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).
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news
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.
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.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.