BTCS Expands Its Ethereum 2.0 Staking Operation to 240 Nodes
BTCS, the first U.S. publicly traded company focused on digital assets and blockchain technologies, is making history as it becomes the first U.S. publicly-traded company to run validator nodes on Ethereum 2.0. BTCS is a company with more than 7 years of experience in the market. Today, the company has a balance sheet with over $8 million in cash and approximately $14.5 million in cryptocurrencies to execute its vision.
For those who are not familiarized with the terminology, nodes are needed to verify transactions in each block and help keep the network secure and the data safe and accurate. Setting up an Ethereum node ultimately serves two purposes, it helps the network grow and maintains its safety while also verifies the transactions that happen within each block. 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.
Through the implementation of transaction verification services as an operator, BTCS is adding financial returns superior to traditional bitcoin mining as a new revenue source. The 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. BTCS believes in the future of ‘smart-crypto’ and sees Ethereum, which is transitioning to a proof-of-stake consensus algorithm, as the flagship of smart-crypto blockchains. Less resource-intensive than proof-of-work verification services, proof-of-stake validation provides attractive economics.
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 analyze 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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