Powercrypto Holdings, a subsidiary of blockchain software company Powerbridge Technologies, has announced the beginning of a sustainable cryptocurrency mining program in Hong Kong for Bitcoin (BTC) and Ether (ETH).
The company intends to install a total of 2,600 first-grade mining rigs, which will include 600 BTC mining machines with a hash rate of 60 PH/s and 2,000 ETH mining machines with a hash rate of 1,000 GH/s.
According to the statement, Powercrypto’s ultimate goal with the launch of this endeavour is to raise the hash rate of BTC and ETH in the North American and Asian markets.
Bitcoin’s current hash rate, measured in terahashes per second, is 150.29m on a seven-day average, according to analytical data. This is a significant increase from the two-year low of 84.8 in June of this year.
Stewart Lor, President of Powerbridge Technologies, discussed his company’s financial and environmental aspirations for this initiative’s future.
“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.”
The Hong Kong Monetary Authority, or HKMA, issued an official white paper on Monday proposing a year-long research and development initiative to assess the viability of a central bank digital currency, dubbed the digital Hong Kong dollar (e-HKD).
The program was part of Hong Kong’s Fintech 2025 strategy, a technical endeavour aimed at modernizing the country’s infrastructure.
Despite encouraging creative practices in this field, the country’s regulatory organizations have viewed digital assets with suspicion. Hong Kong is currently governed as a Chinese special administrative territory.
