UAE-Based Phoenix Technology Consultants Places Order for $650M Worth of Crypto Mining Rigs
The purchase is one of the biggest ever and puts UAE on the crypto mining map.
Nov 9, 2021 at 8:14 a.m. UTCUpdated May 11, 2023 at 7:03 p.m. UTC
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UAE-based Phoenix Technology Consultants has signed a $650 million order for crypto mining rigs, one of the largest purchases on record, CEO Munaf Ali said at the World Digital Mining Summit (WDMS), which started in Tuesday in Dubai.
- Deliveries of the “new generation” machines will start in 2022. Phoenix will also place orders for over $2 billion worth of crypto mining application-specific integrated circuits (ASICs) in the third quarter of 2022.
- Phoenix’s mining facility will consume over 600MW of electricity and will further expand to reach 1.4GW within the next 18-24 months, Ali said.
- Core Scientific co-founder and co-Chairman Darin Feinstein congratulated the Phoenix Tech CEO on the purchase, adding that he is glad to see more decentralization of the Bitcoin network.
- Bitmain will announce its new miner during the conference Wednesday, said Xiaotong Li, sales director of EMEA & CIS Region said during another WDMS presentation.
- Phoenix Tech is affiliated with Phoenix Store, Bitmain’s distributor in the Middle East.
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Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.