Tulsa, OK, Oct. 25, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- AppSwarm, Corp. (OTC: SWRM), a software development company and aggregator of mobile applications, announces plans to launch cryptocurrency mining operations through TulsaLabs.
AppSwarm, through its blockchain advisor Data Syndicate, will work on developing out an initial cryptocurrency mining operation for Bitcoin, Litecoin, and Dogecoin.
Phase One: Rig Miners
The Company will look to immediately purchase and deploy ASIC miner rigs that are made for the purpose of mining 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 Two: Co-Location Mining Pools
The Company will then look to expand its mining operations by purchasing and hosting additional rigs at co-location facilities within the region and participate in mining pool operations.
DogeLabs will explore launching its own Dogecoin mining pool, which would be a network of individual miners who mine the cryptocurrency as a single entity, or node, by merging their computing power.
The rewards would then be distributed among pool participants proportionally by the amount of computer power committed by each miner.
Phase Three: Mining Facilities
The Company will also explore developing its own co-location mining facility that utilizes renewable energy sources, with power back-up, and AC cooling in the Tulsa, Oklahoma region.
In its final stage, the Company will explore partnerships with natural gas and solar operators in the Oklahoma region interested in collaborating on providing energy to power a larger scale mining facility in the region.
The Company will establish an Environmental, Social, and Corporate Governance (ESG) review of mining operations to adhere to its commitment to technology for the betterment of mankind, and the environment.
We will explore mining options such as projects that require lower kilowatt-hour demand and the use of renewable energy to offset the carbon footprint of operations.
The Company is pleased to announce it has deployed its Dogecoin Full Node, which helps the network by accepting transactions and blocks from other full nodes, validating those transactions and blocks, and then relaying them to further full nodes.
Along with the Dogecoin node, we are also exploring launching nodes for other main 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 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.
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.
"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.
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