Phoenix Technology Signs New Distributor Agreement with MicroBT, Selling Their WhatsMiner Brand

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.

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.

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.