Powerbridge Technologies Signs Deal with Cryptodigital Holdings to Acquire 2,000 BTC and 3,600 Ethereum Mining Rigs
Blockchain company Powerbridge Technologies has announced a contract with Cryptodigital Holdings to purchase a total of 5,600 cryptocurrency mining machines.
Under the agreement, Powerbridge will acquire 2,000 Bitcoin (BTC) miners and 3,600 Ethereum (ETH) miners. The Chinese firm stated in a press release that the mining equipment is expected to be ready for delivery in October.
Most of the BTC miners will be Bitmain’s latest Antminer models, including the Antminer S19 Pro and Antminer S19s. The Ethereum batch will consist of powerful rigs built around NVIDIA RTX 3070 and RTX 3060 Ti GPUs. Together, Powerbridge expects this purchase to boost its computational capacity, increasing Bitcoin mining hash rate by roughly 200 petahashes per second (PH/s) and Ethereum mining capacity by about 1,700 gigahashes per second (GH/s).
Stewart Lor, Chief Financial Officer of Powerbridge Technologies, said the company plans to expand its investments in cryptocurrency mining. The firm aims to grow its fleet to include the contracted 2,000 BTC miners and 3,600 ETH miners it expects to take delivery of.
The 5,600-rig purchase follows Powerbridge Technologies’ August 12 announcement of its entry into Bitcoin and Ethereum mining. A week later, the Nasdaq-listed company disclosed a partnership with Cryptodigital Holdings to leverage Cryptodigital’s expertise in securing Bitcoin and Ethereum mining equipment. Cryptodigital will also oversee Powerbridge’s mining operations in North America and Asia.
The Bitcoin mining sector has begun to stabilize after several turbulent months that followed strict enforcement actions against crypto-mining firms in China. The Bitcoin network’s hash rate, which fell to new lows after many miners shut down, has recovered significantly and currently sits at around 127 exahashes per second (EH/s) as operators relocate to regions with lower electricity costs.