Powercrypto Holdings will begin mining BTC and ETH in Hong Kong.

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Throughout the operation process, the venture aims to use sustainable energy practises.

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 ambition with the inauguration of this venture is to increase the BTC and ETH hash rate level across the North American and Asian markets.

Analytical data revealed that Bitcoin’s current hash rate,  measured by terahashes per second, reads 150.29m across a seven-day average. This is a figure considerably higher than the two-year low of 84.8 during June this year.

Stewart Lor, President of Powerbridge Technologies, shared his company’s expectations for the future of this initiative both from a financial and environmental standpoint.

“We are very excited about our launch and positioning as a global presence in the cryptocurrency mining business. We expect our high-performance environmental-friendly crypto-mining fleets to significantly accelerate 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).

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The initiative was part of Hong Kong’s Fintech 2025 vision, a technological initiative to modernise the country’s infrastructure. Despite encouraging innovative practises 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.

 

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