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

U.A.E.-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 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 tomorrow, said Xiaotong Li, Sales Director of EMEA & CIS Region said at another presentation at WDMS.

• Phoenix Tech is affiliated with Phoenix Store, Bitmain’s distributor in the Middle East.