Lomiko Metals Inc. announces the launch of Promethieus Cryptocurrency Mining Corporation (“Promethieus” or “the Company”) www.promethieus.com, a cutting-edge cryptocurrency mining company in partnership with 25% owned subsidiary SHD Smart Home Devices Corporation (“SHD Devices”) www.shdevices.com at the Consumer Electronics Show located at the Las Vegas Convention Centre in Las Vegas, Nevada.
Lomiko has invested $30,000 for 25% equity, SHD Smart Home Devices has 25% equity and various partners, including engineers, commercial real estate partners and initial investors will control the remaining portion of Promethieus. The Company has been testing rig designs for optimization of cryptocurrency mining for one month before ramping up to 32 mining rigs, and then, through an anticipated $5 million private financing for Promethius, expanding to 750 rigs to take advantage of currently available space. Due to the fluctuations in the cryptocurrency market, the cryptocurrencies focused on will change from time to time but will likely include Ethereum, Ripple, Monero, Litecoin, Dash, and Z-Cash.
“The approach of most companies in this space has been to rent server farms, build in cold climates, or construct new farms based on currently available parts and products,” stated A. Paul Gill, CEO. “Our approach is from an engineering standpoint – the focus is on creating new designs for cryptocurrency mining – efficiency, cost effectiveness and the longevity of the mining rig units at optimal production is paramount.”
Company representatives are currently available for interviews during the show. Promethieus will provide further details for mining rig economics and design in the coming weeks.
What is Cryptocurrency?
- Cryptocurrency is a general name referring to all encrypted decentralized digital currency like Bitcoin, Etherum, Dash, Z-Cash, and Ripple.
- Digital medium exchange to ensure integrity and general balance of all ledgers.
- Cryptocurrency uses cryptography to create coins and secure transactions.
- Cryptocurrencies are open source with public, but encrypted ledgers of all transactions
What is Cryptocurrency Mining?
- Cryptocurrency mining is a process of cryptographic calculations
- Monetary units of cryptocurrency require certain amounts of work, called Proof-Of-Work
- This work is done by several computers called Mining Rigs
- The transactions are decentralized and are done in various locations
- Typically, cryptocurrencies are open source with public, but encrypted ledgers of all transactions available to all nodes across network.