Powerbridge Technologies acquires 5,600 BTC and ETH miners

The agreement with Cryptodigital Holdings will see Powerbridge Technologies acquire 2,000 BTC and 3,600 Ethereum mining machines.

Blockchain company Powerbridge Technologies has announced that an agreement has been reached between it and Cryptodigital Holdings, for the purchase of 5,600 crypto-currency mining machines.

As per the agreement, the company will acquire 2,000 machines to mine BTC and another 3,600 to mine Ethereum (ETH). The mining machines are expected to be ready for delivery in October, the China-based company said in its press release.

Of the BTC mining platforms, many will consist of the latest Bitmain Antminer S19 Pro and Antminer S19s models, while the Ethereum batch will contain powerful platforms assembled using Nvidia’s RTX 3070 and RTX 3060 Ti. Together, Powerbridge plans to harness its computing power, with the hashrate reaching about 200 petahashes per second (PH/s) for the BTC platforms and 1,700 gigahashes per second (GH/s) for the Ethereum mining platforms.

According to Stewart Lor, CFO of Powerbridge Technologies, the company plans to invest more in the crypto-currency mining sector. The company is looking to add more mining machines to the 2,000 BTC mining platforms and 3,600 ETH mining platforms it plans to acquire.

The purchase of the 5,600 machines follows Powerbridge Technologies’ August 12 announcement of its debut in the Bitcoin and Ethereum mining business.

A week later, the Nasdaq-listed company announced a collaborative partnership with Cryptodigital Holdings, with the aim of using the latter’s expertise to secure Bitcoin and Ethereum miners. The company was also to oversee Powerbridge’s mining operations in North America and Asia.

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The Bitcoin mining industry is only beginning to stabilize after a few rough months following the crackdown on crypto-currency mining companies in China. The Bitcoin network hashrate, which had fallen to its lowest level when miners went out of business, has also recovered significantly to currently hover around 127 EH/s as miners move to countries with cheaper electricity.