Previously announced proposed acquisition, SV CryptoLab, installs its first hardware-based Bitcoin mining rig
VANCOUVER, BC, CANADA (November 27th, 2017) – 360 Blockchain Inc. ("360" or the "Company") (CSE: CODE – FWB: C5B – OTC: BKLLF) announces that SV CryptoLab, the Company’s previously noted proposed acquisition, has expanded its cryptocurrency mining operation to include on-site Bitcoin mining. Cryptocurrency mining is the computationally intense process that allows Bitcoin transactions to be verified and added to the public ledger, called the blockchain, and which results in the release of new Bitcoins.
“At 360 we are moving quickly to invest capital, and our expertise, into blockchain technologies where our team has identified opportunities to scale operations,” said Mr. George Tsafalas, 360 President and CEO. “By initiating the Bitcoin mining operation on-site, our SV CryptoLab target is taking an important step, generating value as it will become a key contributor to the portfolio of early stage blockchain technology companies we are building,” added Mr. Tsafalas, 360’s President.
Silicon Valley-based SV CryptoLab has previously deployed a cloud-based cryptocurrency mining operation that is generating revenue. This new hardware consists of more than 370 ASIC microprocessors and will exclusively mine Bitcoin. The capacity for the mining operation will be substantially increased upon completion of the proposed acquisition by 360 Blockchain Inc.
Due diligence continues, the proposed acquisition of SV CryptoLab is expected to close in the coming weeks.
SV CryptoLab provides an adaptable tech environment. During working hours, it’s a cutting-edge facility that is part hacker and part social space and is open to the public — focusing on the development of blockchain technologies, the most promising of which will be funded going forward. On nights and weekends, the facility’s significant hardware is dedicated to mining cryptocurrency, a computationally intensive process that sits at the heart of Bitcoin and other cryptocurrencies.