Previously announced proposed acquisition, SV CryptoLab, upgrades network and increases mining capabilities
VANCOUVER, BC, CANADA (December 29, 2017) – 360 Blockchain Inc. ("360" or the "Company") (CSE: CODE – FWB: C5B – OTC: BKLLF) announces that its previously proposed acquisition, SV CryptoLab, has increased its mining capabilities and upgraded its network in anticipation of increased activity upon the close of the acquisition.
“The upgrade of the SV CryptoLab technology, including its network, readies our company with an opportunity to benefit from an increase in cryptocurrency mining,” said George Tsafalas, 360’s President. “The new technology, along with SV CryptoLab’s proprietary evaluation algorithm, will empower the company to identify and focus specifically on the most attractive cloud-mining contracts,” added Mr. Tsafalas.
Silicon Valley-based SV CryptoLab utilizes a proprietary evaluation algorithm to enter into the most attractive cloud-mining contracts. The company plans to enter into more mining contracts on a weekly basis. 360’s due diligence on its proposed investment in SV CryptoLab is advancing. There is no assurance that the proposed acquisition will be completed.
“In preparation for scaling our business model, we have installed an additional ‘Antminer’ to increase Bitcoin research and mining capacity,” said Mr. James Cerna, Founder and CEO of SV CryptoLab. “This state-of-the-art mining rig uses more than 180 specific microprocessors, increasing efficiency and the company's overall capabilities,” added Mr. Cerna.
SV CryptoLab provides an adaptable tech environment. During working hours, it’s a cutting-edge facility that’s part hacker space and part social space that is open to the public; blockchain and cryptocurrency enthusiasts 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.
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