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Dubai Bitcoin Miner Announces $650 Million Purchase of Mining Rigs

Accounting for one of its largest purchases on record, a $650 million order for crypto mining rigs was announced by U.A.E.-based Phoenix Technology Consultants.

Chief Executive Officer Munaf Ali said at the World Digital Mining Summit (WDMS), which just started in Dubai, that delivery of the “new generation” machines will begin in 2022. In addition, Phoenix will also purchase over $2 billion worth of crypto mining application-specific integrated circuits (ASICs) in the third quarter of next year.

According to Ali, Phoenix’s mining operations will expand to reach 1.4GW within the next 18-24 months.

Phoenix Tech is part of Phoenix Store, Bitmain’s distributor in the Middle East.

The post Dubai Bitcoin Miner Announces $650 Million Purchase of Mining Rigs appeared first on iGaming.org.

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Author: Peter Siu