Source: Bitcoin Shop
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, based on the previously released positive results of its initial mining efforts, the Company has purchased additional mining hardware through its partnership with Hashmaster Tech, LLC ("Hashmaster").
As previously announced, Bitcoin Shop's approximate $42,000 purchase of mining hardware produced 2.62 bitcoins (net of all fees) valued at approximately $1,000 (based on an exchange rate of $382 per bitcoin). This was based on one week of operation and 60% operational usage of its purchased mining hardware. Bitcoin Shop ordered 189 bitcoins (approximately $72,000) worth of additional mining hardware, which, once online, will almost triple its mining capacity. The Company anticipates that its newly purchased mining equipment will ship at the end of November and be mining shortly thereafter.
Charles Allen, Chief Executive Officer of Bitcoin Shop, commented, "We've indicated our plans to move rapidly into this business segment and today we made more progress towards that goal. Across the digital currency ecosystem we believe that mining can be successful and profitable with the right knowledge and infrastructure in place. We believe we can continue to drive revenue and shareholder value through growth in this segment which complements our core strategy."