Nasdaq-listed Powerbridge to start mining Bitcoin and Ethereum
As Bitcoin miners are relocating to new areas, there has been a growing interest in the United States for cryptocurrency mining. It was not only offering an alternative for suitable mining in Texas but also was seeing Nasdaq-listed companies enter the mining realm. According to the recent announcement from Powerbridge, a Nasdaq-listed, SaaS solutions company, is entering the crypto mining market.
As per its official announcement,
“Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) (“Powerbridge” or the “Company”) is pleased to announce that Powerbridge plans to invest and engage in the cryptocurrency mining for Bitcoin (BTC) and Ethereum (ETH) with planned operations globally.”
The $61 million company will be entering in the mining world with a specialized team directing the process. It aimed at taking on the task of mining cryptos globally. Keeping up with the green mining theme of the hour, the President and CFO, Stewart Lor stated,
“We are optimistic about the positive outlook of the cryptocurrency market. Our initiative to engage in crypto mining is an important part of our overall blockchain strategy. We strive to continually build a clean energy based BTC and ETH mining network globally.”
This was not the only instance that a Nasdaq-listed company was looking at the mining industry and its potential. There were several companies listed on Nasdaq that were making money off of crypto mining like Microstrategy Incorporated and ZK International Group Co., Ltd.
With energy-producing states like Pennsylvania, Texas, and Wyoming booming with miners, the U.S. surpassed Russia to become the second-largest market after China for BTC miners and other alts miners, as per the Cambridge Bitcoin Electricity Consumption Index.