Powerbridge Technologies Co. Ltd (NASDAQ:PBTS) fell 2% after announcing the signing of a crypto mining machines purchase agreement with Cryptodigital Holdings Ltd. According to the agreement, the company will buy around 5,600 ETH and BTC mining machines expete3d to be delivered beginning October 2021.
The machines include 3,600 Ethereum miners comprising the high-performance RTX3060 Ti, RTX 3070 z, and other models with a hash rate of 1,700 GH/s with the 2000 Bitcoin miners comprising of Antiminer S19, Antiminer S19 Pro, and other miners with higher hash rate and energy efficiency with expected 100PH/s hash rate.
Powerbridge Technologies CFO and President Stewart Lor said that once the company deploys the miners, they expect to see a considerable Ethereum and bitcoin production increase. Additionally, Stewart confirmed that they would continue investing and acquiring cryptocurrency mining machines to improve overall computing power for ETH and BTC. Besides crypto mining, Powerbrige also offers IPFS distributed network solutions and select industry blockchain solutions. Therefore, PBTS is worth keeping an eye on in the coming weeks.
Market Reaction:
On Wednesday, PBTS stock fell 2.16% at $1.36 with more than 16.09 million shares, compared to its average volume of 8.36 million shares. The stock has moved within a range of $1.3200 – 1.6399 after opening the trade at $1.47.
