Microelectronics Technology Corporation (OTC Pink: MELY) (PINKSHEETS: MELY), the Company is pleased to announce that it will begin BTC Mining under the company’s BTCPOOLPARTY as of August 14, 2014.
The company will initially operate the mining pool with its 100 Th/s servers as a private mining pool with the intention to open the pool up to the general public after a period of additional testing.
The company expects that the mining results of the BTCPOOLPARTY mining pool to be substantially different than the results currently being produced by the company’s participation in the Ghash.io mining pool.
The Ghash.io current produces approximately 2.2 to 2.4 BTC per day based upon the company’s current hash rate, which fluctuates at or near between 80 and 100 TH/s per day depending on the machines stability.
The company has currently mined over 62 BTC to date with a current value in excess of $36,500.00.
It is the company’s belief that the BTCPOOLPARTY mining pool will find a BTC block chain every 6.9 days, which will provide for 25 BTC per block chain that will be awarded to the BTCPOOLPARTY mining pool.
This will allow for an average of 4.347 potential BTC Block chains to be discovered and awarded to the BTCPOOLPARTY mining pool per month with an average of 100 TH/s hash rate.
This will allow for the potential production of 108.69 BTC per 30-day period from the BTCPOOLPARTY mining pool in perfect conditions.
This potential production would represent a significant increase over the current daily production of 2.4 to 2.6 BTC the company is currently experiencing.
Upon the successful integration of the company’s servers to the BTCPOOLPARTY mining pool and some reporting modifications are implemented, the company plans to open the mining pool to the general public as the first fully transparent and fully Audited Public Mining Pool.
More developments and timelines for the public launch will be provided in the near future.
The Company has been in negotiations with its current supplier of BTC Miners and is moving forward with the Second Phase of expansion. BTC Mining Server availability has become an issue based upon the quantity the company is looking to acquire. The company will provide confirmation upon the placement of the second order of BTC Miners, which it anticipates will be within the next few weeks.
The Companies facility has been built to allow for a minimum 500 servers with further expansion capability to operate 1800 BTC Servers at maximum capacity.
Addition photos and video can be viewed at the company’s Facebook page:
This news release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey Company progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the Company at this time, actual results may differ materially and are subject to risk and uncertainties. Factors that may cause actual results to differ include without limitation: dependence on key personnel and suppliers; MELY's ability to commercialize its technology; ability to defend intellectual property; material and component costs; competition; economic conditions; consumer demand and product acceptance, and availability of growth capital.
Additional considerations and risk factors are set forth in reports filed on Form 8-K and 10-K with the SEC and other filings. Readers are cautioned not to place undue reliance upon these forward-looking statements; historical information is not an indicator of future performance. The Company undertakes no obligation to update publicly any forward-looking statements
For further Information:
Microelectronics Technology Co.
Mr. Brett Everett
SOURCE: Microelectronics Technology Corporation