May 21, 2022

JIC News

The latest cryptocurrency market news for today.

Powerbridge to Deploy 2,600 Crypto Mining Rigs in Hong Kong

1 min read

Powerbridge Technologies Co., Ltd. is launching bitcoin and ether mining operations in Hong Kong with a plan to deploy 2,600 high-performance mining rigs, the Zhuhai, China-based company announced Friday.

  • Powerbridge’s fleet will include 600 high-performance bitcoin mining machines with a hashrate of about 60 petahash per second, and 2,000 high-performance ethereum miners with a hashrate of approximately 1,000 gigahash per second.
  • “We expect our high-performance environmental-friendly crypto-mining fleets to significantly accelerate our revenue,” Powerbridge Technologies President Stewart Lor said in a statement on Friday.
  • The company is a SaaS solutions and blockchain applications provider, with their digital asset business headquartered in Singapore. Powerbridge announced in August that it was expanding into bitcoin and ether mining.
  • The technology company’s share price rose as much as 14% on Friday, before paring some of its gains to be up about 3%. The stock has fallen about 48% this year versus Nasdaq index climbing 17% in the same time period.
  • On Aug. 25, Powerbridge said it signed a deal to buy 5,600 miners from Cryptodigital Holdings Ltd., to be delivered starting from Oct. 2021.
  • Recently, crypto mining firms have been expanding their operations in North America, particularly in Texas. Argo Blockchain said earlier this year that by choosing the Texas location, it has been able to secure access to some of the “cheapest renewable energy worldwide.”

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