Phoenix Group in the UAE announced the conclusion of a deal worth up to 380 million dollars with Whatminer for mining equipment for water cooling.
Phoenix added that it intends to integrate water-cooled miners in cooperation with Whatminer, with the aim of creating high-performance computing data centers (HPC) with a global reputation, in line with the company’s commitment to adopting environmentally friendly practices in cryptocurrency mining, and positioning itself as a leader in responsible and efficient mining solutions.
The company, which is located in the United Arab Emirates, explained that the deal includes the purchase of mining equipment for about 136 million dollars, with an additional option of 246 million dollars, and that this large transaction is the largest for Whatminer in the past two years, strengthening Phoenix Group’s position in the cryptocurrency mining sector.
It is noteworthy that the executive director of Marathon Digital Holdings, Fred Thiel, had confirmed during a previous press interview that the business of bitcoin mining companies is expected to decline during the coming period in light of the great difficulties faced by bitcoin mining companies, adding that the stability of bitcoin prices, rising energy costs and halving the mining reward may put pressure on the margins of mining companies and push them to make their energy-hungry operations more efficient.
