(ACCESSWIRE (Canada) Via Acquire Media NewsEdge) Category: Baystreet Newswire
Company: First Bitcoin Capital Corp.
Date: Thursday, April 17, 2014
VANCOUVER, B.C / ACCESSWIRE / April, 17, 2014 / Bitminer.cc LTD, a wholly-owned subsidiary of First Bitcoin Capital Corp., is pleased to announce that it has entered into a memorandum of understanding to acquire the assets of Bitcoin mining company Alydian.
Due to a previously signed non-disclosure agreement and relevant SEC regulations, the companies can not disclose the terms of the MOU at this time.
Alydian, a portfolio company of venture-backed Bitcoin business incubator CoinLab, Inc., was launched in 2012 to deliver enterprise-scale turnkey Bitcoin mining services for qualified customers.
Located in several U.S. data centers, Alydian’s Bitcoin hardware is capable of mining Bitcoins at approximately 215 terahashes per second. The company’s Bitcoin mining rigs were designed to solve complex mathematical algorithms in order to mine the virtual currency.
Alydian is ranked as one of the top three Bitcoin miners on BTCGuild.com, one of the world’s largest Bitcoin mining pools where multiple mining companies combine their computer processing resources to generate bitcoins.
First Bitcoin Capital Corp. said the move signifies a vital step in its plan to expand its mining operations.
“Since First Bitcoin Capital Corp. is the first vertically-integrated publically traded Bitcoin consolidator, we believe that being involved in mining and manufacturing of Bitcoin mining hardware will give us an advantage in this fast-growing crypto-currency arena”- management commented.
The company said its hardware integrates a custom-designed application-specific integrated circuit, or ASIC, a microchip that is designed to perform the hashing algorithms necessary to verify transactions on the Bitcoin network and mine coin. Eventually, the company plans to develop its own bitcoin mining technology.
“We plan on initiating a mass production of chips using 20nm process technology, which will allow us to make very complex and highly-integrated system on chips.”
Mining Bitcoin and other digital currency requires the operation of expensive and powerful computing equipment, which uses substantial amounts of electricity to perform complex algorithms. The mining process gets increasingly difficult as more Bitcoins are mined, driving the demand for computing power even higher.
Industry experts say that while prospecting may not be an ideal investment for the average individual, it can lead to massive potential earnings for large bitcoin mining companies that are able to scale operations and save costs on cooling and power, while making their computers more efficient and cost effective.
At least two of the top mining companies have generated profits solely from mining. Stockholm-based KnCMiner’s computers mined 21,000 Bitcoins, according to the company’s co-founder. The chief executive officer of Cloud Hashing, which allows individuals to buy computing capacity and share in profits, said the company mines about $230,000 to $260,000 worth of Bitcoins per day.
About the company:
Bitminer.cc LTD was formed specifically to acquire and manage Bitcoin mining assets on behalf of the company. Bitminer.cc LTD plans to join the BTCGuild.com mining pool.
First Bitcoin Capital Corp. is a developing Canadian-based mining company currently holding concessions of Gold in Venezuela and is preparing to enter the crypto-currency industry. It is the first publicly traded, vertically-integrated consolidation company of the Bitcoin and crypto-currency marketplace.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release includes various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's expectations or beliefs concerning future events. Statements containing expressions such as "believes," "anticipates," "intends," or "expects," used in the Company's press releases and in Disclosure Statements and Reports filed with the Over the Counter Markets through the OTC Disclosure and News Service are intended to identify forward-looking statements. All forward-looking statements involve risks and uncertainties. Although the Company believes its expectations are based upon reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurances that actual results will not differ materially from expected results. The Company cautions that these and similar statements included in this report are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof.
Source: First Bitcoin Capital Corp.