement, Phoenix Group, which has been the exclusive distributor of WhatsMiner equipment since 2022, aims to expand its portfolio of hydro cooling rigs. The collaboration is considered a significant step for establishing High-Performance Computing (HPC) data centers. The deployment location for the equipment is not specified, as Phoenix operates mining facilities in the UAE, Canada, and the United States.
WhatsMiner, a brand owned by MicroBT, released its latest mining rigs in October 2023, featuring hydro, immersion, and air-cooling systems. WhatsMiner’s hydro cooling technology is designed to preserve water volume and quality in a closed-loop system, enhancing heat transfer efficiency.
Phoenix Group, in addition to being the exclusive distributor of WhatsMiner hardware, serves as the official Middle East distributor for Bitmain. The company recently went public on the Abu Dhabi Securities Exchange (ADX) on December 5, with its stock opening at 2.25 dirhams ($0.60), experiencing a 50% increase from its initial public offering (IPO) price of 1.50 dirhams ($0.41). Phoenix’s IPO garnered significant interest, with subscriptions exceeding the offer by 33 times and the sale of 907,323,529 shares for 1.3 billion dirhams ($371 million).
The move comes at a time when crypto mining companies are navigating challenges, including rising energy costs and lower Bitcoin prices since early 2022. Phoenix’s strategic investment reflects a commitment to green Bitcoin mining and environmentally friendly practices through hydro cooling technology.