360 Blockchain Inc (CSE: CODE) recently announced its plan to invest C$100,000 in ePIC Blockchain Technologies Inc, the firm specialized for cryptocurrency mining infrastructure. Also recently, the president and chief executive of the US arm of 360; Jeff Koyen explained what the investors should know about the Blockchain technology. 360 Blockchain is a public listed company exclusively investing in unique technology.
According to George Tsafalas, chief executive, and president at 360, ePIC will use this cash to increase the pace of its development plans including purpose-built cryptocurrency mining chip. Tsafalas stated that the infrastructure that is needed to mine cryptocurrencies have a huge potential of providing massive business opportunity.
That is why 360 Blockchain is focusing on finding such start-up technologies with the ability to bring revolution in the field. It will help the company deliver significant results to its shareholders. According to 360, the cryptocurrency miners are at present repurposing chips that are not designed for cryptocurrency processing. Hence, such chips become out of stock the moment they are introduced for pre-order.
ePIC Designing First Generation Chip
ePIC is designing its first generation chip specifically for bitcoin mining. It is targeted for private beta and will be introduced in the second quarter of the current year and will be available to everyone by the fourth quarter of 2018. The chief executive at ePIC Blockchain Technologies, Scott Howard said that the massive growth of bitcoin is instrumental in driving the cottage mining industry into commercial scale operations.
Howard further added that a block is being hashed approximately every 10 minutes and the only advantage currently available is the ability to provide more processing power on the chips and network that are the sources of processing power. According to Howard, crypto miners are all the time looking for dedicated chip producers who are not mining in parallel by competing with their clients.
The ePIC Blockchain Technologies chief executive said that it is exactly what his company intends to deliver to its partners including 360.