Phoenix Technology Eyes Global Expansion, Announces $300 Million Investment

  • Agren joins plans to expand company’s business into new markets around the world
  • Phoenix Technology signed a contract to become the exclusive sales partner of Whatsminer in the region
  • $300 million investment to acquire, develop, maintain and operate sites worldwide

DUBAI, United Arab Emirates — Phoenix Technology, one of the leading cryptocurrency mining hardware retailers, is eyeing global expansion in 2023 after an unprecedented success in 2021/2022.

The company that installed the largest mine in the Middle East is expanding its roots beyond the region. The team is developing a large site in the US that will be ready by the second quarter of 2023 and will utilize advanced technologies such as immersion cooling.

In August 2022, Phoenix Technology ushered in a new Carl Agren CEO. He has over 20 years of technical management experience in IT and now the crypto industry. Agren previously served as the company’s chief operating officer.

Group CEO and co-founder Munaf Ali commented: “We are delighted with Carl’s new appointment, proving himself as COO, and we look forward to Carl’s contributions to the execution of our future plans and strategies. Owning the technology and data With the central context, we see Carl as the ideal person to drive our global expansion plans for new mining farms and crypto initiatives.”

On the basis of this success, Phoenix Technology has reached a strategic cooperation agreement with MicroBT, a technology company based on blockchain and artificial intelligence, focusing on integrated circuit chips, products and technical services, making it a WhatsMiner Exclusive Sales Partner in this area.

“I am very excited to embark on this new journey with Phoenix Technologies. The company has a lot of potential and there is no doubt that we will grow internationally,” Agren said.

“Phoenix Technologies aims to transform from a regional player in mining to a global player. In other words, to develop, maintain and operate sites around the world. We have currently been focusing on the North American market, primarily the US and Canada … However, we are planning to venture into other regions to try and find opportunities in untapped mining areas,” he added.

Agron shares that Phoenix Technologies is working on $300 million Invest in different locations that have growth opportunities, are under development or are currently operating.

“We are bullish on the overall market situation and we are looking to diversify our capital into opportunities,” he said.

Phoenix Technology has been doubling down on its efforts to expand its global business while maintaining its commitment to the environment. In fact, most of Phoenix’s mining facilities are on the hydroelectric grid – a site the company has been keen to provide green power.

Additionally, Phoenix Technologies is working closely with local municipalities and encrypted data center cooling businesses to develop new technologies — immersion and water cooling — that will increase energy usage by 20-30%.

As part of its expansion plans, Phoenix Technologies is also working on developing a variety of products that will change the mining game and help customers develop their capabilities. Phoenix Technologies is also looking to form partnerships with other companies that are also pushing the boundaries of mining, such as natural gas flaring, to bring more technologically advanced solutions to the local market as well as the global market.

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About Phoenix Technology

Founded in 2015 (part of a broader group of companies, the “Phoenix Group”), Phoenix Technologies is recognized as one of the leaders in the blockchain and cryptocurrency space in the United States, Canada, Europe, and the Middle East.

Phoenix Technology is also currently developing one of the largest mining facilities in the United Arab Emirates and has exclusive distribution rights to numerous technology hardware manufacturers in the Middle East, Africa and Turkey.

Phoenix Technology and its subsidiaries (Phoenix Mall, Phoenix Technology Consultants, Phoenix Data Center, Phoenix Technology, Phoenix Trading, PTC Cloud Mining, Block One Technology, Block Zero Technology and Absolute Power Solutions) provide their clients with the latest, most advanced of mining hardware, custom mining equipment and custody solutions for all mining assets.

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