DUBAI, UAE , Nov. 18, 2022 /PRNewswire/ — Phoenix Technology, one of the leading cryptocurrency mining hardware retailers in the region and part of the wider Phoenix Group of companies, announced today that it has entered a strategic, exclusive, regional partnership agreement with MicroBT, a technology company based on blockchain – to sell their WhatsMiner brand in the GCC countries (UAE, Bahrain, KSA, Oman, Qatar and Kuwait), Egypt and Turkey market.
The new distributor agreement is a win-win scenario for both companies, as the products will be exclusively distributed across the world, online and physical, through the Phoenix Store located on Sheikh Zayed Road, Dubai, UAE.
Carl Agren, CEO of Phoenix Technology, commented, “I’m very excited about this strategic partnership. WhatsMiner by MicroBT is one of the leading brands for manufacturing mining equipment. They are already very successful in the rest of the world and would like to strengthen their presence in the MENA market with the support of Phoenix Technology.”
Adhering to the business philosophy of “perfection, win-win, integrity”, MicroBT, which was founded in 2016 and is headquartered in Shenzhen with R&D centers in Beijing and Shanghai, provides customers with high-quality products and services, and has become an industry leader in the field of blockchain servers.
In 2020, MicroBT became one of the top 100 taxpayers in Nanshan District, Shenzhen. In 2021, it further initiated global development and set up an overseas operation platform.
Dr. Yang, Founder of MicroBT, said, “With our technical background, we noticed that blockchain technology is truly the key to a decentralized and advanced world. As the technology grows by the day, we are happy to partner with Phoenix Technology to spread these solutions worldwide, especially in the MENA region.” He added, “This partnership will take both companies to new heights, and I am looking forward to working closely with both teams.”
According to the latest market forecast report by Technavio, the Cryptocurrency Mining Hardware Market share is set to increase by $12 billion from 2022 to 2027. The momentum of growth in the market is going to accelerate at a CAGR of 11.35%. The market will also experience a 10.71% Y-O-Y growth rate during this period.
In addition, given that the UAE is a crypto-friendly country, it is important to note that the mining business has dramatically grown in the territory. In fact, although Bitcoin mining started with solo miners quietly building up currency reserves on their home computers, those days are long gone.
UAE-based Phoenix Technology has embarked on establishing a $2 billion crypto-mining farm in the UAE, which will be the biggest mining site in the area. The project will be finalized within six months, giving the region a taste of technological advancement and development.
ABOUT PHOENIX TECHNOLOGY
Established in 2015, Phoenix Technology (part of the wider collective of companies, the ‘Phoenix Group’), is recognized as one of the leaders in the blockchain and cryptocurrency arena with global operations of more than 700MW across the USA, Canada, Europe, and the Middle East.
Phoenix Technology is currently also developing one of the largest mining facilities in the Middle East and carries exclusive distribution rights for numerous technology hardware manufacturers across the Middle East, Africa, and Turkey.
Phoenix Technology, along with its subsidiaries (Phoenix Store, Phoenix Technology Consultants, Phoenix Data Center, Phoenix Science & Technology, Phoenix Trading, PTC Cloud Mining, Block One Technology, Block Zero Technology, and Absolute Power Solutions), equips its clients with the latest, state-of-the-art mining hardware, customized mining equipment, and hosting solutions for all mined assets.
About MicroBT: Founded in 2016, MicroBT (www.microbt.com) is a technology company based on blockchain, focusing on the R&D, production and sales of integrated circuit chips and products, and provides high performance computing system solutions and technical service.
About WhatsMiner: WhatsMiner (www.whatsminer.com) is a leading brand of mining hardware and chip design developed by MicroBT. As one of the most efficient and cost-effective mining brands on the market, WhatsMiner is widely used in retail and institutional mining by customers around the world.
For more information contact:
Phoenix Technology: [email protected]
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SOURCE Phoenix Technology