Powerbridge Technologies Signed a Purchase Agreement for 5,600 BTC and ETH Mining Machines

Rhea-AI Summary

Powerbridge Technologies (PBTS) announced a significant purchase agreement to acquire 5,600 cryptocurrency mining machines from Cryptodigital Holdings. The agreement, effective October 2021, includes 2,000 Bitcoin (BTC) miners and 3,600 Ethereum (ETH) miners, expected to enhance the company's mining capacity to 200 PH/s for BTC and 1,700 GH/s for ETH. This strategic move aims to boost production capabilities and is part of Powerbridge's ongoing investment in cryptocurrency technology.

Positive

• Acquisition of 5,600 mining machines enhances production capacity for BTC and ETH.
• Expected hash rate of 200 PH/s for BTC and 1,700 GH/s for ETH post-deployment.

Negative

• None.

ZHUHAI, China, Aug. 25, 2021 /PRNewswire/ -- Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) ("Powerbridge" or the "Company"), a SaaS solutions and Blockchain applications provider, today announced that the Company has entered into a cryptocurrency mining machine purchase agreement (the "Agreement") with Cryptodigital Holdings Ltd. Pursuant to the Agreement, the Company will acquire a total of 5,600 bitcoin (BTC) and ethereum (ETH) mining machines which are scheduled to be delivered starting from October 2021.

The above-mentioned 5,600 mining machines include 2,000 BTC miners and 3,600 ETH miners. The 2,000 BTC miners are composed of Antminer S19 Pro, Antminer S19 and other models with high hash rate and high energy efficiency, representing an expected hash rate of 200 PH/s. The 3,600 ETH miners are composed of high performance RTX 3070, RTX 3060 Ti and other models, representing an expected hash rate of 1,700 GH/s.

"Once these miners are deployed, we should start to see a sharp increase in our bitcoin and ethereum production capacity," said Stewart Lor, President and Chief Financial Officer of Powerbridge Technologies. "We expect to continue to invest and acquire crypto mining machines to enhance our overall computing power for BTC and ETH."

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 eCommerce, supply chain, data intelligence, and IoT applications and devices. Powerbridge Blockchain consists of BTC and ETH 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.

 

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SOURCE Powerbridge Technologies

FAQ

What is the significance of Powerbridge's mining machine purchase agreement?

Powerbridge's purchase agreement for 5,600 machines will significantly increase its Bitcoin and Ethereum mining capacity, enhancing its market position.

What types of mining machines is Powerbridge acquiring?

Powerbridge is acquiring 2,000 Bitcoin miners and 3,600 Ethereum miners, including models like Antminer S19 Pro and RTX 3070.

When will the new mining machines be delivered?

The mining machines are scheduled for delivery starting in October 2021.

How will the acquisition impact Powerbridge's stock (PBTS)?

The acquisition is expected to increase production capacity, potentially improving revenue and positively impacting PBTS stock.

What is the expected hash rate after deploying the new mining machines?

The expected hash rate will be 200 PH/s for Bitcoin and 1,700 GH/s for Ethereum.