UAE-Based Phoenix Technology Consultants Places Order for $650M Worth of Crypto Mining Rigs

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U.A.E.-based Phoenix Technology Consultants has signed a $650 million order for crypto mining rigs, one of the biggest purchases on document, CEO Munaf Ali stated on the World Digital Mining Summit (WDMS), which began in Dubai.

  • Deliveries of the “new generation” machines will begin in 2022. Phoenix may even place orders for over $2 billion price of crypto mining application-specific built-in circuits (ASICs) within the third quarter of 2022.
  • Phoenix’s mining facility will devour over 600MW of electrical energy and can additional increase to achieve 1.4GW inside the subsequent 18-24 months, Ali stated.
  • Core Scientific co-founder and co-chairman Darin Feinstein congratulated the Phoenix Tech CEO on the acquisition, including that he’s glad to see extra decentralization of the Bitcoin community.
  • Bitmain will announce its new miner in the course of the convention tomorrow, stated Xiaotong Li, Sales Director of EMEA & CIS Region stated at one other presentation at WDMS.
  • Phoenix Tech is affiliated with Phoenix Store, Bitmain’s distributor within the Middle East.