Powerbridge Technologies set to purchase 5,600 crypto mining rigs | Invezz

Powerbridge Technologies, a blockchain Software as a Service (Saas) and applications provider, has entered into a deal to purchase crypto mining equipment from Cryptodigital Holdings. A press release unveiled this news on August 25, noting the agreement will see Powerbridge Technologies buy 5,600 crypto mining rigs. Reportedly, Cryptodigital Holdings will start shipping the rigs in October 2021.

According to the news release, the shipment will comprise 2,000 Bitcoin (BTC/USD) miners and 3,600 Ethereum (ETH/USD) miners. The BTC rigs will include Antminer S19 Pro and S19 variants, among other energy-efficient models that boast high hash rates. Combined, the 2,000 rigs are expected to deliver a hash rate of 200PH/s. On the other hand, the ETH miners will consist of high-performance RTX 3070 and RTX 3070i models, among others. Their total hash rate is expected to reach 1,700GH/s.

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Commenting on this development, Powerbridge Technologies’ President and CFO, Stewart Lor, said the firm expects a sharp increase in its BTC and ETH production capacity once it sets up these rigs. He added that Powerbridge Technologies intends to continue purchasing more crypto miners to boost its overall computing power for mining the two leading cryptocurrencies.

Moving swiftly to tap into the benefits of crypto

This news comes after Powerbridge Technologies first disclosed that it intends to expand its operations by investing and engaging in the mining of BTC and ETH on August 12. The organization further revealed that it had already created a team, which comprises industry experts, to support the development and growth of its crypto business.

At the time, Lor said,

We are optimistic about the positive outlook of the cryptocurrency market. 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.

Following this news, Powerbridge Technologies’ stock, PBTS, surged by 52% to trade as high as $2.10 (£1.53). Trading volume also rose from a daily average of about 3.4 million shares to set a record at 111.8 million shares. At the time of writing, 2:26 PM UTC, PBTS is trading at $1.35 (£0.98) after shedding 2.88% of its value over the past 24 hours.

The crypto market is also bleeding, with BTC is changing hands at $47,943.77 (£34,936.86) after losing 1.28% over the past 24 hours. On the other hand, ETH is down 3.22% in a day to trade at $3,163.93 (£2,305.57).

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