Phoenix Group, a company based in the United Arab Emirates, has disclosed its recent acquisition of new hardware from WhatsMiner, marking a significant expansion in its array of hydronic cooling equipment. The deal, valued at $380 million, represents WhatsMiner's most substantial order in the last two years, as revealed in an announcement on December 7.
As part of the agreement, Phoenix Group received mining equipment worth $136 million, accompanied by additional options worth $246 million. WhatsMiner's range of hydro-cooled equipment is slated for release in 2022, currently priced between $1,008 and $2,484, as detailed on the company's website.
Employing a closed-loop water system, WhatsMiner's water cooling hardware maintains water volume and quality within its pipelines. The company claims this system enables more efficient heat transfer due to water's superior heat conductivity compared to air or oil. This method is purported to reduce operating costs and minimize environmental impact.
Phoenix Group has been the exclusive distributor of Shenma equipment since 2022 and views this new collaboration as pivotal in establishing high-performance computing (HPC) data centers. Although Phoenix operates mining facilities in the UAE, the equipment's deployment specifics remain unclear, as the company also holds mining facilities in Canada and the United States.
Shenma Mining Machine is a Microbit brand founded in 2016 by Yang Zuoxing, an ex-Bitmain employee and one of the designers of the Antminer S9. WhatsMiner recently unveiled its latest mining rig featuring hydraulic, submersible, and air cooling systems. Phoenix not only serves as the exclusive distributor of WhatsMiner hardware but also holds the position of the official Middle East distributor of Bitmain.
Marking its debut on the Abu Dhabi Securities Exchange (ADX) on December 5, Phoenix experienced a significant surge in shares. Opening at AED 2.25 ($0.60) from the IPO price of AED 1.50 ($0.41), the company's shares surged by over 50%. The Phoenix IPO garnered significant demand, with shares being oversubscribed by 33 times over the issue price, selling 907,323,529 shares for Dh1.3 billion ($371 million).
Amidst rising energy costs and declining Bitcoin prices, cryptocurrency mining companies, including Canaan, have faced challenging times since the onset of 2022. To navigate this landscape, Canaan recently sought capital infusion in response to a notable decline in revenue.
