Powercrypto Holdings to start BTC and ETH mining in Hong Kong

Powercrypto Holdings has announced the launch of an eco friendly cryptocurrency mining initiative for Bitcoin BTC and Ethereum ETH in Hong Kong
Powercrypto Holdings has announced the launch of an eco friendly cryptocurrency mining initiative for Bitcoin BTC and Ethereum ETH in Hong Kong

Powercrypto Holdings, an arm of the blockchain software provider Powerbridge Technologies, has announced the launch of an eco-friendly cryptocurrency mining initiative for Bitcoin (BTC) and Ethereum (ETH) in Hong Kong.

According to reports, the company hopes to use about 2,600 first-grade mining rigs in total, which would be comprising of 600 BTC mining machines operating at a hashrate of 60 PH/s. Also, it will have a further 2,000 ETH mining machines with a hashrate power of 1,000 GH/s.

From Powercrypto’s announcement, it could be gathered that the main aim of this launch is to ensure that the hashrate levels of both the BTC and ETH, increases across the North American and Asian markets.

Current statistics also show that the current hashrate of Bitcoin, measured in terahashes per second, reads 150.29m across a seven-day average. That is a significantly higher figure than the 2-year low of 84.8 in June this year.

Powercrypto Holdings are full of expectations

President of Powerbridge Technologies, Stewart Lor has revealed the long-term expectations of his company regarding the launch. Speaking from both the financial and environmental angles, he expressed the company’s excitement about the launch. He then went on to speak about the expectations that the environmental-friendly crypto mining fleets will help in driving accelerated revenue. Also, he added that the company has now fully established itself as a reputable crypto mining business, even on the global community.

Recall that on October 4, the Hong Kong Monetary Authority (HKMA), released an official white paper, suggesting a research and development process that will take a full year. The process would be to appraise the reality of a central bank digital currency, popularly known as the digital Hong Kong dollar (e-HKD).

The idea is part of Hong Kong goals for Fintech 2025, a tech initiative aimed at advancing the country’s infrastructure in line with the demands of the modern day.