United Arab Emirates agency Phoenix Group has disclosed a brand new buy of {hardware} tools from WhatsMiner, aimed toward increasing its portfolio of hydro cooling rigs. In line with an announcement on Dec. 7, the $380 million deal represents WhatsMiner’s largest order in two years.
Underneath the settlement, Phoenix obtained mining tools valued at $136 million, with a further possibility value $246 million out there. WhatsMiner’s line of hydro cooling tools was launched in 2022, with present costs starting from $1,008 to $2,484, in keeping with the corporate’s web site.
WhatsMiner’s hydro cooling {hardware} makes use of a closed-loop water system, preserving the quantity and high quality of water inside pipes. In line with the corporate, the system presents extra environment friendly warmth switch since water is a more practical warmth conductor than air or oil. The advantages of this technique embrace a discount in operational prices and a minimized environmental influence, the corporate claims.
Since 2022, Phoenix has been the unique distributor of WhatsMiner tools. This new collaboration, in keeping with Phoenix, is an important step for establishing Excessive-Efficiency Computing (HPC) knowledge facilities. It is unclear the place the tools shall be deployed since Phoenix has mining amenities not solely within the UAE but additionally in Canada and the USA.
WhatsMiner is a model owned by MicroBT, based by Zuoxing Yang in 2016, a former worker of Bitmain and one of many designers behind its Antminer S9. In October, WhatsMiner launched its newest mining rigs with hydro, immersion, and air-cooling techniques.
Phoenix just isn’t solely an unique distributor of WhatsMiner {hardware} but additionally Bitmain’s official Center East distributor. The corporate debuted buying and selling on the Abu Dhabi Securities Trade (ADX) on Dec. 5, with its inventory value opening at 2.25 dirhams ($0.60), hovering over 50% from its preliminary public providing (IPO) of 1.50 dirhams ($0.41). Phoenix IPO subscriptions exceeded the provide by 33 instances, with 907,323,529 shares offered for 1.3 billion dirhams ($371 million).
Crypto mining corporations have been dealing with powerful instances because of rising vitality prices and decrease Bitcoin costs since early 2022. Mining agency Canaan, for example, not too long ago raised capital because of a pointy decline in income.
Journal: Bitcoin is on a collision course with ‘Web Zero’ guarantees
