SOURCE: BTCS Inc.

BTCS Inc.

January 12, 2016 08:35 ET

BTCS Provides Corporate Update and 2016 Outlook

ARLINGTON, VA--(Marketwired - Jan 12, 2016) - BTCS Inc. (OTCQB: BTCS) ("BTCS" or the "Company"), a blockchain technology focused company which secures the blockchain through its transaction verification services business, generated 1,797 bitcoins for the year ended December 31, 2015 from its transaction verification services, an increase of 3,389% over total bitcoins earned in 2014.

"While we are pleased to report significant percentage growth in bitcoins earned during 2015, the real story of our success over the past year is the strong foundation we built for our business moving forward," stated Charles Allen, CEO of BTCS. "Our refined operational focus on blockchain technologies has led to a rapid build-out of capacity at our North Carolina facility, and with our definitive merger with Spondoolies-Tech Ltd. now in place, we are well-positioned for continued growth in 2016."

The Company's recently completed round of financing has enabled it to grow its transaction verification business to approximately 1800 TH/s, an increase of more than 100% compared to the 891 TH/s in place through most of 2015. Operating at the increased hash rate the Company will use approximately 0.95 megawatts ("mw") of its 3mw capacity.

Allen continued, "With the transaction verification servers we are running today, we believe we are on track to generate over 600 bitcoins in the first quarter of 2016. The remaining unused capacity we have in place provides ample room for planned growth with minimal added expense as we pursue a substantial financing with the goal of uplisting to a major exchange."

The Company engaged Chardan Capital Markets, LLC, a privately held investment banking firm with a focus on small-cap and mid-cap markets, to advise the Company on potential transactions that could lead to an up listing on a major exchange.

The additional capital expected to be raised from a future offering will enable BTCS to further capitalize on the significant opportunity within the growing blockchain technology space. Recently heralded in a cover story in The Economist for its potential to "transform how the economy works," blockchain technologies are forecasted to impact nearly every industry that relies on safe and secure transactions.

About BTCS:
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. The blockchain is a decentralized public ledger and has the ability to fundamentally impact all industries on a global basis that rely on or utilize record keeping and require trust. 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.

About Spondoolies-Tech:
Founded in 2013 by a group of Israeli high-tech veterans, Spondoolies is a transaction verification server manufacturer. Spondoolies raised ten million dollars in capital from leading Israeli venture capital firms and assembled a team of leaders in the Israeli Semiconductor industry, with the goal of building the infrastructure on which digital currencies will flourish. Building transaction-verifying servers from the bottom up, Spondoolies is producing machines that are designed for efficiency and performance. During 2014, Spondoolies successfully launched five different products. For more information visit www.spondoolies-tech.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