Bitcoin Shop, Inc. (BTCS) which is creating a universal digital currency ecosystem, revealed on Thursday that it expects that its new transaction verification services facility will be up and running in 1-4 weeks. It aims to enable users to engage in the cryptocurrency ecosystem through a single point of access. The company has added extra servers to increase its total hashing power close to 1 Petahash.
Its transaction verification services business, or bitcoin mining, involves operating specialized servers which are devoted in solving a set of prescribed calculations, so as to add a block of verified information to the blockchain and thus confirm bitcoin transactions. After a block is successfully added to the blockchain, it is issued new bitcoins.
