UAE’s Phoenix Tech orders crypto mining rigs for $650 million, the largest deal on record

    Phoenix Technology Consultants LLC, a tech firm based in the UAE, has ordered crypto mining rigs for $650 million. This one of the largest purchases on record was revealed on Tuesday by Phoenix Tech CEO Munaf Ali at the World Digital Mining Summit (WDMS) in Dubai.

    The brand new generation machines delivery will start in 2022. Also, in the Q3 of 2022, Phoenix Tech is going to place orders for crypto mining application-specific integrated circuits (ASICs) for over $2 billion worth. The purchase is one of the biggest ever and puts UAE on the world’s crypto mining map.

    By Ali’s words, the Phoenix’s mining facility will consume over 600MW and will expand to reach 1.4GW within the next 18-24 months.

    Darin Feinstein, Core Scientific co-founder and co-chairman, greeted the Phoenix Tech CEO on the purchase and added that he is glad to see more decentralization of the Bitcoin network.

    Phoenix Tech is affiliated with Phoenix Store, which is Bitmain’s distributor in the Middle East.

    Xiaotong Li, sales director of EMEA & CIS region, announced Bitmain’s presentation of its new miner during the WDMS conference Wednesday.

    During the summit, Bitmain will reveal the latest all-in-one mining container solution and Antminer products. The company will continue to announce its progress and plans in building a global mining ecosystem, including the global after-sales maintenance and Antminer maintenance training center programs.

    Bitmain Technologies Ltd. is a multinational semiconductor company with state-of-the-art IC design capabilities, headquartered in Beijing, China. It offers products, including chips, servers, and cloud solutions, for blockchain and artificial intelligence (AI) applications. It also designs application-specific integrated circuit (ASIC) chips for Bitcoin mining.

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