- Phoenix Technology is in talks to launch an IPO in Abu Dhabi.
- The firm has previously launched a mining facility with a planned capacity of 1.4GW.
Mining equipment provider Phoenix Technology plans to launch an initial public offering (IPO) in Abu Dhabi as early as 2023, Bloomberg reported, citing its sources.
The talks are at an early stage, according to the publication. As such, the exact timing of the company’s entry into the stock market as well as the volume of shares is subject to change.
Phoenix Technology was established in 2015. The operator’s installations in the US, Europe and the Middle East have a total capacity of about 700 megawatts in 2023, the publication notes.
In November 2021, Phoenix Technology announced the launch of a new mining facility in the UAE. The company purchased $650 million worth of equipment for it. After 18-24 months, it was expected to have a total capacity of about 1.4 GW.
We previously covered a report by analysts at Coin Metrics regarding the state of the mining industry. According to it, market participants earned $184 million in commissions in Q2 2023.
Before that, in May 2023, The Block Research experts noted a 13.7% increase in miners’ revenues. This came amid a spike in the bitcoin network’s exchange rate and transaction volume.
Mining complexity reached a new peak in mid-June 2023. At the time of writing, it stands at 52.33 trillion, according to BTC.com. An increase in that rate brings the halving date closer, when miners’ earnings will be cut in half.
An increase in that rate brings the halving date closer, when miners’ earnings will be cut in half.