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Blockchain application developers and technology firm, Powerbridge Technologies Co., is expanding its business model to include crypto mining.
In an announcement on Aug 12, technology and blockchain developer Powerbridge Technologies Co. said that it plans to extend its business model to include crypto mining. The company is a Nasdaq registered firm and consists of two branches: Powerbridge SaaS and Powerbridge Blockchain.
The SaaS branch of the company integrates AI, big data, and IoT technologies in the form of SaaS solutions for international trade, e-commerce, and other use cases.
Its blockchain branch initially focused on IPFS distributed network services and industry-specific blockchain applications. However, with the latest announcement, this branch will now include cryptocurrency mining. Specifically, it plans to mine BTC and ETH.
Powerbridge compiled a team of industry experts to help guide the development of this new venture in decentralized technology.
The President and Chief Financial Officer, Stewart Lor, said the company is “optimistic” about the cryptocurrency market. His comment on mining hinted at an environmentally-friendly approach:
“Our initiative to engage in crypto mining is an important part of our overall blockchain strategy. We strive to continually build a clean, energy-based BTC and ETH mining network globally. We believe our crypto mining business will generate valuable digital assets that help accelerate the Company’s growth.”
Crypto mining concerns continue
Crypto mining remains a hot topic in the world of decentralized technologies. Some, like Powerbridge Technologies, are eager to jump into the area. While others are being hunted down by activists due to the environmental issues mining provokes.
Some countries like Iran and China, where Powerbridge is headquartered, imposed serious regional bans on crypto mining.
Nonetheless, as the crypto industry constantly reinvents itself through innovation, going green may not be as big of a challenge. Data from a Cambridge study revealed a major shift towards cleaner energy in the cryptocurrency industry.
As more firms jump into crypto mining, the industry will likely need to remain on top of controlling its ecological footprint in order to stay competitive.
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