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Expansion in Cryptocurrency and Blockchain Operations Continues Despite Recent Lull in the Bitcoin Market
MarketNewsUpdates.com News Commentary
NEWS PROVIDED BY
PALM BEACH, Florida, January 3, 2018 /PRNewswire/ --
Investments from corporate North America have been small, but appear to be growing in the cryptocurrency and blockchain technology development. Carl Data Solutions Inc. entered into a LOI to acquire cryptocurrency mining hardware from Connected Fintech Inc. back in December for the development of a first-of-its-kind IIoT blockchain technology for cryptocurrency mining hardware. While bitcoin continues to rise in value (though its rise has tempered over the last few weeks), newer generations of cryptocurrencies are gaining traction as they offer more promise and potential beyond what bitcoin can offer. That will be bitcoin's most important legacy in geopolitics - kicking off the process of finding new platforms and applications for blockchain technology. Active companies today include: Block One Capital Inc. (TSX-V: BLOK), NXT-ID, Inc. (NASDAQ: NXTD), BTCS Inc. (OTC: BTCS), Glance Technologies Inc. (OTC: GLNNF) (CSE: GET), Global Blockchain Technologies Corp. (TSX-V: BLOC) (OTC: BLKCF).
Block One Capital Inc. (TSX-V: BLOK.V) is pleased to announce that it has entered into a definitive agreement with TG12 Ventures Inc. ("TG12") to acquire up to 90%. Under the terms of the definitive agreement the Company has funded TG12 for US$2,910,000. Block One may provide additional funding as needed based on certain milestones over the next twelve (12) months.
TG12 is in the process of setting up a diversified digital currency mining facility with two thousand (2000) Bitmain S9 Antminers, with the first one thousand (1000) S9 Antminers to be operable in Q1-2018. The S9s are planned to operate at a co-location facility where the all-in cost of operating the miners, inclusive of electricity, rent, cooling, general rig maintenance and management, is estimated to be about US$0.10 per kilowatt hour. Read this and more news for Block One Capital at:http://www.marketnewsupdates.com/news/blok.html ;
Based on the Company's current estimate, using a recent Bitcoin price of approximately US$13,900 (January 02, 2018) and the 2000 miners being fully operable, TG12's estimated gross revenue per year is US$25,970,000.
"We are excited to be moving forward with our investment in TG12 and the potential ROI of the investment has moved favorably with the appreciation in bitcoin over the past several weeks. In addition to the TG12 investment we have been working towards building a strong pipeline of compelling opportunities in the cryptocurrency and blockchain space and look forward to sharing them in the coming weeks," said Mr. David Berg, CEO and Director of Block One.
In other industry news and developments:
Fit Pay, Inc., a wholly owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD) and Cascade Financial Technology Corp (Cascade FinTech) in mid to late December announced an agreement for the joint development of a platform that gives cryptocurrency holders the ability to use the value of their currency to make purchases at millions of retail locations worldwide. The new platform will enable devices with stored value exchanged from cryptocurrency to be used for traditional payment transactions. "As cryptocurrencies increase in value and distribution, the need to create new methods to monetize their value and enabling models for acceptance is the critical last mile," said Michael Orlando, COO of NXT-ID and President of Fit Pay,