The United Arab Emirates-based company, Phoenix Group, has revealed that it has expanded its line of hydro cooling rigs by acquiring hardware equipment from WhatsMiner.
WhatsMiner’s largest order in the last two years is represented by the $380 million deal, according to an announcement made on December 7.
Phoenix received mining equipment valued at $136 million under the terms of the agreement, and an additional $246 million was made available as an option. As per the company website, WhatsMiner’s hydro cooling equipment ranges in price from $1,008 to $2,484, with a release date of 2022.
The hydro cooling hardware of WhatsMiner maintains the volume and quality of water inside pipes by using a closed-loop water system.
Since water is a better heat conductor than air or oil, the system, according to the company, offers more efficient heat transfer. The system’s advantages include lower operating expenses and less of an impact on the environment, according to the manufacturer.
Phoenix serves as Bitmain’s official Middle Eastern distributor in addition to being the exclusive distributor of WhatsMiner hardware.
On December 5, the company’s stock price opened at 2.25 dirhams ($0.60) on the Abu Dhabi Securities Exchange (ADX), a 50% increase from its 1.50 dirhams ($0.41) initial public offering (IPO).
Subscriptions for the Phoenix IPO were 33 times higher than the offer, and 907,323,529 shares were sold for 1.3 billion dirhams ($371 million).
Also Read: Phoenix Group Delays IPO to Dec 5th After UAE National Day
