PALM BEACH, Florida, March 14, 2018 /PRNewswire/ —
MarketNewsUpdates.com News Commentary
The explosion in the value of the different cryptocurrencies, such as Bitcoin, last year prompted a surge in start-ups running a growing number of energy-hungry computer systems needed to keep the global cryptocurrency system functioning. Operations are begging to spread out across the US and Canada in search of having fewer energy restrictions as well as having the framework to support large-scale mining operations. Cryptocurrency mining in general can be a confusing and somewhat of a complicated topic. But it can be broken down to a simple principle – Miners obtain powerful computing chips designed for the mining process and use them to run specifically crafted software day and night. That software forces the system to complete complicated calculations, and if all goes to plan, the miners are rewarded with cryptocurrency at the end of their efforts. Due to the inflating popularity of cryptocurrency trading and mining, the need for blockchain technology has skyrocketed and has been able to leverage mining efforts into tangible results through its universal accessibility and flexible platforms. Active companies today in the blockchain and crypto markets include: Block One Capital Inc. (TSX-V: BLOK) (OTC: BKPPF), Marathon Patent Group, Inc. (NASDAQ: MARA), HIVE Blockchain Technologies Ltd. (TSX-V: HIVE) (OTC: HVBTF), Global Blockchain Technologies Corp. (CSE: BLOC.CN) (OTC:BLKCF), Net Element, Inc. (NASDAQ: NETE).
Block One Capital Inc. (TSXV: BLOK.V) (OTCQB: BKPPF) an investment company focused on high growth opportunities in the blockchain and digital currency mining sector, is pleased to announce that it’s investee company: TG12 Ventures Inc. (“TG12”) has commenced mining Bitcoin.
“We are pleased that TG12 has begun generating revenue and look forward to ramping up our mining capacity over the coming months. The audit procedures that are being implemented both remotely and physically will allow us to effectively gauge the potential growth of the operation moving forward,” said Mr. Sothi Thillairajah, CEO of Block One.
Co-location at Montana, USA – 320 Megawatt Compound
After a comprehensive review of the original site in Montreal selected for co-location, TG12 chose to co-locate the mining operation in Montana. The primary factors that led to the change were operational and cost efficiency – the contracted cost of power in Montana will be USD $0.031 per kwH. Furthermore, the facility in Montana has four times more air circulation space allowing for cooler room temperatures, thereby improving the miner’s overall efficiency and allowing for significant future scalability.
TG12 was able to have the shipment of the miners rerouted to the Montana location ensuring that a setback in commencing mining of Bitcoin did not occur. Read this and more news for Block One Capital at: http://www.marketnewsupdates.com/news/blok.html
In other blockchain and crypto industry news and developments:
Marathon Patent Group, Inc. (NASDAQ: MARA) this week announced that it has commenced bitcoin mining at its new facility in Quebec. On February 8, 2018, the Company announced it had purchased 1,400 Bitmain Antminer S9 miners (“Antminer S9s”) and on February 15, 2018 the company announced it had leased 26,700 square feet of data center space in Quebec, Canada. The Company is pleased to announce the completion of its installation and the commencement of operations which are expected to utilize approximately 2.0 MW and deliver approximately 19 Ph/s of ASIC mining capacity. The Antminer S9s are presently mining Bitcoin, but are able to mine other digital assets/cryptocurrency using the SHA256 algorithm. Marathon is seeking to add up to an additional 3.9 MW of power. If successfully completed, this is expected to provide capacity for up to 2,800 additional Antminer S-9s that if acquired, could be located at this facility.
HIVE Blockchain Technologies Ltd. (TSXV: HIVE.V) (OTC: HVBTF) recently announced its results for the third quarter ended December 31, 2017 – You can read the full results at: https://finance.yahoo.com/news/hive-blockchain-releases-fiscal-2018-000600473.html Subsequent to the quarter, on January 15, 2018, HIVE commenced mining operations from the initial 6.8 MW phase of the Sweden GPU Data Centre, nearly tripling its global footprint of energy consumption dedicated to digital currency mining to 10.6 MW. This has contributed to a strong increase in the Company’s digital currency portfolio to a total value of $13,624,783 as at February 26, 2018. The construction and configuration of the second and third phases of the Sweden GPU Data Centre is proceeding on-schedule and will increase HIVE’s capacity by an additional 13.6 MW within two months, with the 20.0 MW Sweden Bitcoin Date Centre to follow by September 2018.
Global Blockchain Technologies Corp. (CSE: BLOC.CN) (OTC: BLKCF) has closed the acquisition of Coinstream Mining Corp., previously announced on Feb. 13, 2018, by way of a three-cornered amalgamation. Under the terms of the definitive acquisition agreement, the company acquired 100 per cent of Coinstream and assumed all of its existing assets and underlying agreements at present. Distributed Mining would allow anyone with a connected device to download and install a software packet, giving the user access to optimized cryptocurrency mining. The distributed mining platform will be able to optimize for variable mining requirements, and its design is particularly well suited for gaming consoles, of which there are over 100 million currently connected units. Gaming consoles contain stronger processing power than that found in typical laptop/desktop computers, making them the perfect environment to deploy the distributed mining platform as individuals are able to put their resting consoles to work, earning them valuable cryptocurrency tokens.
Net Element, Inc. (NASDAQ: NETE), a global technology and value-added solutions group, in late February announced that it has joined the Enterprise Ethereum Alliance (“EEA”), the world’s largest open-source blockchain initiative with over 250 member companies. Net Element’s membership to the prestigious alliance is complementary to the Company’s recently announced decentralized blockchain technology solution that will enable an unlimited number of value-added services (“VAS”) and support the adoption of Ethereum in the enterprise. The EEA seeks to augment Ethereum adoption as an enterprise-grade technology, with research and development focused on privacy, confidentiality, scalability and security. Net Element is developing a decentralized crypto-based ecosystem to act as a framework for a number of value-added services that can connect merchants and consumers directly, via blockchain technology, while increasing the economic efficiency of all transactions conducted within the ecosystem.
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