Tulsa, OK, October 25, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – AppSwarm, Corp. (OTC: SWRM), a software development company and mobile applications aggregator, announces plans to start cryptocurrency mining operations through TulsaLabs.
AppSwarm, through its blockchain advisor, Data Syndicate, will be working on developing an initial cryptocurrency mining operation for Bitcoin, Litecoin, and Dogecoin.
Phase 1: Rig Miner
The company will try to immediately purchase and deploy ASIC miner rigs that are made to mine Bitcoin, Litecoin, and Dogecoin.
Dogecoin and Litecoin use a hashing algorithm called Scrypt, which is less complex than SHA-256. This makes mining Litecoin and Dogecoin much faster and less energy-intensive than Bitcoin.
Phase 2: Co-location mining pools
The company will then seek to expand its mining activities by purchasing and hosting additional oil rigs in co-location facilities in the area and participating in the mining pool activities.
DogeLabs will investigate the introduction of its own Dogecoin mining pool, which would be a network of individual miners who mine the cryptocurrency as a single unit or as a node by pooling their computing power.
The rewards would then be distributed among pool participants in proportion to the amount of computing power employed by each miner.
Phase 3: Mining Facilities
The company will also be exploring the development of its own co-location mining facility using renewable energy sources with power backup and AC cooling in the Tulsa, Oklahoma area.
In its final phase, the company will explore partnerships with natural gas and solar operators in the Oklahoma area interested in working together to provide energy to operate a major mining facility in the area.
The company will conduct an environmental, social, and corporate governance (ESG) review of the mining operations to reflect its commitment to technology to improve people and the environment.
The story goes on
We’ll explore mining options like projects that require lower kilowatt hours and using renewable energy to offset the operations carbon footprint.
The company is pleased to announce that it has implemented its Dogecoin Full Node, which helps the network to accept transactions and blocks from other full nodes, validate these transactions and blocks, and then forward them to other full nodes.
In addition to the Dogecoin node, we are also investigating start nodes for other major networks such as Polygon, IOTA and Fantom.
A more detailed roadmap and timeline of our crypto mining operations will be released shortly.
AppSwarm is a technology company specializing in the accelerated development and release of mobile apps and other software platforms for gaming and business applications, seeking to acquire symmetrical business opportunities. AppSwarm works with other development companies to assist them with technology development, business management and funding needs.
For more information, visit us at www.app-swarm.com or follow us at www.facebook.com/AppSwarm Twitter https://twitter.com/AppSwarm or Instagram https://www.instagram.com/appswarm/
AppSwarm and its affiliated laboratories are exclusively research companies that focus on the development of blockchain applications and are in no way involved in the buying, selling or issuing of cryptocurrencies or investment advice.
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements that are subject to risks and uncertainties, including, but not limited to, the effects of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risks and other risks disclosed from time to time in the company’s filings on OTCMarkets.com and, as necessary, with the Securities and Exchange Commission. These risks could mean that the actual results of SWRM differ materially from those expressed in forward-looking statements by the company or on behalf of the company.
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