Bitcoin Shop Inc. has formally been renamed to BTCS Inc, the company reaffirming its new focus on bitcoin mining and blockchain technology.
The original name, Bitcoin Shop, reflected the company’s original intention to become a go-to destination for bitcoin-powered e-commerce. This vision didn’t materialize, and the company instead saw more opportunity in continuing to forge industry partnerships, most notably with Israel-based mining hardware manufacturer Spondoolies-Tech.
BTCS, which now stands for “Bitcoin Technology Consumer Solutions”, formally shifted its focus earlier this year. It announced new engagements with other areas of the Bitcoin economy, including mining, ATMs and a multisignature wallet.
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Mining has since become the primary focus. BTCS entered into a merger agreement with Spondoolies in April, investing $1.5 million in the startup. In May, Spondoolies reported audited revenues of $28 million in 2014.
CEO Charles Allen said the company has expanded its North Carolina mining facility capacity to 3 megawatts (MW). He added that he has “spent more than a year studying blockchain technologies” and investing in them, and that “it’s clear that securing the blockchain will likely be the cash cow in the industry and the foundation of our company in 2015.”
Allen told Finance Magnates that the 3 MW capacity can theoretically support a total hash rate of 13-29 PH/s in the future, if the entire 3-floor warehouse is filled with the latest generation Spondoolies equipment. Currently, the operation yields 891 TH/s.
The company’s shares, which are publicly traded on the OTC Markets, will continue to be listed as BTCS. The shares ended Monday higher by 20.9% at $0.194 apiece, making most of their gains when spiking higher just after 3 PM EST. The company’s market cap is now $30.4 million.