Blockchain Firm BTCS Cutting Equipment Costs
Blockchain firm BTCS Inc. (OTCQB: BTCS) has entered into an equipment financing deal with CSC Leasing Company in order to lower the cost of capital. CSC is an independent lessor of technology equipment providing custom lease solutions to several firms. Charles Allen, Chief Executive Officer of BTCS said, "The financing flexibility provided by our agreement with CSC puts us in an advantageous position to improve shareholder value as we move forward on the next phase of our growth strategy. While specific terms of the facility will be determined as we add new equipment, such as....
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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....
Bitcoin mining firm BTCS announced a $1,450,000 financing on December 16, 2015. Cavalry Fund I LP led the financing, which marks yet another significant financing for BTCS in 2015, putting it in a position to develop and expand its services within the Bitcoin industry. “The successful closing of this round of financing is an important milestone for BTCS,” according to Charles Allen, CEO of BTCS. “It enabled us to invest an additional $750,000 in Spondoolies-Tech Ltd. (“Spondoolies”), increasing our ownership from 6.6% to 9.6% ahead of our pending merger, and sets the stage for the rollout....
Bitcoin mining company BTCS Inc has incurred a $4.5 million loss in the first half of 2015. According to its recent 10-Q filing with the US Securities and Exchange Commission (SEC), a major part of the said loss have been navigated by the surge in the company's non-operational costs, which jumped from $205,000 to around $791,000 since December 31st last year. The said non-operational costs include some additional expenses, such as inducement expense, interest expenses, loss on issuance of units, and others. At the same time, BTCS reported revenues from some of its services, including....
Bitcoin Shop Inc (OTCMKTS:BTCS) operates the website btcs.com where consumers can purchase products using several digital currencies, by searching through a selection of over 2,000,000 items from 85 retailers (“Beta”), as well as their legacy site at legacy.bitcoinshop.us. BTCS is in the business of developing, marketing and operating an e-commerce....
At a time when many other bitcoin miners are shutting down because they can't afford to continue operating based on current prices, Bitcoin Shop, rebranded as Blockchain Technology Consumer Solutions (BTCS), is moving aggressively into the mining sector in an attempt to take a large chunk of market share. "People are leaving the mining business because it is a sucker's game," said Charles Allen, CEO of BTCS, in an interview with Bitcoin Magazine. "But the only way to make money in the next 1-2 years is with mining." The company is putting its money where its mouth is. It signed a....