Share this article
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.
Updated May 11, 2023, 7:03 p.m. Published Nov 9, 2021, 8:14 a.m.
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Higit pang Para sa Iyo
Standard Chartered, Coinbase Expand Crypto Prime Services for Institutions
The companies will explore the development of trading, prime services, custody, staking and lending solutions for institutional clients.
Ano ang dapat malaman:
- The enhanced partnership builds on the existing tie-up between Standard Chartered and Coinbase in Singapore.
- Standard Chartered provides banking connectivity that enables real-time Singapore dollar transfers for Coinbase’s customers.
Top Stories
