Bitcoin Shop, Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), which is undertaking the build-out of a universal digital currency ecosystem, announced today that the Company has successfully deployed its transaction verification services servers in its new facility which will result in a 30% reduction in operating costs going forward when compared to the Company’s previous operations. BTCS has also acquired additional servers, which represent a 10% increase over its previously announced hashing power. The Company is now running transaction verification servers with hashing power of over 900 Th/s and should have an additional 80 Th/s online in a few days. Pictures of the new facility can be seen on the Company’s Facebook page here: http://on.fb.me/18TpbN5
Charles Allen, CEO of BTCS, commented, “Following our well timed entry into the transaction verification services segment we have now completed the transition to our new facility. We plan to expand this segment of our business and believe it will be the revenue driver for our business as we continue to develop our universal digital currency ecosystem.”
The Company’s transaction verification services business, or digital currency mining, entails running specialized servers which solve a set of prescribed calculations to add a block of verified information to the blockchain and thereby confirm bitcoin transactions. When BTCS is successful in adding a block to the blockchain, it is issued new bitcoins.
BTCS plans to build a universal digital currency platform with the goal of enabling users to engage in the digital currency ecosystem through one point of access. The Company currently operates its public beta site (www.btcs.com) where consumers can purchase products using digital currency such as bitcoin, litecoin and dogecoin, by searching through a selection of over 250,000 items. Customers can access competitive pricing options from 256 retailers through BTCS’s “Intelligent Shopping Engine.” All ecommerce customer orders are fulfilled by third party vendors. The Company plans to use its ecommerce platform as a customer on-ramp for a broader digital currency platform. BTCS actively partners with strategic digital currency companies who have technologies, services or products that are complementary to its business strategy by making investments in them and integrating with them.
Forward Looking Statements:
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.