Phoenix Group PLC, a bitcoin mining company from the UAE, has just inked a deal with Microbt that's over $380 million. Bijan Alizadehfard called this partnership a sign of his firm's "strategic foresight."
Under this agreement, Phoenix will get mining gear worth $136 million, plus there's an extra option for equipment totaling $246 million.
It's a piece of good news for Bitcoin miners in the UAE. However, the news about the Phoenix group order from Whatsminer is because they well-established cryptocurrency mining hardware retailer in UAE nothing more.
In addition, the group also provide exchange service with cloud mining, mining, and hosting service also in the USA, Canada, and Europe.
Hive Digital says BTC miners bought last Dec. have already paid themselves off
Hive Digital made a sizeable ASIC miner purchase in December 2022. Just one year later, thanks to a Bitcoin boom, the crypto miner says the rigs have paid for themselves.
Bitcoin miner Hive Digital Technologies says the move to acquire a fleet of Bitmain mining rigs in 2022 has already paid for itself, largely due to a significant increase in the price of BTC.
In a Dec. 8 statement, Hive Digital wrote that it had been acquiring mining rigs since the collapse of FTX, a decision it believes will put it in a favorable position for the upcoming Bitcoin halving, currently slated for April 2024.
https://cointelegraph.com/news/bitcoin-miner-hive-digital-asic-mining-rigs-break-even
With such a payback, many companies will still come to mining
They seem to order hydro-powered rigs or something similar if I understood it correctly. Makes me wonder how much it costs to run their rig if they manage to make a profit after a year. Sure, Bitcoin prices increase rapidly, but I don't think that's possible if their electricity cost is quite high/average. Is green energy popular in the UAE to begin with?
warning!may be removed quickly
wtf?green energy??
as long as there are many people like , they will continue to lie too
the big lie they told u ppl all about mining profitability(in collaboration with cryptocurrency trolls and owners) was basically purely political
all these real and sad stories are about countries where cryptocurrency mining is more profitable and cheaper
i think that if i mention the names of these countries, u will notice that this story is smelly
countries like russia and china and especially iran
new currencies should b made that r with the people, not with the system