BitcoinMining

BTCS Discusses Q3 2014 Financials, Merger with Spondoolies

Blockchain technology business BTCS recently announced a number of developments to their shareholders for the third quarter of 2015.

Leading the announcements was the news that, last month, BTCS signed a definitive merger agreement with Israeli bitcoin mining hardware manufacturer, Spondoolies-Tech Ltd. Spondoolies, who had a revenue of over $28 million last year, will bring innovative ASIC miner design technology to the BTCS portfolio.

The synergy and the benefits of the merger became more apparent with Spondoolies’ revelation of their new ASIC miner, SP50, which has potentially quadrupled the efficiency of BTCS’ current servers. This, along with the doubling of BTCS’ operating capacity at their site in North Carolina, raises thir hash capacity to around 20,000 trillion calculations per second – an increase of more than 10 times their rate of 891 TH/s in their third quarter 2015.

Bitcoin earnings for the quarter were also reported, with an almost 25% increase on the second quarter earnings of 552 bitcoins, itself an increase of over 10 times the amount earned the pervious year.

BTCS CEO Charles Allen highlighted the company’s recent expansion, stating:

We’re very pleased to have also recently announced a new equipment finance facility that will enable us to effectively grow our business and increase return on equity while avoiding dilution to our valued shareholders. This is yet another key accomplishment that we believe will prove invaluable as we ramp our growing transaction verification services business in the quarters ahead.

This news will no doubt be pleasing to the shareholders!

Journalist, policy analyst, and evangelist of new, disruptive technologies including big data analytics, Internet of Things, and cryptocurrencies. Internet industry veteran with regional c-suite experience, and journalist credentials earned at internet.com, Internet World magazine, and Mecklermedia Corporation.
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