SOURCE: BTCS Inc.

BTCS Inc.

July 30, 2015 08:35 ET

BTCS Doubles Capacity at Its North Carolina Facility

ARLINGTON, VA--(Marketwired - Jul 30, 2015) - BTCS Inc. (OTCQB: BTCS) ("BTCS" or the "Company"), a blockchain technology focused company which secures the blockchain through its transaction verification services business, doubled its operating capacity at its North Carolina facility from 1.5 megawatts ("mw") to 3 mw.

"Using only 0.65mw of our capacity, and approximately 891 Th/s, we were able to earn 552 Bitcoins in the second quarter," stated Charles Allen, Chief Executive Officer of BTCS. "By increasing our operating capacity to 3mw, we've set the stage for significant growth in the quarters ahead, which we believe we can leverage even further through our pending merger with Spondoolies-Tech. The addition of Spondoolies' third-generation Application Specific Integrated Circuit ("ASIC") servers upon closing of the pending merger is expected to provide a 3x-5x efficiency improvement to our operations. We believe this should translate to a significant boost in our hashing power."

BTCS estimates that it currently costs the Company approximately $100-$120 to earn each Bitcoin. Assuming the implementation of third-generation ASIC servers from Spondoolies at the Company's facility in North Carolina, the increased capacity of 3mw is expected to power a hash rate of between 13,000 and 29,000 Th/s.

Allen continued, "Our refined focus on securing the blockchain minimizes risk and positions us to capitalize on the massive market potential of the blockchain across all industries. We believe we selected an ideal timing for market entry that allowed us to pass over the high-risk period of extreme volatility that knocked many smaller players out of the space. With this latest increase in capacity, we believe we are well positioned to become a dominant player for the long-term."

About BTCS:
The blockchain is a decentralized public ledger that has the ability to fundamentally impact, on a global basis, all industries that require trust and rely on or utilize record keeping. BTCS secures the blockchain through its rapidly growing transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. BTCS continues to evaluate and build additional blockchain technology consumer solutions. BTCS also actively partners and integrates with strategic digital currency and blockchain technology companies who provide products or services that are complementary to its business strategy. For more information visit: www.btcs.com

Forward-Looking Statements:
Certain statements in this press release, including those related to an anticipated merger, 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.

Contact Information

  • BTCS Investor Relations:
    Michal Handerhan
    BTCS Inc.
    (202) 430-6576
    IR@btcs.com

    Michael Sullivan
    RedChip Companies, Inc.
    (407) 644-4256, ext. 115
    michael@redchip.com