Nasdaq-listed Powerbridge buys 5,600 BTC and ETH mining machines
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Nasdaq-listed Powerbridge buys 5,600 BTC and ETH mining machines

Saudu Clement
Saudu Clement

Powerbridge Technologies, a SaaS solutions and blockchain applications provider, has arranged the purchase of 5,600 Bitcoin and Ether mining rigs for an undisclosed amount.

The China-based company announced on Wednesday that it had entered into a purchase agreement with Cryptodigital Holdings to acquire the miners. A total of 2,000 BTC mining machines and 3,600 ETH miners are scheduled to be delivered, starting from October 2021.

In terms of hashing power, the 2,000 BTC miners, which comprises Antminer S19 Pro, Antminer S19, and other models will have an estimated hash rate of 200 PH/s. Whereas, the 3,600 ETH miners comprising of high-performance RTX 3070, RTX 3060 Ti, and other models are expected to push out 1,700 GH/s of hashing power.

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.

Due to the recent cryptocurrency clampdown in China, the deal will offer an additional hash rate to a network that has lost a large chunk of mining capacity. The NASDAQ-listed firm is striving to build a global network for clean-energy-based bitcoin and ether mining.