360 Blockchain says SV CryptoLab has begun Cryptocurrency mining

360 Blockchain Inc (CSE:CODE) revealed its funding prospect  – SV Crypto Lab (SV)  – has struck contracts to mine Ethereum and Zcash -  two of the fastest-growing cryptocurrencies.

The Silicon Valley group uses a proprietary evaluation algorithm to enter into the most economically attractive cloud-mining contracts, said 360.

360’s due diligence on its proposed investment in SV CryptoLab is continuing.

“Of the many upsides to cryptocurrency’s explosion in popularity are the opportunities to mine coins other than Bitcoin,” said George Tsafalas, 360’s president.

“The business challenge is identifying the most lucrative contracts. SV CryptoLab has developed a solution.”

Last week, 360 revealed it was set to acquire 60% of Silicon Valley based SV Crypto Lab (SV).

It has inked a non-binding letter of intent, the group said,  and if 360 and SV shareholders can agree terms, SV CryptoLab founder and chief executive James Cerna will lead the advancement of the SV CryptoLab business model, establishing the 360  presence with its previously announced office in San Carlos, California.

While no definitive documentation has yet been signed, terms of the proposed acquisition include that 360 would acquire 60%, with the option to purchase the remaining 40%.

The purchase price to be paid to SV shareholders is US$ $250,000 and 5,000,000 shares of 360.

Story by ProactiveInvestors