Phoenix Group PLC, a blockchain and cryptocurrency mining firm, has strengthened its position in the Bitcoin mining industry with significant investments and partnerships.

The company recently acquired mining machines worth $187 million from Bitmain, increasing its hashing power and becoming a global leader in Bitcoin mining.

Phoenix Group's past milestones include investments in hardware from WhatsMiner and a successful IPO on the Abu Dhabi Securities Exchange.

The CEO of Phoenix Group believes these partnerships are crucial for accessing advanced technology and driving company growth.

The IPO of Phoenix Group received a positive market response, with shares peaking at 2.32 AED and a market capitalization of 14.5 billion AED.

The bitcoin mining rig market is becoming more competitive as other companies also make significant purchases from Bitmain and Microbt, especially as the network halving approaches.