Discovery Minerals Announces Strategic Pivot Into Bitcoin Gold Mining
Marina del Rey, Jan. 11, 2018 (GLOBE NEWSWIRE) -- Marina del Rey, CA, January 11, 2018 – Discovery Minerals Ltd. (OTC:DSCR) (“Discovery” or the “Company”) is excited to announce that the Company is pivoting its commercial operations into the mining of Bitcoin Gold coins.
According to the Bitcoin Gold information site, “Bitcoin Gold is a fork of the Bitcoin blockchain. At block 491407, Bitcoin Gold miners will begin creating blocks with a new proof-of-work algorithm, and this will cause a bifurcation of the Bitcoin blockchain. The original Bitcoin blockchain will continue on unaltered, but a new branch of the blockchain will split off from the original chain. The new branch is a distinct blockchain with the same transaction history as Bitcoin up until the fork, but then diverges from it. As a result of this process, a new cryptocurrency is born.”
Bitcoin Gold came into existence as a fork in late October of last year, but is already worth over $3.95 billion as of today’s market capitalization data (via CoinMarketCap.com). It has been designed to avoid domination by a small group of large mining outfits using application specific integrated circuits.
In other words, for new players in the cryptocurrency mining game, Bitcoin Gold offers clear advantages to early profitability.
In terms of operational management structures, moving from gold mining to Bitcoin Gold mining is actually not a dramatic shift. Both necessitate some degree of initial fixed cost investment followed by an operating budget to account for variable cost investments to fund production activity going forward. However, as many investors have become aware over recent months, the profitability of Bitcoin and Bitcoin Gold mining activities far exceeds that of gold mining, which is both more costly and less financially rewarding.
Hence, management is extremely enthusiastic about this powerful rebirth for Discovery Minerals as an emerging player in the $733 billion cryptocurrency market space, and looks forward to providing investors with additional details shortly.
About Discovery Minerals, Ltd
Discovery Minerals Ltd. is an acquisition and development company that targets natural resource properties through its subsidiaries.
Safe Harbor Statement
This report includes forward-looking statements covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results for the current fiscal year and beyond could differ materially from the Company's current expectations. Forward-looking statements are identified by words such as "anticipates," "projects," "expects," "plans," "intends," "believes," "estimates," "targets," and other similar expressions that indicate trends and future events. Factors that could cause the Company's results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and acceptance of the Company's products and services, the frequency, magnitude and timing of any or all raw-material-price changes, general business and economic conditions beyond the Company's control, timing of the completion and integration of acquisitions, the consequences of competitive factors in the marketplace, cost-containment strategies, and the Company's success in attracting and retaining key personnel. Additional information concerning factors that could cause actual results to differ materially from those projected is contained in the Company's filing with The Securities and Exchange Commission. The Company undertakes no obligation to revise or update forward-looking statements as a result of new information since these statements may no longer be accurate or timely.
Email: info@discoveryholdingscorp.com