Crypto Miner Phoenix Group Reports 50% Jump in Net Income
Crypto Miner Phoenix Team Experiences 50% Leap in Secure Profits
UAE-basically based blockchain mining firm Phoenix Team acknowledged it has viewed a 50% state in fetch profits and a “huge amplify” in year-on-year sales following its preliminary public offering (IPO) on the Abu Dhabi Stock Alternate.
In an announcement, Phoenix Team acknowledged sales experienced a surge of 20% year-on-year. The firm’s core internet page hosting industry saw year-on-year state of 119% and its self-mining companies experienced year-on-year state of 480%.
Firm results display conceal that the Phoenix Team seriously elevated the associated price of its total sources as compared to 2022, from $229 million to $834 million in 2023.
Success On account of High-Secure-Value Partnerships
The UAE is an intriguing vacation pickle for high-fetch-price folks (HNWIs) and Phoenix Team is pinning its success to strategic partnerships made within the pickle.
“This success stemmed from strategic partnerships with high-fetch-price folks, energy offer corporations, and mining gear manufacturers, solidifying a foundation for persisted state within the arrival years,” acknowledged Phoenix Team in a assertion.
Phoenix Invests $187M in Bitmain BTC-Mining Machines
In January, Phoenix Team announced it had successfully obtained mining gear valued at $187 million from Bitmain Pattern PTI Puny. Phoenix Computer Equipment, a subsidiary of Phoenix Team, disclosed that the acquisition agreement used to be facilitated through Cypher Capital DMCC.
In December, Phoenix Team disclosed its partnership with Whatsminer. The agreement eager a $380-million deal to obtain hydro cooling hardware gear. This technology makes use of a closed-loop water intention that preserves water quantity and quality internal pipes, enhancing warmth transfer efficiency.
Persisted Verbalize in 2024?
Phoenix Team acknowledged it’s miles looking at for persisted state in 2024, including that investors can quiz additional sure trends within the arrival months because the firm plans to push for success open air of the UAE.
“Our success has been spectacular, however 2024 promises to be if truth be told transformative. With ambitious plans and an unwavering commitment to excellence, the community is poised to redefine success, now no longer proper within the UAE, however on a world scale,” acknowledged Seyed Mohammad Alizadehfard, the co-founder and CEO of Phoenix Team, in a assertion.
Recent Tell of Crypto Mining
It looks the Bitcoin Halving is triggering mining acquisitions, reports Jimmy Aki from Cryptonews. As Bitcoin approaches its halving tournament scheduled for April 2024 – a a must have second when mining rewards are halved – corporations are intensifying their efforts to manufacture developed mining machines.
This strategic initiative is geared in direction of enhancing mining efficiency, boosting profitability, and solidifying their positions within the cryptocurrency mining sector.
Hive Digital Applied sciences, infamous for its experience in knowledge centre operations, now no longer too long ago secured 7,000 S21 Antminers from Bitmain on December 21, 2023.
Source : cryptonews.com
