Bitcoin Company Spondoolies-Tech Made $28 Million Last Year

Journalist:
May 20, 2015

Spondoolies-Tech, the Israeli company that is merging with Bitcoin Shop to consolidate their enterprises and resources, announced today that last year it had brought in about twenty-eight million dollars. By comparison, many other companies in the Bitcoin world are still in the venture capital funding phases of their progression.

Spondoolies’ integration with Bitcoin Shop will focus largely on developing a seamless Bitcoin mining platform, using hardware developed by Spondoolies. Spondoolies-Tech Bitcoin mining hardware is widely respected as industry standard. In November, CCN reviewed their 1.7 TH/s SP20 rig as being 4.7 out of 5 stars.

A press release from Spondoolies notes that while the exchange rate of bitcoins to dollars has steadily declined, the company has seen constant gains. They also noted that the biggest reason for the overwhelming cost of mining is the consumption of electricity, and that their next, third generation ASIC miner product will go a long way to improving this situation for customers.

The transaction verification industry is heavily impacted by electricity consumption and the bitcoin to U.S.D exchange rate. Spondoolies-Tech is currently deep in the development stage of its third generation ASIC. The new ASIC will allow Spondoolies to create units that are significantly more efficient than competitors’ offerings. It is anticipated that the 3rd generation ASIC will allow Spondoolies to have a break even return on investment even if market conditions worsen and dive below $100 per BTC.

Bitcoin Shop and Cloud Mining

Bitcoin Shop, the company Spondoolies is merging with, is presently developing a cloud mining center in North Carolina. One of the nicer things about the way they’re approaching this situation is that they are actually buying the hardware from people in the community, which is one way to be sure that the hardware is actually there, operating. Of course, that’s if working with an actual hardware manufacturer, Spondoolies, is not enough evidence for the doubtful among us.

Also read: Bitcoin Shop Inc. Invests $1.5 M In Bitcoin Mining Company Spondoolies-Tech

Presumably, Spondoolies itself will be providing a great deal of the hardware going into this facility, but the company is also accepting (in batches of 50 TH/s or more) other brands, including the overwhelmingly popular Antminer S4/S5 and the Terraminer.

The merger is scheduled to happen in 2015, with Spondoolies currently undergoing a full audit of its books and inventory in preparation. Also in preparation, earlier this week Bitcoin Shop invested 1.5 million dollars into Spondoolies. CCN will stay alert of any developments in this story.

Last modified (UTC): May 20, 2015 21:49

P. H. Madore @bitillionaire

P. H. Madore has written for CCN since 2014. Please send breaking news tips or requests for investigation to bitillionaire+phm@gmail.com. He lives in Maine, USA. A single father of four young children, he does not discourage financial donations, provided they do not come with strings attached.