Phoenix Group Acquires $187 Million Bitcoin Mining Machines Ahead of Halving Event

Table of Contents

• Details of the Acquisition
• Focus on Environmental Sustainability
• Other Miners Expand Capacity

Seyed Mohammad Alizadehfard, the Group CEO of Phoenix, confirmed that Phoenix Group PLC acquired Bitcoin mining equipment worth $187 million from Bitmain Development PTI Limited.

Details of the Acquisition

The acquisition was facilitated by Cypher Capital DMCC on behalf of Phoenix Computer Equipment, a subsidiary of Phoenix Group, and was announced on January 9.

This purchase follows a previous $380-million deal with Whatsminer for sustainable hydro cooling hardware equipment, announced on December 7, 2023.

Focus on Environmental Sustainability

Phoenix Group is focusing on environmental sustainability in the blockchain industry through partnerships and advanced cooling technologies.

As the Bitcoin halving event in April 2024 approaches, mining companies are gearing up by acquiring more efficient mining machinery.

Other Miners Expand Capacity

Hive Digital Technologies secured 7,000 S21 Antminers from Bitmain on December 21, 2023, aiming for a production capacity of 8 EH/s by 2024. See announcement here.

Cipher Mining acquired 16,700 new mining machines from Canaan, planning to allocate them to their Bear and Chief facilities. Tyler Page, CEO of Cipher, looks forward to the company’s growth and operational expansion. Read more.

Phoenix Group’s latest acquisition will boost its hashing power and position the company for further growth post halving.

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