Powerbridge Technologies Surges On Bitcoin Mining Plans: What You Need To Know

Nasdaq-listed Powerbridge Technologies Co Ltd PBTS plans to expand operations to include mining cryptocurrency.

Shares of the Chinese technology company were skyrocketing 66.14% higher to $2.11 at last check following the announcement.

The firm said it plans to invest and engage in cryptocurrency mining for Bitcoin BTC/USD and Ethereum ETH/USD, with planned operations globally.

“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,” said the firm’s President and Chief Financial Offer Stewart Lor.

“We strive to continually build a clean energy based BTC and ETH mining network globally. We believe our crypto mining business will generate valuable digital assets that help accelerate the company's growth,” he said. 

For the cause, Powerbridge said it has already assembled a team of industry veterans in cryptocurrency and technology to support the development and growth of its digital asset business.

Powerbridge isn’t the only company to expand into the realm of cryptocurrency mining operations. Last week, cloud-based omnicommerce company OLB Group Inc OLB announced it would begin mining cryptocurrency through its newly formed subsidiary DMint.

DMint plans to bring around 1,000 cryptocurrency mining machines online this year that will utilize a zero carbon footprint operations plan at data centers in Pennsylvania.

Photo: Brian Wangenheim on Unsplash.