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.

AccessTimeIconNov 9, 2021 at 8:14 a.m. UTC
Updated May 11, 2023 at 7:03 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.



Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about