Bitcoin Shop, Inc. Provides Update on New Facility and an Inside Look at Its Transaction Verification Service Operation
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 anticipates having its new transaction verification services facility online in 1-4 weeks. The company has acquired additional servers to bring its total hashing power (once online) to almost 1 Petahash.
The new operations will be housed in the Company's recently secured 83,000 square foot facility. BTCS Chief Executive Officer Charles Allen filmed a short video tour of its facility to help its investors better understand its operations.
The video can be seen here: http://youtu.be/0ocO9okqccU
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.
In addition, BTCS is the lead investor in GoCoin, a leading payment processor. GoCoin announced yesterday that it has partnered with RE/MAX London to accept digital currency for property rentals.
About BTCS
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.
BTCS
http://www.btcs.com/
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.
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