Hassan Maishera
The cryptocurrency mining sector has grown massively over the past few years, and more companies are starting to venture into the industry.
Powerbridge purchases over 5,000 BTC and ETH miners
Powerbridge Technologies announced earlier today that it had signed an agreement to purchase 5,600 Bitcoin and Ethereum mining machines. The acquisition would allow the SaaS solutions and Blockchain applications provider to expand its presence in the cryptocurrency mining sector.
In a press release earlier today, Powerbridge said, “The above-mentioned 5,600 mining machines include 2,000 BTC miners and 3,600 ETH miners. The 2,000 BTC miners are composed of Antminer S19 Pro, Antminer S19 and other models with high hash rates and high energy efficiency, representing an expected hash rate of 200 PH/s. The 3,600 ETH miners are composed of high-performance RTX 3070, RTX 3060 Ti and other models, representing an expected hash rate of 1,700 GH/s.”
Stewart Lor, President and Chief Financial Officer of Powerbridge Technologies, said the acquisition of the mining machines would increase the company’s bitcoin and ethereum production capacity. Furthermore, he expects the company to continue investing and acquiring crypto mining machines to boost its overall computing power for BTC and ETH.
Powerbridge Technologies is a leading SaaS solution and Blockchain, application provider. The company is known for offering SaaS platforms for cross-border eCommerce, supply chain, data intelligence, and IoT applications and devices. Furthermore, Powerbridge is one of the companies that is currently investing heavily in cryptocurrency mining.
The cryptocurrency mining ecosystem has shifted in recent months, with China clamping down on miners operating in the country. This has caused several Chinese miners to migrate to more favorable countries such as Kazakhstan, the United States and Russia.
Bitcoin and the broader cryptocurrency market had underperformed in recent days, with BTC’s price dropping to the $47k region over the past few hours,
