Phoenix Group Secures $187 Million Deal with Bitmain

The mining firm Phoenix Group announced a $187 million contract with the bitcoin mining equipment manufacturer Bitmain.

Details have not been disclosed.

In December, the company reached a similar agreement with rival equipment supplier MicroBT for $380 million.

Phoenix Group explained that these initiatives reflect the firm’s ambitions to reshape the global mining landscape and emerge as an industry leader.

“Partnerships and our commitment to hydro-cooling lay the groundwork for a more sustainable blockchain future,” the press release stated.

In December, Phoenix conducted a successful IPO. The company reported a 33-fold oversubscription for its securities at the close of the book-building process.

In January, the American bitcoin miner CleanSpark signed an agreement to purchase 160,000 Antminer S21 units from Bitmain, equivalent to 32 EH/s. This initiative will enable the firm to increase its hash rate to 50 EH/s.