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Nasdaq Listed Chinese SaaS Company Set to Acquire 5600 BTC & ETH Mining Rigs

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Chinese Blockchain SaaS provider, Powerbridge Technologies Co., Ltd. has announced its recent partnership agreement with Cryptodigital Holdings Ltd. Both companies have signed a deal to buy a hefty figure of cryptocurrency mining machines. By October 2021, Powerbridge Technologies will bag a total of 5,600 Bitcoin (BTC) and Ethereum (ETH) Mining Rigs.

Sustainable BTC & ETH miners with high hash rates

5,600 mining rigs will be further divided into two categories with their respective BTC & ETH miners. The deal will incorporate 2,000 BTC miners including models like, Antminer S19 Pro, Antminer S19, and others that facilitate high hash rates, along with sustainable energy consumption. These BTC miners will have an expected hash rate of 200 PH/s. Furthermore, the second category will comprise 3,600 ETH miners, encompassing the futuristic RTX 3070, RTX 3060 Ti, along with other models. These are anticipated to have a hash rate of 1,700 GH/s.

As the Chinese SaaS solutions and Blockchain applications provider moves forward with its hefty incoming order of BTC and ETH mining rigs, it shares an optimistic growth expectation. Powerbridge Technologies revealed that after the first round of mining rigs are put to work, and the company’s crypto production potential hikes, they plan on incorporating more mining rigs in the foreseeable future.

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“Once these miners are deployed, we should start to see a sharp increase in our bitcoin and ethereum production capacity…We expect to continue to invest and acquire crypto mining machines to enhance our overall computing power for BTC and ETH.”, said Stewart Lor, President and Chief Financial Officer of Powerbridge Technologies.

Chinese Crypto Crackdown

Chinese government’s efforts at expanding the crypto crackdown stay at their peak. While crypto is being clamped down, China’s CBDC is gaining momentum in the nation. Recently, the People’s Bank of China’s Shenzhen province’s branch announced the closure of 11 companies that could be involved in virtual currency trading. Furthermore, China is keen on expanding its CBDC into the global market by testing cross-border e-commerce.

However, the authoritarian nation appears to be facing an internal uprising against the crypto crackdown. In the latest update, China’s district court announced the status of Bitcoin as digital property in a recently published piece. The Shanghai Minhang Court argued that BTC is a virtual asset that is disposable, exchangeable, and exclusive.

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Bitcoin

The Cycle Started, Mike Novogratz Says – Bitcoin Boom Is Here; Jack Dorsey Boosts BTC’s Price

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Mike Novogratz is one of the essential names in the crypto space which is celebrating the booming price of Bitcoin.

Check out what he had to share with his followers and Twitter fans:

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Someone hopped in the comments section and said this; ‘Anyone who has not yet embarked on the crypto band wagon is a simple minded idiot who knows nothing about markets, freedom or wealth creation.’

Jack Dorsey boosts the price of BTC

It’s been also revealed that Jack Dorse said that Square could build a BTC mining system – this obviously triggered a more massive price race for the king coin.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $61,118.15.

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CNBC online publication just noted that Square CEO Jack Dorsey said late on Friday the company is considering jumping into BTC mining business.

Dorsey tweeted that the company is considering a “bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”

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Dorsey’s goal would be to make crypto mining more accessible. We suggest that you check out the complete thread that Dorsey shared on his social media account in order to learn all the available details.

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Pantera Capital’s Dan Morehead: Bitcoin (BTC) Already Up 100% in This Bull Run

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How big is median increase in Bitcoin (BTC) price in bullish market phases?

As Bitcoin (BTC) reclaims $62,000 level, Dan Morehead, CEO of the first-ever cryptocurrency-focused VC firm in the U.S., shares the comprehensive statistics of the last six bull runs for Bitcoin.

Bitcoin (BTC) price doubled in 87 days: Bull Run 2021

According to the latest tweet by Mr. Morehead, the Bitcoin (BTC) price witnessed a 2x increase in the first 87 days of the ongoing bullish wave.

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Unlike many other experts, Mr. Morehead identifies two separate “bull run” phases in 2020-2021. During the previous one, between March 16, 2020, and April 14, 2021, it took 394 days for Bitcoin (BTC) to increase its price 13x and print a new all-time high.

According to his infographic, the most impressive rally ended with a 106x increase of the orange coin’s price in 2015-2017.

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That said, the median Bitcoin (BTC) price bull run lasted for 300 days and increased the “king coin’s price” by 15x.

Will Bitcoin ETF mark the top of the BTC cycle?

At the same time, according to “The Next Price Era” letter issued by Pantera Capital on Oct. 6, 2021, the hotly-anticipated approval of Bitcoin (BTC) ETFs is listed amidst the possible “sell the news” events.

Mr. Morehead noticed that the launch of CME Bitcoin Futures and Coinbase direct listing triggered painful bear markets:

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Will someone please remind the day before the bitcoin ETF officially launches?  I might want to take some chips off the table.

As covered by U.Today previously, similar statements were made by CNBC’s Jim Cramer.

The seasoned analyst also revealed his plans to “cash out” 50% of his Ethereum (ETH) bags.

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Bitcoin Will Significantly Underperform Altcoin Market As New Crypto Price Era Unfolds: Pantera Capital’s Dan Morehead

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The founder and chief executive officer of Pantera Capital says that investors can expect altcoins to outperform Bitcoin (BTC) in the long term.

In a recent edition of Pantera’s Blockchain Letter, the head of the digital asset management firm outlines Dan Morehead’s key quotes from the SALT 2021 conference in New York. During the conference, Morehead said that even though his company has greatly profited from BTC, he emphasized that most future crypto gains will come from altcoin investments.ADVERTISEMENT

“My perspective is: Bitcoin has been amazing – Pantera Bitcoin Fund is up 67,000% since inception. However, I think the majority of future gains will be from tokens outside of Bitcoin. I know that sounds heretical to some people here, but that’s my professional opinion.”

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Morehead compares the rise of Bitcoin and its competitors to that of the tech industry boom during the late 1990s.

“It’s like saying in 1998 that [the] majority of future tech gains would come from outside Microsoft.

At the time, Microsoft was worth $218 billion, Apple $3.5 billion, Amazon was $2.2 billion. Google and Facebook were zero – they didn’t even exist. In the years since Microsoft did great – it went up 10x. However, 80% of the tech gains in these five stocks came from outside Microsoft.

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That’s the view I have here – I think BTC is going to go up a ton – like 10x. It’s a great investment…[but] I think the broader portfolio is going to outperform.”

At time of writing, BTC has a market cap of $1.156 trillion while all altcoins combined have a market cap of $1.327 trillion, according to CoinMarketCap.

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