UAE Crypto Mining Hardware Retailer Purchases 650 Million USD of Mining Rigs

Phoenix Technology's mining facility will consume over 600MW of electricity and will further expand to reach 1.4GW within the next 18-24 months, Ali stated.

Core Scientific co-founder and co-chairman, Darin Feinstein, congratulated the CEO on the purchase, adding that he is glad to see more decentralization of the Bitcoin network.

Bitmain is announcing its new miner during the conference, said Xiaotong Li, Sales Director of EMEA & CIS Region said at another presentation at WDMS.

Prior to this announcement reports claim that Bitcoin mining conglomerate, Bitmain has filed a listing application at the US SEC (Securities and Exchange Commission) with Deutsche Bank as an underwriter. The mining giant has already filed for IPO on the Hong Kong Stock exchange which was hesitant in accepting the listing at first but eventually did. Now that the Hong Kong listing is about to expire, Bitmain seems to be leaning more towards the US Securities Market.