Phoenix Technology Eyes Global Expansion and Announces an Investment of $300 Million
Phoenix Technology, one of the leading cryptocurrency mining hardware retailers, is eyeing global expansion in 2023 - after achieving unprecedented success in 2021/2022.
- Carl Agren appointed as the new CEO of Phoenix Technology
- Agren joins with plans to expand the company's operations to new markets globally
- Phoenix Technology signs an agreement, becoming the exclusive sales partner of WhatsMiner in the region
- $300 million investment for acquiring, developing, maintaining, and operating sites around the globe
The company behind the installation of the largest mining farm in the Middle East is spreading its roots beyond the region. The team is developing a large-scale site in the US that will be ready in Q2 of 2023 and will utilize advanced technologies, such as immersive cooling.
In August 2022, Phoenix Technology welcomed its new CEO, Carl Agren. He has over 20 years of technical management in the IT and now crypto industries. Agren has served previously as the company's Chief Operating Officer.
Munaf Ali, the Group CEO and Co-Founder commented "We are delighted with Carl's new appointment, having proven himself as COO, we look forward to Carl's contribution to execute our future plans and strategy. Having a background in Technology and Data-centres, we see Carl as the ideal person to drive forward our global expansion plans for new mining sites and crypto initiatives."
Building on this success, Phoenix Technology has entered into a strategic partnership agreement with MicroBT - a technology company based on blockchain and artificial intelligence, focusing on integrated circuit chips, products, and technical services - making it the exclusive sales partner of WhatsMiner in the region.
"I am very excited to embark on this new journey with Phoenix Technology. The company has so much potential, and there is no doubt that we will grow internationally," said Agren.
"Phoenix Technology is aiming to switch from a regional player in the mining space to a global one. In other words, developing, maintaining, and operating sites all around the world. We have been currently focusing on the North American markets, mainly the US and Canada. However, we are planning on setting foot in other regions to try to identify opportunities in untapped mining areas," he added.
Agren shared that Phoenix Technology is devoting $300 million to be invested in different sites that are development opportunities, under development, or currently operational.
"We are bullish about the overall market situation, and we are looking to invest our capital into diversified opportunities," he said.
Phoenix Technology has been doubling its efforts to expand its operations globally while maintaining its commitment to the environment. As a matter of fact, most of Phoenix Technology's mining facilities are on hydroelectric grids - the company is always keen on delivering sites that are green powered.
Moreover, Phoenix Technology is working closely with local municipalities and a crypto data center cooling business on new technologies - immersive and water-cooling technologies - that will improve energy usage by 20-30%.
As part of its expansion plan, Phoenix Technology is also working on several products that will change the mining game and help customers develop their capabilities. Phoenix Technology is also hoping to establish partnerships with other companies that are also pushing the boundaries of mining, such as gas flaring, to bring more technologically advanced solutions to the local market and globally.