Spending IDR 2.9 Trillion, Phoenix Group Buys Bitcoin Mining Machine From Bitmain

Phoenix bitcoin mining company buys rig mining from Bitmain. (Photo; Doc. Cryptonizando)

JAKARTA The Phoenix Group's bitcoin mining company PLC announced the acquisition of a $17 million bitcoin mining machine from Bitmain, the world's leading mining hardware manufacturer. This purchase is part of Phoenix's strategy to increase their bitcoin mining capacity and efficiency, as well as prepare itself for the halving bitcoin that will occur in 2024.

In fact, Phoenix bought bitcoin mining machines from Bitmain with the Antminer type that use circuit integrated application (ASIC) technology to generate hashrates or computing speeds to verify transactions and create new blocks on bitcoin networks.

Even so, Phoenix did not specify the number of machines it bought. The company also did not specify the model of a new mining machine. Phoenix only said this purchase was part of the company's investment to be at the forefront of the bitcoin mining industry.

"This latest agreement, after the IPO and the partnership were successful, marks our relentless efforts to pursue excellence and strengthen our leadership in this space," said Bijan Alizadehfard, co-founder and CEO of Phoenix Group in an official statement.

"Cooperating with [bitcoin mining] giants like Bitmain and [Microbt] gave us the best technology, spurred our growth, and re-determined an efficient and sustainable future of mining," he added.

Purchase of machines from Bitmain is the second acquisition made by Phoenix in recent months. Previously, in December 2023, Phoenix had ordered a $380 million bitcoin mining machine from Microbt, a competitor to Bitmain that produces Whatminer brand machines.

Phoenix also did not disclose details about orders from Microbt, but said those machines would use water conditioning technology (hydro cooling) to conserve energy and reduce carbon emissions.

The Phoenix Group is one of the largest bitcoin mining companies in the Middle East, operating in the United Arab Emirates, Oman, and Bahrain. Phoenix is also one of the first bitcoin mining companies to take the floor on the stock exchange, after conducting an initial share offering (IPO) on the Abu Dhabi Stock Exchange in December 2023. The IPO managed to raise funds of US$370 million (Rp 5.7 trillion), with demand exceeding 33 times.