"People are leaving the mining business because it is a sucker's game," said Charles Allen, CEO of BTCS, in an interview with Bitcoin Magazine. "But the only way to make money in the next 1-2 years is with mining."

The company is putting its money where its mouth is. It signed a partnership with Spondoolies Tech, a provider of mining hardware, to acquire a significant amount of mining equipment. Spondoolies became a shareholder at about 10 cents a share and in exchange, BTCS was able to ramp up its mining operations from 176 Th/s (tera hashes per second) to 891 Th/s.

Allen said that if the effort works, the company is ready to quickly scale from there.