Phoenix Prepare For Upcoming Bitcoin Halving, Acquires New Mining Equipments
In an advanced communication, the prominent crypto-miner in Abu Dhabi Phoenix Group revealed plans to acquire new mining rigs. In a January 9 report, the Phoenix team confirmed that the mining company intends to invest approximately $187 million to optimize crypto mining ahead of the long-awaited Bitcoin halving.
News concerning the acquisition deal was brought to light by Phoenix Computer Equipment in a disclosure and compliance report submitted to the Abu Dhabi Securities and Exchange Commission (ADX).
Phoenix Seals Purchase Deal with Bitmain
In the report, the Phoenix group confirmed they have closed a purchase deal with the Chinese tech company Bitmain Technologies Ltd. The mining company restated that by acquiring new Bitmain miners, Phoenix will increase its hash rate to maintain its position among the largest publicly traded crypto miners.
Beyond this, the mining company plans to expand its operations to the global markets to maximize returns. For years, the Phoenix Group has invested heavily in developing its mining operation to become a market leader in the vibrant mining sector.
Last month, the Phoenix team purchased new mining machines from WhatsMiners worth around $380 million. According to the announcement, the Phoenix team confirmed that the newly acquired hydro-cooling mining machines will be delivered in batches.
Crypto Miners Prepare for 2024 Bitcoin Halving
The first delivery will consist of mining equipment valued at $138 million. The primary objective of acquiring WhatsMiner’s mining model is to boost heat transfer across the Phoenix mining facility.
The Phoenix team confirmed that the operation cost will be reduced by integrating new mining rigs, and there will be no environmental impact. In readiness for the 2024 Bitcoin halving, the Phoenix team has demonstrated their commitment to remain ahead of the curve.
The Phoenix acquisitions of new mining machines replicate the move made by CleanSpark, Riot Holding and Marathon Digital in preparation for the upcoming Bitcoin halving. On Monday, the CleanSpark team closed a strategic agreement to acquire Bitmain S21 mining models.
The multiple acquisition of mining equipment aims to enable crypto miners to navigate the upcoming Bitcoin halving smoothly.
Analysts forecast that after the Bitcoin halving, the price of acquiring new mining machines might even triple. This has forced the Bitcoin miners to purchase additional mining machines before the upcoming Bitcoin halving when the crypto bulls are expected to be active.
Last year, Phoenix Group was listed on the Abu Dhabi Securities Exchange (ADX). The listing ranked Phoenix as the first publicly listed crypto mining company on ADX. In an earlier report, the chief executive of Phoenix, Bijan Alizadeh, confirmed that the initial public offering (IPO) proceeds will be invested in stimulating growth and Phoenix’s future expansion.
The CEO admitted that the crypto miners intend to bring positive returns to the key stakeholders. Mr Alizadeh confirmed that Phoenix is built on four core pillars, including innovation in mining, strategic acquisitions, improved manufacturing capabilities and expansion of renewable energy sources.
Review of Phoenix Group Core Pillars
The four pillars challenged the Phoenix Group to leverage renewable energy sources in crypto mining. Alizadeh confessed that as of September 2023, approximately 95% of Phoenix mining activities are powered by renewable energy sources.
Moreover, the CEO recognized Phoenix’s remarkable achievements in solidifying its market position in the Middle East. Since 2015, the Phoenix team has been collaborating with the regional authorities and local crypto firms to support the growth of the digital sector.
Last August, the Phoenix team struck a deal with the Oman authority to establish an advanced crypto-mining farm in the region.
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