Nasdaq-listed Company to Start Mining Bitcoin, Stock Rises by 58%
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Chinese SaaS-focused company Powerbridge Technologies (NASDAQ: PBTS) plans to join the cryptocurrency market by investing in mining. The company said in a press release, it will engage in the cryptocurrency mining for bitcoin (EXANTE: Bitcoin) and ether (ETH).

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Powerbridge has reportedly already assembled a team to support the development and growth of its cryptocurrency business. Powerbridge CFO, Stewart Lor, says the company is 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," Lor added.

Shares of Powerbridge rose sharply on the news, climbing nearly 60%. As of press time, PBTS is trading at the $2.02 mark, according to EXANTE.

Nasdaq-listed Company to Start Mining Bitcoin, Stock Rises by 58%
Riot Blockchain Purchases 42,000 S19j Antminers for $138.5M

In April this year, The9, a Shanghai-based online game operator, announced plans to buy 2,000 units of AvalonMiners with a total hash rate of approximately 100PH/S. As part of the purchase, The9 issued over 8 million Class A ordinary shares, which prior to signing of the agreement valued the deal at $6.72 million.

The company also completed the signing of the definitive agreements for 12,246 units of bitcoin (EXANTE: Bitcoin) mining machines with total hash rate of approximately 288PH/S.

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