The stock of Powerbridge Technologies Co., Ltd. (PBTS) gained in the current market after the company announced that they are planning to expand their cryptocurrency mining business in the North America. The stock valued at $0.79 in the current market gaining more than 3.5% from the previously closed value. At the end of the last trading session the stock valued at $0.77. The volume of the stock traded in the last trading session was approximately 4.08 million shares.
Reason of the stock gain:
Powerbridge Technologies Co., Ltd. (PBTS) is a Blockchain application as well as SaaS solutions provider in a press release announced that their solely owned subsidiary Powercrypto Holding is planning to their cryptomining business expansion in the North America.
The company is partnering with a local company to bid for a facility that can host at least 20,000 BTC and ETH mining rigs at a time, which will be powered by energy sources which are sustainable and supply green energy. The government of Canada supports the cryptocurrency industry and assists the companies with incentives who set up their cryptomining fleets in Canada. To expand its cryptomining business Powerbridge Technologies Co., Ltd is in search of more reliable and environmental friendly sites for mining in the North America as well as Asia.
The company is looking forward to establish themselves in the Canada as the government of Canada provides an ideal infrastructure and green energy supply for mining and provides incentives for the companies that establish their operation in there.
Effect on the stock:
The investors responded positively to the news of the company to expand into Canada. The stock of the company gained slightly. The decisions will play an important role in their efforts to strengthen their crypto mining business. Investors are expecting that with this decision the productivity of the company will increase and is expected to increase its profits in the upcoming quarters. If everything goes as per the plan the stock of the company could give a significant capital gain in the future.
Conclusion:
This is a major decision for the company and is expecting to bring exciting results in their productivity as well as profitability along with keeping up with the goals of utilizing the clean energy sources.
