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.
About Codebase Ventures Inc.
Codebase Ventures Inc. is a small, hands-on team of financial and technology experts who invest early in great ideas. We operate from the understanding that technology is always evolving, bringing early opportunities for strategic investments that can deliver the exponential returns to our shareholders. We seek out and empower the innovators who are building tomorrow’s standards with platforms and protocols, not just products. We invest early, support our founders, take their ideas to market and work tirelessly to help them realize their vision.
For further information, please contact:
Brian Keane, Director
Telephone: 1 (778) 806-5150 - TOLL FREE (877) 806-CODE (2633)
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.