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Powerbridge Technologies Set To Launch Bitcoin And Ethereum Mining In Hong Kong

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Powerbridge Technologies mining

Powercrypto Holdings, a subsidiary of the blockchain software provider Powerbridge Technologies, is launching cryptocurrency mining, specifically Bitcoin (BTC)and Ethereum (ETH), in Hong Kong. These cryptocurrency operations will utilize environmental-friendly, green, and sustainable energy. This announcement was made in a press release on Friday, October 8, 2021

Powerbridge Technologies is a growth-driven technology company primarily engaged in SaaS solutions and Blockchain applications.

Launching Crypto Mining In Hong Kong

Powerbridge Technologies plans to deploy a total of 2,600 high-performance mining rigs in Hong Kong, including 600 BTC mining machines working at a hash rate of approximately 60 PH/s. It also includes 2,000 ETH mining machines, with a hash rate power of approximately 1,000 GH/s.

According to the announcement, Powercrypto aims to increase the BTC and ETH hash rate levels across the North American and Asian markets.

Related Reading | Since China’s Mining Ban, Bitcoin Hashrate Has Recovered by 68% And Counting

Sean Wang, Powercrypto’s General Manager and Chief Technology Officer, stated that: “Powercrypto is a major strategic move by the Company to highlight our global presence in the crypto-mining business. We will focus on enhancing our overall hash rate level in BTC and ETH mining by setting up mining fleets in North America and Asia.”

In its global BTC and ETH mining, the company plans to focus on maximizing the use of carbon-free clean energy power. Powerbridge Technologies President Stewart Lor, also commented, “We are very excited about our launch and positioning as a global presence in the cryptocurrency mining business. We expect our high-performance environmental-friendly crypto-mining fleets to significantly accelerate our revenue.”

Related Reading | Value Of Ethereum Held By Miners Reaches Five-Year Record Levels

Powerbridge Technologies states that it plans to increase its bitcoin miners with an expected capacity of 10,000 miners and an expected hash rate of 728 PH/S. Additionally, according to the company, its proprietary AI/GPU operating system can support up to 100,000 ETH miners in operation.

Powercrypto Holdings: A Subsidiary Of Powerbridge Technologies

Powerbridge Technologies established Powercrypto Holdings, its new Singapore-based subsidiary for its Crypto Mining and Digital Asset operations, late last month.

Powercrypto focuses on green renewable energy-powered crypto mining farms with its intended worldwide operations. The announcement states that the subsidiary strives to become one of the most competitive Bitcoin and Ethereum mining companies. The President of Powerbridge Technologies believes that Powerbridge is well-positioned to accelerate the growth of its crypto businesses and generate promising revenue from it.

BTC trading at $54.9K | Source: BTCUSD on TradingView.com

A few days ago, the company announced the appointment of Sean X. Wang as General Manager and Chief Technology Officer of Powercrypto Holdings. Mr. Wang, a blockchain expert, was brought on to lead the operations and technology development of Powercrypto’s crypto mining business. He reportedly has wide-ranging expertise in the fields of crypto mining and digital assets operations, having managed and operated mining fleets with nearly forty thousand Bitcoin and Ethereum mining rigs.

Digital Currencies In Hong Kong

Hong Kong has played a crucial role in the history of cryptocurrencies. It is the birthplace of some of the world’s largest crypto companies. Tether, the world’s largest stablecoin, was also launched here.

Hong Kong is a metropolitan area and special administrative region of China. Therefore, unfavorable regulations have affected the digital assets space in the region. However, it has been making efforts to develop its Central Bank Digital Currency (CBDC), e-HKD since 2017.

Featured image by CoinGeek, Chart from TradingView.com
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Ethereum Topside Bias Vulnerable If It Breaks This Key Support

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Ethereum

Ethereum trimmed gains from the $4,800 resistance against the US Dollar. ETH is down 5% and it might decline further if there is a break below $4,350.

  • Ethereum failed to clear the $4,800 resistance and started a fresh decline.
  • The price is now trading near $4,500 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $4,600 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline further below $4,500 if there is a close below the 100 hourly SMA.

Ethereum Price Trims Gains

Ethereum struggled to clear the $4,800 resistance zone and started a fresh decline. ETH broke the key $4,650 support to enter a bearish zone.

Besides, there was a break below a key bullish trend line with support near $4,600 on the hourly chart of ETH/USD. The pair even traded below the $4,550 support zone. It is now trading near $4,500 and the 100 hourly simple moving average.

A low is formed near $4,455 and is currently consolidating losses. An initial resistance on the upside is near the $4,540 level. It is near the 23.6% Fib retracement level of the recent decline from the $4,783 high to $4,455 low.

The first major resistance is near the $4,580 level. The next major resistance is near the $4,620 level. It coincides with the 50% Fib retracement level of the recent decline from the $4,783 high to $4,455 low.

Source: ETHUSD on TradingView.com

A close above the $4,600 and $4,620 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $4,750 level. Any more gains could lift the price towards the $4,800 zone in the near term.

More Losses in ETH?

If ethereum fails to start a fresh increase above the $4,600 level, it could start a downside correction. An initial support on the downside is near the $4,500 level.

The first key support is now forming near the $4,450 level. A downside break below the $4,450 support zone could push the price further lower. The main breakdown support is $4,350, below which the price could decline heavily.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now well below the 50 level.

Major Support Level – $4,450

Major Resistance Level – $4,620

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David Marcus, The Latest Top Executive To Leave Meta/ Facebook’s Crypto Project

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David Marcus, executive exiting

Another one bites the dust. David Marcus stepped down as the head of Novi, Meta/ Facebook’s fintech division. The company’s first order of business was to create a cryptocurrency, but regulators around the world were not keen on the idea. After a few missteps and name changes, they finally released a wallet called Novi to little fanfare. The coin, now named Diem, is still in development and unreleased.

Related Reading | What Zuckerberg’s Meta Means for the Metaverse

David Marcus Says Goodbye

This is not the first time this happens, other top executives have abandoned Meta’s ship over the years. CNBC recapitulates:

“Marcus’s departure follows that of other key executives who led Facebook’s ill-fated efforts in blockchain. Fellow project founder Morgan Beller left the company in September 2020 to go into venture capital. Kevin Weil, another one of the project founders, left in March to join Planet, a San Francisco company.”

Ex-Upwork CEO Stephane Kasriel will replace David Marcus, who in a Facebook post announcing his departure said:

“The one thing I’m the proudest of during my time here is the amazing kickass team we’ve assembled over the last three years. This is the most resilient, passionate, determined and talented group of humans I’ve ever worked with. I find comfort and confidence in knowing that they will continue to execute our important mission well under Stephane Kasriel’s leadership, and I can’t wait to witness this from the outside.”

Mark Zuckerberg responded to David Marcus: 

“I’ve learned so much working with you and I’m so grateful for everything you’ve done for this place. We wouldn’t have taken such a big swing at Diem without your leadership and I’m grateful you’ve made Meta a place where we make those big bets. You’ve built a great team, and while I’ll miss working with you, I’m looking forward to working with Stephane to lead the team going forward.”

https://twitter.com/skasriel/status/1465747314371227650

For his part, Stephane Kasriel said via Twitter:

“I am so honored for the opportunity to lead the awesome Novi team, and look forward to continuing to build products and services that allow more access for people and businesses to the financial system and digital economy.”

FACEBOOK price chart on BMFBOVESPA | Source: TradingView.com

What’s The Deal With Libra/Calibra/Novi/Diem?

After many iterations, Diem is now a stablecoin prototype. For its part Novi, the wallet, is only available in the United States and Guatemala. Facebook/Meta is running a pilot program to test the technology and gather data. They’re trying to steal the remittances market in Guatemala, which constitutes 14% of the county’s GDP. Using the Novi wallet, it’s almost free.

Nowadays, Facebook/Meta is using the Paxos stablecoin USDP as their standard. About this, David Marcus said via Twitter. “USDP is a well-designed stablecoin that’s been operating successfully for over three years and has important regulatory and consumer protection attributes.  I do want to be clear that our support for Diem hasn’t changed and we intend to launch Novi with Diem once it receives regulatory approval and goes live. We care about interoperability and we want to do it right.”

Related Reading | Facebook Officials Claim Novi Received Approval From Major U.S. States

However, will Diem ever receive regulatory approval? For Facebook/Meta, that’s the Trillion-Dollar question. The company’s reputation regarding its handling of personal data is hampering the whole operation. And, well, governments around the world don’t seem to want a company like Facebook in charge of the money. And, well, the project’s been all over the place from the very beginning. No offense to David Marcus, who claims to be Diem’s “Co-creator & Board member.”

The project’s slogan is “To build a trusted and innovative financial network that empowers people and businesses around the world.” And, well, that’s Bitcoin. Why don’t they just plug in to the winning open network? Because Meta wants to be in control of the money supply. And that’s what government’s around the world are trying to prevent.

Featured Image: mohamed_hassan on Pixabay | Charts by TradingView

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Bitcoin Shows Bearish Signs, Risk of Breakdown Below $56K

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Bitcoin failed again to clear the $58,500 resistance against the US Dollar. BTC is declining and it might accelerate lower below the $56,000 support in the near term.

  • Bitcoin is struggling to move above the $58,000 and $58,500 levels.
  • The price is just trading above $57,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $57,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate lower if there is a clear break below the $56,000 support zone.

Bitcoin Price is Struggling

Bitcoin price failed to gain pace above the $58,500 resistance zone. BTC is slowly moving lower from the last swing high at $58,890. There was a break below the $58,000 level.

The price traded below the 23.6% Fib retracement level of the upward move from the $53,300 swing low to $58,890 high. Besides, there was a break below a key bullish trend line with support near $57,200 on the hourly chart of the BTC/USD pair.

Bitcoin is now just trading above $57,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $57,500 level. The first major resistance is near the $58,000 level.

Source: BTCUSD on TradingView.com

The main resistance is still near the $58,500 level. A clear break above the $58,500 resistance zone could open the doors for more upsides. The next key resistance is near the $60,000 level, above which the price could rise steadily. The next stop for the bulls may possibly be near the $61,200 level.

Fresh Drop In BTC?

If bitcoin fails to clear the $58,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $57,000 level. The first major support is now forming near the $56,800 level and the 100 hourly SMA.

The next major support is near the $56,000 level. It is near the 50% Fib retracement level of the upward move from the $53,300 swing low to $58,890 high. A downside break below the $56,000 support may perhaps push the price towards $55,500. Any more losses might start a major decline towards $52,000.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Major Support Levels – $57,000, followed by $56,000.

Major Resistance Levels – $58,000, $58,500 and $60,000.

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