Phoenix Group PLC Inks $380 Million Deal with Microbt to Supercharge Bitcoin Mining Operations
Phoenix Group PLC, a leading UAE-based bitcoin mining company, has announced a transformative agreement with Microbt, a renowned mining rig manufacturer. Valued at over $380 million, this deal comes swiftly after Phoenix Group’s oversubscribed Initial Public Offering (IPO) which raised a staggering $370 million.
Under the agreement, Phoenix Group PLC will receive cutting-edge mining equipment from Microbt, totalling $136 million, with an additional option worth $246 million. This strategic collaboration aligns with Phoenix Group’s vision of establishing High-Performance Computing (HPC) data centres, propelling the company to the forefront of the cryptocurrency sector.
The collaboration goes beyond a traditional supplier-buyer relationship, as Phoenix Group and Microbt are actively working together to integrate hydro-cooling miners. This forward-looking initiative signifies a crucial step towards Phoenix Group’s goal of establishing cutting-edge HPC data centres, showcasing the company’s commitment to technological innovation in the rapidly evolving cryptocurrency landscape.
The announcement of this multi-million dollar deal follows Phoenix Group PLC’s triumph in the IPO arena, underscoring market confidence in the company’s strategic direction and growth potential. The combination of IPO success and collaboration with Microbt sets the stage for a new era of expansion and innovation for Phoenix Group PLC.
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