Powerbridge Technologies Co., Ltd. (NASDAQ: PBTS) has participated in a cryptocurrency mining machine purchase agreement with Cryptodigital Holdings Ltd, according to prnnewsire.com.
The company will acquire 5,600 Bitcoin (BTC) and Ethereum (ETH) mining equipment under the terms of the agreement, with delivery anticipated to begin in October 2021.
Among the 5,600 mining equipment stated above comprise 2,000 BTC miners and 3,600 ETH miners. It is estimated that the 2,000 BTC miners will have a hash rate of 200 PH/s, whereas the 3,600 ETH miners will have 1,700 GH/s of hashing power.
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President and Chief Financial Officer of Powerbridge Technologies, Stewart Lor, stated:
“Once these miners are deployed, we should start to see a sharp increase in our Bitcoin and Ethereum production capacity <..> We expect to continue to invest and acquire crypto mining machines to enhance our overall computing power for BTC and ETH.”
Powerbridge’s positive outlook on crypto market
Whatsmore, the company’s president indicated that they share the worldwide enthusiasm about the cryptocurrency industry; as part of its broader blockchain strategy, it’s taken the effort to engage in crypto mining. As a result of its crypto mining operations, Lor expects the firm to generate valuable digital assets that will assist expedite its growth.
Powerbridge is continually striving to develop an energy-efficient BTC and ETH mining network throughout the world; as a result, it has put together a dedicated staff to work on its cryptocurrency mining strategy.
Listed on the Nasdaq stock exchange, Powerbridge provides SaaS solutions (Powerbridge SaaS) and Blockchain applications (Powerbridge Blockchain). BTC, ETC mining, IPFS distributed network services, and industry-specific blockchain applications make up Powerbridge Blockchain’s offerings.
As a result of the recent cryptocurrency mining restriction in China, the business will offer additional hashrate to a network that has lost a substantial chunk of mining capacity.
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