BTCS Provides Mining Update, Receives Two Digital Currency ATMs and Introduces New Logo to Reflect Universal Strategy

BTCS Provides Mining Update, Receives Two Digital Currency ATMs and Introduces New Logo to Reflect Universal Strategy

Bitcoin Shop, Inc. (OTCQB: BTCS) ("BTCS" or the "Company"), the operator of the digital currency ecommerce marketplace www.btcs.com, which is undertaking the build-out of a universal digital currency ecosystem, announced today that, the Company has increased its mining capacity, received two digital currency ATMs and changed its logo.

The Company has increased its digital currency mining efforts and currently has 176 Th/s running and anticipates having an additional 341 Th/s running in 1-2 weeks, a 5x increase over our initial starting capacity of 66 Th/s. 

BTCS has received two bitcoin automated teller machines ("ATMs") from GFT GmbH, the owners of BitXatm, making BTCS the first U.S. company to receive such ATMs. BTCS plans to work with Coin Outlet to operate our ATMs.

Charles Allen, stated,

"Once deployed our ATMs should allow consumers an easy way to exchange fiat currency for bitcoins. Additionally, we plan to leverage this technology and work closely with BitXatm and Coin Outlet to customize the experience and use the ATMs as an onramp to grow our customer base. This is another step towards introducing the passive user to the digital currency world through an ATM which many are already accustomed to using."

Lastly Charles Allen, stated,

"We have changed our Company logo to better reflect what we've been building for the last year; a universal digital currency ecosystem. Blockchain Technology Consumer Solutions i.e. BTCS, which is our web domain and our stock ticker symbol."

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. We currently operate our legacy ecommerce website (www.bitcoinshop.us) and are operating our 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. We provide our customers competitive pricing options from 256 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.

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.

BTCS
http://www.bitcoinshop.us/ and 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.


Related News

BitcoinShop Interview: Universal Digital Currency Platform

Bitcoin Shop is a company that is trying to improve four main aspects of Bitcoin: Ways to shop with Bitcoin- with Bitcoin Shop. The way you store Bitcoins – with BTCS Wallet. The way you mine – with BTCS Mining. Ways to exchange Bitcoin – BTCS Atms. Through strategic partnerships, investments, and purchases they are doing just that. I’m here with Charles Allen, the CEO over at BTCS. Charles has big ambitions and rather than trying to reinvent the wheel, he has teamed up with people whom he believes are great companies in the industry they work in. Could you tell me a little bit about what....

Bitcoin Shop Builds Universal Digital Currency Ecosystem On Several Fronts

Bitcoin Shop, Inc. (BTCS) recently completed several steps in its goal of establishing a universal digital currency ecosystem. The Arlington, Va. -based company anticipates having its new transaction verification services facility online in one to four weeks, according to CEO Charles Allen. The company has acquired additional servers to bring its total hashing power, once online, to almost 1 Petahash. BTCS' ecosystem includes mining, a digital wallet, payment processing, financial services, an ATM network and e-commerce. The company also recently secured an 83,000-square-foot mining....

Bitcoin Shop Acquires Additional Equity in Coin Outlet; Interview with CEO, Charles Allen

On Thursday, March 26, 2015 Bitcoin Shop, Inc. announced that it has acquired an additional 2% equity ownership in Coin Outlet, reducing Coin Outlet CEO Eric Grill’s shares by 701,966 while increasing Bitcoin Shop’s to 4.2%. "Today we are pleased to announce our additional ownership interest in, and partnership with, Coin Outlet,” stated Bitcoin Shop CEO, Charles Allen. “Their ATMs should allow consumers to exchange fiat currency for bitcoins through one fundamental and easy-to-use transaction. Additionally, with the help of Coin Outlet, we plan to leverage their ATM network as another....

BTCS Announces Additional Acquisition of Coin Outlet Equity

BTCS, also know as Bitcoin Shop, Inc, has announced the acquisition of additional ownership within Coin Outlet. The company also announced the deployment of new transaction verification servers in a new location, which will lower operating costs for the company by 30%. Both of these announcements signify forward moving progress for BTCS’ vision of becoming a universal platform. The goal of BTCS is to give users the ability to engage with the digital currency ecosystem through one point of access. Though it is currently in beta, the site gives users the ability to purchase products using....

BTCS Reports $4.5 Million Net Loss as Mining Revenue Grows

Bitcoin mining and consumer services firm BTCS Inc (formerly Bitcoin Shop) lost more money than it made the first half of this year. The Nevada company reported a net loss of $4.59m for the first half of 2015 in its 10-Q filing with the SEC. The loss represented an increase over the roughly $4m loss incurred over the same period in 2014. The change seems to have been driven largely by rise in non-operational costs, which rose from $205,000 to $791,000. In interview, however, CEO Charles Allen suggested that he views the report as a validation of BTCS' recent market strategy shift. Allen....