SOURCE: BTCS Inc.

BTCS Inc.

September 23, 2015 08:37 ET

Spondoolies-Tech Reveals a Glimpse Into the Future of Transaction Verification Services Hardware

The New SP50 Promises Outstanding Efficiency and Easy Management

ARLINGTON, VA--(Marketwired - Sep 23, 2015) - BTCS Inc. (OTCQB: BTCS) ("BTCS" or the "Company"), a blockchain technology focused company in tandem with Spondoolies-Tech Ltd ("Spondoolies"), an Israeli transaction verification server manufacturer, today announced the launch of the SP50, Spondoolies' newest and most powerful transaction verification server yet.

BTCS, which secures the blockchain through its transaction verification services business, has recently signed a definitive merger agreement with Spondoolies. The launch of the innovative SP50 is the first of BTCS' and Spondoolies' technological collaboration.

Designed exclusively for industrial deployment, the new SP50 transaction verification server is expected to be 400% more efficient than its predecessor, the SP35, providing a strategic advantage over its competitors through an unparalleled reduction in operational costs combined with increased ease of management and maintenance.

"The SP50 is another leap forward towards the future of transaction verification servers. The SP50 has been specifically designed for maximum power efficiency and easy management without making use of expensive and risky design and production processes," says Kobi Levin, Spondoolies' Chief Operations Officer and head of engineering.

The SP50 will set a new bar in innovation for Spondoolies, already known for its high-end products. Technical highlights include:

  • Simplicity of 110 TH/s (Tera hash per second) in just one unit
  • Extremely low power consumption (well below many competitors) and an estimated 4x improvement over current Spondoolies units (0.15J/GH compared to 0.61J/GH)
  • Reliable and cost effective 28 nanometer (nm) process versus 16 nm processes
  • Replaceable modular circuit boards (similar to blade servers) for quick upgrades and repairs
  • Easily replaceable built-in power supply units
  • Design foundation for future generation 16 nm chips

In light of the merger, Spondoolies is shifting away from mass consumer sales to align itself with BTCS, offering the first batch of the SP50 servers to only a handful of select customers.

"We are excited about the launch of the SP50, which should be the leader in server density and power efficiency. The SP50 is expected to allow users to deploy large processing power (hash rate) with a small number of units and without having to care for external power supplies," Says Guy Corem, Chief Executive Officer of Spondoolies.

BTCS and Spondoolies plan to host the SP50 in BTCS' North Carolina facility, as well as at other low cost facilities.

"The SP50 is a major step forward in terms of transaction verification servers and should position us ahead of our competitors. Utilizing this next-generation technology in our growing transaction verification business should result in extremely low operational costs, ultimately leading to significantly enhanced shareholder value," says BTCS CEO Charles Allen.

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