Publicly traded 360 Blockchain Inc. (CSE: CODE) says that Silicon Valley partner SV CryptoLab has significantly increased mining capabilities and upgraded its network in anticipation of increased activity upon closing 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. James Cerna, Founder and CEO of SV CryptoLab: "In preparation for scaling our business model, we have installed an additional ‘Antminer’ to increase Bitcoin research and mining capacity. This state-of-the-art mining rig uses more than 180 specific microprocessors, increasing efficiency and the company's overall capabilities."
Mr. Cerna has over 27 years' experience in the software and energy industries. Mr. Cerna has served as an executive and director with companies listed on NYSE, Nasdaq, and OTCBB markets. Currently, Mr. Cerna serves as a director and advisor to various software companies. From 2014 to 2017, he was CEO and CFO of SauceLabs, the world's largest automated testing cloud company based in San Francisco.
Silicon Valley-based SV CryptoLab utilizes a proprietary evaluation algorithm to enter into the most attractive cloud-mining contracts.360 Blockchain plans to acquire a 60% interest in SV CryptoLab in exchange for a payment of US$250,000 and issuance of 5 million common shares.
About 360 Blockchain Inc.
360 Blockchain Inc. has an all-round view to accelerate the development and application of revolutionary blockchain technologies by investing capital and expertise. We are founded on the belief that blockchain technology, essentially a distributed ledger which is transparent and incorruptible, has the potential to transform the way business is conducted, delivering security, cost savings and efficiency gains not seen before in our internet connected world. 360 Blockchain will be focused upon identifying and empowering blockchain technologies applying to crypto-currencies, smart contracts, eSports, data management, the internet of things, equity trading, privacy applications and beyond.
For more information visit www.360blockchaininc.com.