Phoenix subsidiary buys BTC mining machines from Bitmain to boost hashing power

Phoenix subsidiary buys USD 187 mn worth of BTC mining machines: A unit of UAE-based crypto conglomerate Phoenix Group has bought Bitcoin mining machines from Bitmain Development at a total cost of USD 187 mn, according to an ADX disclosure. The acquisition will substantially boost Phoenix’s hashing power substantially.

Background: Investor appetite was strong for Phoenix’s ADX debut in December, with shares soaring 35% on the first day of trading. The company owns 23 businesses and nine mining facilities in the US, Canada, CIS, and the UAE, with a USD 2 bn crypto mining farm in the UAE, one of the largest in the Middle East.