CRYPTO

PowerCrypto Holdings will launch BTC and ETH mining in Hong Kong

Powerbridge Technologies, a subsidiary of blockchain software provider PowerCrypto Holdings, has announced the launch of a sustainable cryptocurrency mining initiative for Bitcoin (BTC) and Ether (ETH) in Hong Kong.

The company plans to deploy a total of 2,600 first-class mining rigs, including BHT BTC mining machines operating at a hash rate of PH0 pH / sec, as well as another 2,000 ETH mining machines that use a hash rate of 1,000. GH / s

According to the announcement, PowerCrypto’s ultimate ambition with the launch of this initiative is to increase the level of BTC and ETH hash rates across North America and Asian markets.

Analytical data revealed that Bitcoin’s current hash rate, measured by terahash per second, is 150.29m across a seven-day average. In June of this year, it was much higher than the two-year low of 84.8.

Stuart Lawer, president of Powerbridge Technologies, shared his company’s expectations for the future of the venture from a financial and environmental perspective.

“We are very excited about our launch and position as a global presence in the cryptocurrency mining business. We hope our high-performance eco-friendly crypto-mining fleet will significantly accelerate our revenue.”

Related: Hong Kong Landlords Lease Crypto Exchange Following Regulatory Transparency

On Monday, the Hong Kong Monetary Authority, or HKMA, released an official white paper, proposing year-round research and development efforts to assess the feasibility of a central bank’s digital currency, usually the digital Hong Kong dollar (E-HKD).

The initiative is part of Hong Kong’s vision for Fintech 2025, a technological initiative to move the country’s infrastructure forward in line with modern needs. Despite the proliferation of innovative practices in this niche, the country’s regulatory agencies have been hostile to the location of digital assets. Hong Kong is currently politically managed as a special administrative region of China.