November 10, 2017 12:06 AM
Previously announced proposed acquisition, SV CryptoLab, launches two cloud-mining operations for Ethereum and Zcash
VANCOUVER, BC, CANADA (November 10th, 2017) – 360 Blockchain Inc. ("360" or the "Company") (CSE: CODE - FWB: C5B) announces that its previously announced funding prospect has entered contracts to mine Ethereum and Zcash, two of the fastest-growing cryptocurrencies.
“Of the many upsides to cryptocurrency’s explosion in popularity are the opportunities to mine coins other than Bitcoin,” said George Tsafalas, 360’s President. “The business challenge is identifying the most lucrative contracts. SV CryptoLab has developed a solution.”
Silicon Valley-based SV CryptoLab utilizes a proprietary evaluation algorithm to enter into the most economically attractive cloud-mining contracts. That company plans to enter into more mining contracts on a weekly basis. 360’s due diligence on its proposed investment in SV CryptoLab is continuing.
SV CryptoLab provides an adaptable tech environment. During working hours, it’s a cutting-edge facility that’s part hacker and part social space that is open to the public where all 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.
The Company also advises that due to a clerical oversight, an additional 300,000 units ($18,000) were missed being issued to an arms-length subscriber on the Company’s last private placement. Those shares and warrants have now been issued and the Company’s filings at the CSE have been updated.
About 360 Blockchain Inc.
Our Mission: To empower blockchain technologies with capital and experience to create exponential value.
Company Description: 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 further information, please contact:
Telephone: 1 (778) 806-5150
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