The deal to purchase mining machines from Bitmain Development PTI Ltd was made through a related party, Cypher Capital DMC.
Phoenix Group PLC, a cryptocurrency mining and blockchain firm listed in the Abu Dhabi securities market, is injecting $187 million to enhance its standing in the Bitcoin mining sector.
Phoenix Computer Equipment, a subsidiary of Phoenix Group, announced in a disclosure on the Abu Dhabi Securities Exchange (ADX) on Jan 9, 2023, that it has concluded, through Cypher Capital DMCC, an agreement with Bitmain Development PTI Ltd to purchase the latest mining machines.
According to the disclosure, The acquisition has been completed, and all necessary procedures have been finalized. The company stated that the agreement empowers Phoenix to boost its hashing power and advance on its path to becoming a leading force in the global Bitcoin mining sector.
