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Chinese authorities are now going hammer and tongs to decimate the crypto mining industry in the country. As a result, some big players are now looking to make Hong Kong their base of operations.
On Friday, October 8, Powercrypto Holdings – a subsidiary of Powerbridge Technologies – has announced to launch a fleet of crypto miners for Bitcoin (BTC) and Ethereum (ETH) in Hong Kong. Powercrypto has ensured that all of its crypto mining operations will rely on environmental-friendly, green and sustainable energy.
As part of the plan, Powercrypto will be deploying 2,600 high-performance mining rigs in Hong Kong. this includes:
- 600 high-performance BTC mining machines with a hashrate of approximately 60 PH/s,
- 2,000 high-performance ETH mining machines with a hashrate of approximately 1,000 GH/s.
Investing heavily into ETH mining is a bold move from Powercrypto knowing the fact that the Ethereum (ETH) blockchain developers are gearing hard to move towards Proof-of-Stake (PoS) blockchain platforms. Speaking of the development, Sean Wang, Powercrypto’s General Manager and Chief Technology Officer, said:
“Powercrypto is a major strategic move by the Company to highlight our global presence in the crypto-mining business. We will focus on enhancing our overall hashrate level in BTC and ETH mining by setting up mining fleets in North America and Asia.”
China’s Heavy Crackdown On Crypto Mining
China has now added crypto mining to its draft list of industries wherein investment has been restricted. As a result, crypto mining now falls into the “negative list” of sectors and industries for both Chinese and foreign investors.
Amid the recent heavy-handed crackdown, nearly 20 companies have withdrawn from the Chinese market recently. The Jiangsu Provincial Government of China recently found that nearly 4,500 IPs were participating in crypto mining consuming 260,000 kWh of energy per day.
Some global analysts also believe that the China crypto ban has been due to the energy shortage which the Asian economic giant is facing.
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