Powerbridge acquires 5,600 mining machines – Nairametrics

Nasdaq-listed Powerbridge Technologies, a SaaS (Software as a Service) answer and blockchain functions supplier, has organized the acquisition of 5,600 Bitcoin and Ether mining rigs from Cryptodigital Holdings.

Powerbridge is a China-based firm that integrates AI, massive knowledge, and IoT to supply SaaS platforms for cross-border e-commerce, provide chain, knowledge intelligence, and IoT functions and units.

It introduced yesterday that it had entered into a purchase order settlement with Cryptodigital Holdings to amass mining machines. A complete of two,000 BTC mining machines and three,600 ETH miners are scheduled to be delivered, ranging from October 2021.

In phrases of hashing energy, the two,000 BTC miners, which contains Antminer S19 Pro, Antminer S19, and different fashions may have an estimated hash charge of 200 PH/s. Whereas, the three,600 ETH miners comprising of high-performance RTX 3070, RTX 3060 Ti, and different fashions are anticipated to push out 1,700 GH/s of hashing energy.

Investment One

The announcement said that below the phrases of the Agreement, Cryptodigital will present associated companies to Powerbridge for buying the mining rigs in addition to creating and managing the mining operations in Asia and North America.

President and Chief Financial Officer of Powerbridge Technologies, Stewart Lor said, “We are delighted to have established a strategic partnership with Cryptodigital. We look ahead to working with Cryptogital’s crew of industry-leading professionals and leveraging their sources to persistently purchase miners. In addition, we’ll work carefully to develop and handle our world mining operations. We imagine that our partnership will considerably drive the Company to attain a aggressive degree of mining fleet and hashrate. Once these miners are deployed, we should always begin to see a pointy improve in our Bitcoin and Ethereum manufacturing capability […] We anticipate to proceed to take a position and purchase crypto mining machines to boost our general computing energy for BTC and ETH.”

What it’s best to know

Due to the latest cryptocurrency mining ban in China, the deal will supply an extra hash charge to a community that has misplaced a big chunk of mining capability. Powerbridge can be incentivizing inexperienced mining as the corporate is striving to construct a world community for clean-energy-based bitcoin and ether mining.

Powerbridge is buying and selling $1.36. It is down roughly 42% Year-to-Date (YtD) with a market capitalization of 65.64 million. It is down 0.74% pre-market, as of the time of this writing.

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