Phoenix Group Closes $187M Deal with Bitmain

Mining company Phoenix Group has announced a $187 million deal with Bitcoin mining hardware manufacturer Bitmain, and a previous deal with competitor MicroBT for a larger sum of $380 million has also been made.

These partnerships reflect Phoenix Group’s goal of becoming a leading player in the global mining industry.

The company has also made a commitment to using hydrocooling technology, which they believe will pave the way for a more environmentally friendly blockchain future.

In December, Phoenix Group successfully completed its IPO, with a 33-fold oversubscription for its securities.

In January, American Bitcoin miner CleanSpark also entered into a deal with Bitmain, purchasing 160,000 Antminer S21 devices to increase their hashrate to 50EH/s.