VANCOUVER, BC, CANADA (November 10th, 2017) – 360 Blockchain Inc. ("360" or the "Company") (CSE: CODE - FWB: C5B) announces that its previously announced funding prospect has entered contracts to mine Ethereum and Zcash, two of the fastest-growing cryptocurrencies.
“Of the many upsides to cryptocurrency’s explosion in popularity are the opportunities to mine coins other than Bitcoin,” said George Tsafalas, 360’s President. “The business challenge is identifying the most lucrative contracts. SV CryptoLab has developed a solution.”
Silicon Valley-based SV CryptoLab utilizes a proprietary evaluation algorithm to enter into the most economically attractive cloud-mining contracts. That company plans to enter into more mining contracts on a weekly basis. 360’s due diligence on its proposed investment in SV CryptoLab is continuing.
SV CryptoLab provides an adaptable tech environment. During working hours, it’s a cutting-edge facility that’s part hacker and part social space that is open to the public where all are invited to attend weekly meetups and hackathons free of charge. 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.
The Company also advises that due to a clerical oversight, an additional 300,000 units ($18,000) were missed being issued to an arms-length subscriber on the Company’s last private placement. Those shares and warrants have now been issued and the Company’s filings at the CSE have been updated.
