BITCOIN SERVICES INC (OTCMKTS:BTSC) Starting to Fire Up Again

BITCOIN SERVICES INC (OTCMKTS:BTSC) Starting to Fire Up Again

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BITCOIN SERVICES INC (OTCMKTS:BTSC) is starting to heat back up again as bitcoin experiences a price breakout. The coin has jumped above $8,000 and looks to be regaining some energy as analysts across the financial world have put helium in their price targets for the coin that has recently been slumping.

Of course, this affects BTSC and the stock is returning to test support levels of $0.08 and closing in on $0.10. There have been few updates from BTSC and the company has since pulled away from a merger with an Australian blockchain company that last year boosted it value record highs. “While it is still possible we may complete the merger with the Australian company, we are actively focused on other opportunities and in preliminary discussions with other potential targets that may drive shareholder value. We cannot assure you we will complete any acquisition,” “BTSC said in a statement.

BITCOIN SERVICES INC (OTCMKTS:BTSC) bills itself as a company engaged in the mining of Bitcoin as well as Blockchain software development. Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new Bitcoins are released.

According to BTSC press materials, “Our business operations are Internet based to the consumer and consist of two separate streams, as follows: (1) bitcoin mining, and (2) blockchain software development. The principal products and services are the mining of bitcoins, and the development and sale of blockchain software. The market for these services and products is worldwide, and sold and marketed on the Internet.”

BTSC is focused on bitcoin mining which is legal and is accomplished by running SHA256 double round hash verification processes in order to validate Bitcoin transactions and provide the requisite security for the public ledger of the Bitcoin network. The speed at which you mine Bitcoins is measured in hashes per second. The Bitcoin network compensates Bitcoin miners for their effort by releasing bitcoin to those who contribute the needed computational power. This comes in the form of both newly issued bitcoins and from the transaction fees included in the transactions validated when mining bitcoins.

Also worth noting, when Tulip BioMed Inc. became Bitcoin Services, as we know it today, in March 2016, it marked at least the fifth name change for the company since 2002.

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This quote came from BTSC’s company update in January. The company says it entered 2017 with $45.3 million in total liabilities and $98,000 in assets. Thanks to capital raises and debt restructuring, the company was able to trim toxic debt, significantly improving its financial position. Furthermore, BTSC added financial results from last year. The report shows the company had assets worth $518,764 as of the end of 2017, up from $129,107 as of 2016. Revenue for the full year totaled $471,696 nearly triple revenues of $166,346, reported the previous year. However, operating income loss ballooned to (-$10.6) million in 2017 from $67,140 as of the end of 2016. BTSC consequently posted a net loss of (-10.8) million in 2017, compared to a net loss of $67,140 reported in 2016.

BTSC is still a company hinged to bitcoin regardless of numbers. The coin must peak above a psychological threshold to make buyers not feel so spooked. In addition, the entire market as whole is slightly on edge as geopolitical tensions rise as the conflict in Syria escalates.

Holding a market cap of $56.21M, BTSC has 673.3M shares outstanding. BTSC is nowhere near out of the woods and investors still need to be cautious. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $BTSC stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $BTSC, either long or short, and we have not been compensated for this article.

 

 

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