Throughout the operation process, the venture aims to use sustainable energy practices.
Powercrypto Holdings, a subsidiary of blockchain software provider Powerbridge Technologies, has announced the launch of a sustainable cryptocurrency mining initiative for Bitcoin (BTC) and Ether (ETH) in Hong Kong.
The company intends to deploy a total of 2,600 first-grade mining rigs, including 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 announcement, Powercrypto’s ultimate goal with the launch of this venture is to raise the level of BTC and ETH hash rate in the North American and Asian markets.
According to data analysis, Bitcoin’s current hash rate, measured in terahashes per second, is 150.29m on a seven-day average. This is significantly higher than 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 expectations for the future of this initiative.
“We are very excited about our upcoming launch and position as a global presence in the cryptocurrency mining industry. We anticipate that our high-performance, environmentally friendly crypto-mining fleets will significantly increase our revenue.”
The Hong Kong Monetary Authority, or HKMA, issued an official white paper on Monday, proposing a year-long research and development effort to assess the viability of a central bank digital currency, colloquially known as the digital Hong Kong dollar (e-HKD).
The initiative was part of Hong Kong’s Fintech 2025 vision, a technological initiative to modernize the country’s infrastructure. Despite encouraging innovative practices in this sector, the country’s regulatory bodies have taken a dim view of the digital asset space. Hong Kong is currently governed politically as a Chinese special administrative region.