Through the deal with Cryptodigital Holdings, Powerbridge Technologies acquires 2,000 BTC and 3,600 Ethereum mining machines
Blockchain company Powerbridge Technologies has announced that it and Cryptodigital Holdings have reached an agreement to purchase 5,600 cryptocurrency mining machines.
According to the agreement, the company will acquire 2,000 BTC mining machines and an additional 3,600 for mining Ethereum (ETH). The mining machines are expected to be ready for delivery in October, the China-based company said in the press release.
Of the BTC mining rigs, a good number will be from the latest Bitmain models of the Antminer S19 Pro and Antminer S19s, while the Ethereum package will include powerful rigs put together using Nvidia’s RTX 3070 and RTX 3060 Ti. Together, Powerbridge expects to increase its computing power, with the hashrate reaching around 200 petahashes per second (PH / s) on the BTC rigs and 1,700 gigaashes per second (GH / s) on their Ethereum mining rigs.
Powerbridge Technologies’ chief financial officer (CFO), Stewart Lor, said the company plans to invest more in the crypto mining sector. The company wants to add more mining machines to the 2,000 BTC rigs and 3,600 ETH mining rigs it plans to acquire.
The purchase of the 5,600 machines follows Powerbridge Technologies’ announcement on August 12 of its debut in Bitcoin and Ethereum mining.
A week later, the Nasdaq-listed company announced a cooperation partnership with Cryptodigital Holdings to use its expertise to secure Bitcoin and Ethereum miners. The company should also oversee Powerbridge’s mining operations in North America and Asia.
The Bitcoin mining sector is only beginning to stabilize after a few rocky months following a crackdown on crypto mining companies in China. The hash rate of the Bitcoin network, which had fallen to new lows when the miners shut down, has also increased significantly and is currently around 127 EH / s as miners move to countries with cheaper electricity.