Powerbridge Technologies Co ., a Nasdaq-listed technology firm that offers SaaS solutions and blockchain applications announced it would invest and engage in Bitcoin and Ether mining globally. The mining operations will be environmental focused as the firm plans to mine BTC and ETH using clean energy. It has also assembled a team of crypto veterans to support the development of its crypto business.
Powerbridge plans to establish a network of clean energy mining facilities across the globe as the company has a positive outlook on the crypto market. The firm also believes its crypto-mining operation could fuel the overall growth of the company.
POWERBRIDGE TECHNOLOGIES – PLANS TO INVEST AND ENGAGE IN CRYPTOCURRENCY MINING FOR BITCOIN AND ETHEREUM WITH PLANNED OPERATIONS GLOBALLY$PBTS
— *Walter Bloomberg (@DeItaone) August 12, 2021
Stewart Lor, President, and Chief Financial Officer of the firm said,
We are 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 clean energy-based BTC and ETH mining networks globally. We believe our crypto mining business will generate valuable digital assets that help accelerate the Company’s growth.
The Rising Clean Bitcoin Mining Initiative
Ever since the Bitcoin mining, FUD began claiming BTC mining has a negative impact on the environment because of its high carbon footprint, a majority of crypto exchanges have started buying carbon credits in Millions to offset their carbon emission due to Bitcoin holdings. Gemini, FTX, and Skybridge Capital are some of the crypto platforms that have bought carbon credits over the past couple of months.
The Chinese miner’s migration has also helped in making the Bitcoin network greener since a significant portion of Bitcoin miners used coal-based electricity. Now, these miners are moving to countries where the Bitcoin mining industry is somewhat regulated and offers energy supply from clean energy sources, be it Kazakistan, the US, or North American nations.
The Interest of public companies in clean mining would only help this trend grow further which would eventually eliminate the only major FUD in the Bitcoin market, helping its price surge further.