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Powercrypto Holdings, a subsidiary of the blockchain software provider Powerbridge Technologies, is launching cryptocurrency mining, specifically Bitcoin (BTC)and Ethereum (ETH), in Hong Kong. These cryptocurrency operations will utilize environmental-friendly, green, and sustainable energy. This announcement was made in a press release on Friday, October 8, 2021
Powerbridge Technologies is a growth-driven technology company primarily engaged in SaaS solutions and Blockchain applications.
Launching Crypto Mining In Hong Kong
Powerbridge Technologies plans to deploy a total of 2,600 high-performance mining rigs in Hong Kong, including 600 BTC mining machines working at a hash rate of approximately 60 PH/s. It also includes 2,000 ETH mining machines, with a hash rate power of approximately 1,000 GH/s.
According to the announcement, Powercrypto aims to increase the BTC and ETH hash rate levels across the North American and Asian markets.
Related Reading | Since China’s Mining Ban, Bitcoin Hashrate Has Recovered by 68% And Counting
Sean Wang, Powercrypto’s General Manager and Chief Technology Officer, stated that: “Powercrypto is a major strategic move by the Company to highlight our global presence in the crypto-mining business. We will focus on enhancing our overall hash rate level in BTC and ETH mining by setting up mining fleets in North America and Asia.”
In its global BTC and ETH mining, the company plans to focus on maximizing the use of carbon-free clean energy power. Powerbridge Technologies President Stewart Lor, also commented, “We are very excited about our launch and positioning as a global presence in the cryptocurrency mining business. We expect our high-performance environmental-friendly crypto-mining fleets to significantly accelerate our revenue.”
Related Reading | Value Of Ethereum Held By Miners Reaches Five-Year Record Levels
Powerbridge Technologies states that it plans to increase its bitcoin miners with an expected capacity of 10,000 miners and an expected hash rate of 728 PH/S. Additionally, according to the company, its proprietary AI/GPU operating system can support up to 100,000 ETH miners in operation.
Powercrypto Holdings: A Subsidiary Of Powerbridge Technologies
Powerbridge Technologies established Powercrypto Holdings, its new Singapore-based subsidiary for its Crypto Mining and Digital Asset operations, late last month.
Powercrypto focuses on green renewable energy-powered crypto mining farms with its intended worldwide operations. The announcement states that the subsidiary strives to become one of the most competitive Bitcoin and Ethereum mining companies. The President of Powerbridge Technologies believes that Powerbridge is well-positioned to accelerate the growth of its crypto businesses and generate promising revenue from it.
BTC trading at $54.9K | Source: BTCUSD on TradingView.com
A few days ago, the company announced the appointment of Sean X. Wang as General Manager and Chief Technology Officer of Powercrypto Holdings. Mr. Wang, a blockchain expert, was brought on to lead the operations and technology development of Powercrypto’s crypto mining business. He reportedly has wide-ranging expertise in the fields of crypto mining and digital assets operations, having managed and operated mining fleets with nearly forty thousand Bitcoin and Ethereum mining rigs.
Digital Currencies In Hong Kong
Hong Kong has played a crucial role in the history of cryptocurrencies. It is the birthplace of some of the world’s largest crypto companies. Tether, the world’s largest stablecoin, was also launched here.
Hong Kong is a metropolitan area and special administrative region of China. Therefore, unfavorable regulations have affected the digital assets space in the region. However, it has been making efforts to develop its Central Bank Digital Currency (CBDC), e-HKD since 2017.
Featured image by CoinGeek, Chart from TradingView.com
