TulsaLabs Announces Initial Purchase of ASIC Crypto Mining Rigs

Rhea-AI Summary

AppSwarm, Corp. (OTC: SWRM) announced the purchase of Scrypt ASIC mining rigs to kickstart its crypto mining operations focused on Litecoin and Dogecoin. The initial delivery is expected in November, with plans for further expansion by Q4. Additionally, AppSwarm is evaluating orders for Bitcoin mining rigs, aiming to set up operations in Tulsa to minimize infrastructure costs. The company will soon release a detailed roadmap for these crypto initiatives.

Positive

• Initial purchase of Scrypt ASIC mining rigs to enhance crypto mining operations.
• Expected delivery of rigs in November, indicating timely progress.
• Plans for further expansion by end of Q4.
• Evaluation of Bitcoin mining rigs to diversify operations.

Negative

• None.

Tulsa, OK, Oct. 28, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- AppSwarm, Corp. (OTC: SWRM), a software development company and aggregator of mobile applications, announces initial purchase of ASIC mining rigs for its crypto mining operations.

The Company announces the initial purchase of Scrypt ASIC miner rigs that are designed for the purpose of mining Litecoin and Dogecoin. Scrypt is less complex than SHA-256, which makes mining Litecoin and Dogecoin much faster and less energy-intensive.

The Company expects delivery of its initial rigs in early to mid-November, which will then be deployed and scaled up with additional ASIC rigs by the end of the fourth quarter.

Bitcoin Mining Rigs

The Company is also in the process of reviewing initial purchase orders for Bitmain Antminer and other rigs for its Bitcoin mining operations. Data Syndicate will assist us in reviewing initial details such as hash rates, rig costs, and energy consumption so we can quickly deploy rigs into operation while building a framework for scalability.

The goal is to focus our initial Bitcoin mining operations at co-location hosting facilities within the Tulsa region to expedite deployment without needing to outlay capital for infrastructure build-out costs.

A more detailed roadmap and investor presentation on our crypto mining operations will be released shortly. 

Register for updates on the project at https://tulsalabs.io/investors/

About APPSWARM

AppSwarm is a technology company specializing in accelerated development and publishing of mobile apps and other software platforms for gaming and business applications and seeks to acquire symmetric business opportunities. AppSwarm partners with and assists other development firms in technology development, business management, and funding needs.

For more information, visit us at www.app-swarm.com or follow us on www.facebook.com/AppSwarm Twitter https://twitter.com/AppSwarm or Instagram https://www.instagram.com/appswarm/

“LEGAL DISCLAIMER”

AppSwarm and its affiliate labs are strictly research firms focused on the development of blockchain applications, and in no way is involved with the buying, selling, or issuance of any cryptocurrencies, or investment advice.

Forward-Looking Statements:

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements that are subject to risk and uncertainties including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk, and other risks detailed from time to time in the Company's filings with OTCMarkets.com and as required to the Securities and Exchange Commission. These risks could cause SWRM's actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company.

Investor and Media Contacts:

AppSwarm, Corp.
888-886-8583
info@app-swarm.com

FAQ

What is the latest update from AppSwarm (SWRM) regarding their crypto mining operations?

AppSwarm has announced the purchase of Scrypt ASIC mining rigs for mining Litecoin and Dogecoin, with initial delivery expected in November.

When will AppSwarm's crypto mining rigs be delivered?

The initial delivery of the Scrypt ASIC mining rigs is anticipated in early to mid-November.

What cryptocurrencies will AppSwarm (SWRM) mine with the new ASIC rigs?

The new rigs are designed primarily for mining Litecoin and Dogecoin.

Is AppSwarm planning to expand its cryptocurrency mining operations?

Yes, AppSwarm plans to scale up its operations with additional ASIC rigs by the end of the fourth quarter.

Where will AppSwarm (SWRM) set up its Bitcoin mining operations?

AppSwarm aims to focus its Bitcoin mining operations in co-location hosting facilities within the Tulsa region.