Nasdaq-listed Powerbridge Technologies, a SaaS (Software as a Service) solution and blockchain applications provider, has arranged the purchase of 5,600 Bitcoin and Ether mining rigs from Cryptodigital Holdings.
Powerbridge is a China-based company that integrates AI, big data, and IoT to offer SaaS platforms for cross-border e-commerce, supply chain, data intelligence, and IoT applications and devices.
It announced yesterday that it had entered into a purchase agreement with Cryptodigital Holdings to acquire mining machines. A total of 2,000 BTC mining machines and 3,600 ETH miners are scheduled to be delivered, starting from October 2021.
In terms of hashing power, the 2,000 BTC miners, which comprises Antminer S19 Pro, Antminer S19, and other models will have an estimated hash rate of 200 PH/s. Whereas, the 3,600 ETH miners comprising of high-performance RTX 3070, RTX 3060 Ti, and other models are expected to push out 1,700 GH/s of hashing power.
The announcement stated that under the terms of the Agreement, Cryptodigital will provide related services to Powerbridge for acquiring the mining rigs as well as developing and managing the mining operations in Asia and North America.
President and Chief Financial Officer of Powerbridge Technologies, Stewart Lor stated, “We are delighted to have established a strategic partnership with Cryptodigital. We look forward to working with Cryptogital’s team of industry-leading professionals and leveraging their resources to consistently acquire miners. In addition, we will work closely to develop and manage our global mining operations. We believe that our partnership will substantially drive the Company to achieve a competitive level of mining fleet and hashrate. Once these miners are deployed, we should start to see a sharp increase in our Bitcoin and Ethereum production capacity […] We expect to continue to invest and acquire crypto mining machines to enhance our overall computing power for BTC and ETH.”
What you should know
Due to the recent cryptocurrency mining ban in China, the deal will offer an additional hash rate to a network that has lost a large chunk of mining capacity. Powerbridge is also incentivizing green mining as the company is striving to build a global network for clean-energy-based bitcoin and ether mining.
Powerbridge is trading $1.36. It is down approximately 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.