NewsletterPowercrypto Choses Hong Kong to Launch Crypto Mining Fleets for BTC & ETH Amid China Crackdown
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Amid the recent heavy-handed crackdown, nearly 20 companies have withdrawn from the Chinese market recently.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.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Do Kwon Faces Up to 12 Years in Prison Over ‘Colossal’ Role in $40B TerraUSD Collaps
- ProShares Drops 3x Bitcoin, Ethereum, XRP ETF Plans After SEC Pushback
- Bitcoin Eyes Fresh Demand as Indiana Advances Bill for Crypto Investments
- Crypto Bill Markup Unlikely This Month Amid DeFi, Stablecoin Yield and Conflict Disputes, Expert Says
- Breaking: U.S. PCE Inflation Rises To 2.8%, Bitcoin Falls
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
- Is Cardano Price at Risk of a 50% Crash Ahead of the Midnight Launch?
- Chainlink Price Prediction as Reserves Pass 1M LINK – Is $20 Next?
- Ethereum Price Breaks Out of Falling Wedge: Next Target Now Set at $5K
- Is ZCash Price Set for a Bigger Rally After Its 10% Surge on the Bitget Listing?
