Bitcoin Shop Successfully Mints Bitcoins
Bitcoin Shop, Inc. (OTCQB: BTCS) ("Bitcoin Shop" or the "Company"), operator of the digital currency ecommerce marketplace www.btcs.com, which is undertaking the build-out of a universal digital currency ecosystem, today announced that through its previously disclosed partnership with Hashmaster Tech, LLC ("Hashmaster") its digital currency mining equipment is operational and minting bitcoins.
On September 25, 2014, Bitcoin Shop purchased approximately $42,000 of bitcoin mining hardware for its mining efforts. While operating just 60% of the mining hardware during the initial implementation and testing period and for only one week of operation, Bitcoin Shop's mining efforts produced 2.62 bitcoins (net of all fees) valued at approximately $1,000 (based on an exchange rate of $382 per bitcoin). Bitcoin Shop has committed to invest another $60,000-$80,000 this month into its mining operations.
Charles Allen, Chief Executive Officer of Bitcoin Shop, commented,
"Mining bitcoins is not an easy task and one that requires both technical and operational expertise. We are pleased with our initial results and anticipate having all of our recently purchased mining hardware online shortly. Moreover, we plan to rapidly scale our efforts in this business segment which we believe will not only fuel growth and drive revenue but also complement our other business lines."
About Bitcoin Shop, Inc.
Bitcoin Shop, Inc. 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. We currently operate our legacy ecommerce website (www.bitcoinshop.us) and are operating our 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 2 million items.
We provide our customers competitive pricing options from over 85 retailers through our "Intelligent Shopping Engine". All ecommerce customer orders are fulfilled by third party vendors. We plan to use our ecommerce platform as a customer on-ramp for a broader digital currency platform. We have been actively partnering with strategic digital currency companies who have technologies, services or products that are complementary to our business strategy by making investments in them and integrating with them.
Bitcoin Shop
http://www.bitcoinshop.us/
Digital currencies
Digital currencies use peer-to-peer networks to facilitate instant payments. They are categorized as cryptocurrencies, as they use cryptography as a security measure. Digital currency issuances and transactions are carried out collectively by the network, with no central authority, and allow users to make verified transfers.
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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