Powerbridge Technologies Establishes Cryptocurrency Mining Fleets for Bitcoin and Ethereum in Hong Kong
Powerbridge Technologies (Nasdaq: PBTS) has announced the launch of its cryptocurrency mining operations in Hong Kong, through its subsidiary, Powercrypto Holdings. The initiative involves deploying 2,600 high-performance mining rigs, including 600 for Bitcoin (BTC) and 2,000 for Ethereum (ETH), utilizing environmentally sustainable energy sources. The company aims to enhance its global presence in the crypto-mining sector while significantly boosting revenue. Powerbridge's strategic expansion includes plans for additional mining fleets across North America and Asia.
- Launch of cryptocurrency mining operations in Hong Kong.
- Deployment of 2,600 high-performance mining rigs, including 600 BTC and 2,000 ETH mining machines.
- Utilization of environmentally friendly energy for mining operations.
- Strategic goal to enhance global presence in the crypto-mining business.
- Dependence on cryptocurrency market fluctuations could affect profitability.
- Operational risks associated with cryptocurrency mining technology.
ZHUHAI, China, Oct. 8, 2021 /PRNewswire/ -- Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) ("Powerbridge" or the "Company"), a SaaS solutions and Blockchain applications provider, is proud to announce that Powercrypto Holdings ("Powercrypto"), a subsidiary of the Company, is launching cryptocurrency mining, specifically bitcoin (BTC) and ethereum (ETH), in Hong Kong. These cryptocurrency operations will utilize environmental-friendly, green and sustainable energy.
Powercrypto expects to complete the deployment of 2,600 high-performance mining rigs in Hong Kong, encompassing 600 high-performance BTC mining machines with a hashrate of approximately 60 PH/s, and 2,000 high-performance ETH mining machines with a hashrate of approximately 1,000 GH/s.
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 hashrate level in BTC and ETH mining by setting up mining fleets in North America and Asia."
Powerbridge Technologies President Stewart Lor, 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."
About Powerbridge Technologies
Powerbridge Technologies Co., Ltd., a growth-driven technology company is primarily engaged in SaaS solutions and Blockchain applications. Powerbridge SaaS integrates AI, big data, and IoT offering SaaS platforms for cross-border e-commerce, supply chain, data intelligence, and IoT applications and devices. Powerbridge Blockchain consists of BTC and ETC mining and digital assets, IPFS distributed network services, and industry-specific Blockchain applications. For more information, visit www.powerbridge.com/ir.
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements; specifically, the Company's statements regarding listing on the NASDAQ Capital Market and the IPO are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
Investor Relations
Powerbridge Technologies
ir@powerbridge.com
ClearThink
nyc@clearthink.capital
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SOURCE Powerbridge Technologies
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