100 extra nodes launched for a complete of 6,400 ETH valued at approx. $11M now staked
Silver Spring, MD, March 11, 2021 (GLOBE NEWSWIRE) — BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Firm”), a digital asset and blockchain expertise targeted firm, right now introduced it additional expanded its transaction verification companies operation on ethereum 2.0 to 200 nodes. The Firm expects the extra 100 nodes will start producing income by the tip of the primary quarter of 2021.
“With a considerably strengthened stability sheet from the latest $9.5 million capital elevate, we’re well-positioned to speed up income progress from our transaction verification companies enterprise and have already doubled our ethereum 2.0 staking operation to 200 nodes,” said Charles Allen, Chief Govt Officer of BTCS. “With monetary returns superior to conventional bitcoin mining, our staking operation technique will drive robust near-term income progress whereas being extra worthwhile than useful resource intensive proof-of-work mining and opening the door to different income producing operations comparable to staking as a service.”
On December 1, 2020, ethereum started transitioning to a “proof-of-stake” protocol, ethereum 2.0. Beneath the “proof-of-stake” consensus algorithm, ETH holders have the unique proper to function validator nodes on the community and confirm transactions, thereby incomes transaction charges for his or her work. In early March 2021, ethereum blockchain builders accredited EIP 1559, one of many largest modifications to the community since its 2015 inception, that can cut back the provision of the Ether cryptocurrency when efficient in August 2021, a transfer more likely to immediate worth will increase as consumer demand grows. BTCS is the primary U.S. public firm to run validator nodes on ethereum 2.0.
Allen continued “With greater than $8 million in money and roughly $14.5 million in crypto currencies, we have now a stable monetary basis to speed up the execution of our imaginative and prescient.”
BTCS is an early entrant within the digital asset market and one of many first U.S. publicly traded corporations targeted on digital belongings and blockchain applied sciences. The Firm via its transaction verification companies enterprise actively verifies and validates blockchain transactions and is rewarded with digital belongings for its work. The Firm can also be creating a proprietary digital asset knowledge analytics platform that enables customers to consolidate their crypto trades from a number of exchanges onto a single platform, enabling customers to view and analyze their efficiency, threat metrics, and potential tax implications. The Firm employs a digital asset treasury technique with a major deal with disruptive non-security protocol layer belongings comparable to bitcoin and ethereum. For extra data go to: www.btcs.com.
Sure statements on this press launch, represent “forward-looking statements” throughout the that means of the federal securities legal guidelines together with statements concerning our anticipated timing of income for the extra nodes, accelerated income progress and profitability. Phrases comparable to “could,” “may,” “will,” “ought to,” “imagine,” “count on,” “anticipate,” “estimate,” “proceed,” “predict,” “forecast,” “challenge,” “plan,” “intend” or related expressions, or statements concerning intent, perception, or present expectations, are forward-looking statements. Whereas the Firm believes these forward-looking statements are affordable, undue reliance shouldn’t be positioned on any such forward-looking statements, that are based mostly on data accessible to us on the date of this launch. These forward-looking statements are based mostly upon present estimates and assumptions and are topic to varied dangers and uncertainties, together with with out limitation the rewards and prices related to validating transactions on proof-of-stake blockchains, vital lower in worth of ETH and rewards whereas locked up, loss or theft of the non-public withdrawal keys ensuing within the full lack of ETH and reward, in addition to dangers set forth within the Firm’s filings with the Securities and Change Fee together with its Type 10-Ok for the 12 months ended December 31, 2020 and the Prospectus Complement filed March 4, 2021. Thus, precise outcomes might be materially completely different. The Firm expressly disclaims any obligation to replace or alter statements whether or not on account of new data, future occasions or in any other case, besides as required by legislation.
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