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Powerbridge to Deploy 2,600 Crypto Mining Rigs in Hong Kong
The Nasdaq-listed firm is launching its operations in Hong Kong while several other miners have recently been expanding their businesses in North America.
By Aoyon Ashraf
Updated May 11, 2023, 4:11 p.m. Published Oct 8, 2021, 3:20 p.m.
Powerbridge Technologies Co., Ltd. is launching bitcoin and ether mining operations in Hong Kong with a plan to deploy 2,600 high-performance mining rigs.
- The Zhuhai, China-based company announced Friday its fleet will include 600 high-performance bitcoin mining machines with a hashrate (computing power) of about 60 petahash per second, and 2,000 high-performance ethereum miners with a hashrate of approximately 1,000 gigahash per second.
- “We expect our high-performance, environmental-friendly crypto-mining fleets to significantly accelerate our revenue,” Powerbridge Technologies President Stewart Lor said in a statement on Friday.
- The company is a software as a service (SaaS) and blockchain applications provider, with the digital asset business headquartered in Singapore. Powerbridge announced in August it was expanding into bitcoin and ether mining.
- The technology company’s share price rose as much as 14% on Friday before paring some of its gains to be up about 3%. The stock has fallen about 48% this year versus the Nasdaq index climbing 17% in the same time period.
- On Aug. 25, Powerbridge said it signed a deal to buy 5,600 miners from Crypto Digital Holdings Ltd., to be delivered starting from Oct. 2021.
- Recently, crypto mining firms have been expanding their operations in North America, particularly in Texas. Argo Blockchain said earlier this year that by choosing the Texas location, it has been able to secure access to some of the “cheapest renewable energy worldwide.”
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Michael Saylor's Strategy Hangs on to Spot in Nasdaq 100 Index
The annual Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but bitcoin treasury company Strategy hung onto its spot.
What to know:
- Strategy (MSTR) will remain in the Nasdaq 100 index despite a major reshuffle, which saw several household names dropped.
- The firm's business model, which involves stockpiling bitcoin, has drawn criticism from analysts and index providers, with MSCI considering excluding crypto treasury companies from its benchmarks.
- The Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but Strategy's bitcoin-heavy strategy secured its spot.
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