Nasdaq Listed Chinese SaaS Company Set to Acquire 5600 BTC & ETH Mining Rigs

By Palak Malhotra
Published August 25, 2021 Updated August 30, 2021
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Nasdaq Listed Chinese SaaS Company Set to Acquire 5600 BTC & ETH Mining Rigs

By Palak Malhotra
Published August 25, 2021 Updated August 30, 2021

Chinese Blockchain SaaS provider, Powerbridge Technologies Co., Ltd. has announced its recent partnership agreement with Cryptodigital Holdings Ltd. Both companies have signed a deal to buy a hefty figure of cryptocurrency mining machines. By October 2021, Powerbridge Technologies will bag a total of 5,600 Bitcoin (BTC) and Ethereum (ETH) Mining Rigs.

Sustainable BTC & ETH miners with high hash rates

5,600 mining rigs will be further divided into two categories with their respective BTC & ETH miners. The deal will incorporate 2,000 BTC miners including models like, Antminer S19 Pro, Antminer S19, and others that facilitate high hash rates, along with sustainable energy consumption. These BTC miners will have an expected hash rate of 200 PH/s. Furthermore, the second category will comprise 3,600 ETH miners, encompassing the futuristic RTX 3070, RTX 3060 Ti, along with other models. These are anticipated to have a hash rate of 1,700 GH/s.

As the Chinese SaaS solutions and Blockchain applications provider moves forward with its hefty incoming order of BTC and ETH mining rigs, it shares an optimistic growth expectation. Powerbridge Technologies revealed that after the first round of mining rigs are put to work, and the company’s crypto production potential hikes, they plan on incorporating more mining rigs in the foreseeable future.

“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.”, said Stewart Lor, President and Chief Financial Officer of Powerbridge Technologies.

Chinese Crypto Crackdown

Chinese government’s efforts at expanding the crypto crackdown stay at their peak. While crypto is being clamped down, China’s CBDC is gaining momentum in the nation. Recently, the People’s Bank of China’s Shenzhen province’s branch announced the closure of 11 companies that could be involved in virtual currency trading. Furthermore, China is keen on expanding its CBDC into the global market by testing cross-border e-commerce.

However, the authoritarian nation appears to be facing an internal uprising against the crypto crackdown. In the latest update, China’s district court announced the status of Bitcoin as digital property in a recently published piece. The Shanghai Minhang Court argued that BTC is a virtual asset that is disposable, exchangeable, and exclusive.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
406 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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