100 more nodes launched for a total of 6,400 ETH valued at approx. $11M now staked.
Silver Spring, MD – (Globe Newswire – March 11, 2021) – BTCS Inc (OTCQB: BTCS) (“BTCS” or the “Company”), a digital asset and blockchain technology focused company, today announced it further expanded its transaction verification services operation on Ethereum 2.0 to 200 nodes. The Company expects the additional 100 nodes will begin generating revenue by the end of the first quarter of 2021.
“With a significantly strengthened balance sheet from the recent $9.5 million capital raise, we are well- positioned to accelerate revenue growth from our transaction verification services business and have already doubled our Ethereum 2.0 staking operation to 200 nodes,” stated Charles Allen, Chief Executive Officer of BTCS. “With financial returns superior to traditional bitcoin mining, our staking operation strategy will drive strong near-term revenue growth while being more profitable than resource intensive proof-of-work mining and opening the door to other revenue generating operations such as staking as a service.”
On December 1, 2020, Ethereum began transitioning to a “proof-of-stake” protocol, Ethereum 2.0. Under the “proof-of-stake” consensus algorithm, ETH holders have the exclusive right to operate validator nodes on the network and verify transactions, thereby earning transaction fees for their work. In early March 2021, Ethereum blockchain developers approved EIP 1559, one of the biggest changes to the network since its 2015 inception, that will reduce the supply of the Ether cryptocurrency when effective in August 2021, a move likely to prompt price increases as user demand grows. BTCS is the first U.S. public company to run validator nodes on Ethereum 2.0.
Allen continued “With more than $8 million in cash and approximately $14.5 million in crypto currencies, we have a solid financial foundation to accelerate the execution of our vision.”
BTCS is an early entrant in the digital asset market and one of the first U.S. publicly traded companies focused on digital assets and blockchain technologies. The Company through its transaction verification services business actively verifies and validates blockchain transactions and is rewarded with digital assets for its work. The Company is also developing a proprietary digital asset data analytics platform that allows users to consolidate their crypto trades from multiple exchanges onto a single platform, enabling users to view and analyse their performance, risk metrics, and potential tax implications. The Company employs a digital
asset treasury strategy with a primary focus on disruptive non-security protocol layer assets such as bitcoin and Ethereum. For more information visit: www.btcs.com.
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