Phoenix Group Buys $187 million Worth of Bitcoin Mining Machines

According to Foresight News, UAE-based cryptocurrency mining company Phoenix Group has purchased $187 million worth of Bitcoin mining machines from Bitmain. Previously, Foresight News reported that in December 2023, Phoenix Group completed a $371 million IPO on the Abu Dhabi Securities Exchange (ADX) and signed a $380 million mining machine procurement contract with mining machine manufacturer Whatsminer.