HashChain Technology Inc. (“HashChain” or the “Company”) (TSXV:KASH; OTCQB:HSSHF) today announced the arrival of 3,000 mining Rigs (“Rigs”) to the Company’s Montana, USA mining facility (“Montana Facility”), as part of the purchase order announced in the Company’s January 4, 2018 news release.
HashChain Technology Inc. (“HashChain” or the “Company”) (TSXV:KASH; OTCQB:HSSHF) today announced the arrival of 3,000 mining Rigs (“Rigs”) to the Company’s Montana, USA mining facility (“Montana Facility”), as part of the purchase order announced in the Company’s January 4, 2018 news release. Of that received shipment, 1,000 Rigs have been deployed giving the Company a combined total of 1,870 rigs operating. With all 3,870 Rigs operating, HashChain will be operating with a total of approximately 5.8 MW of power.
On November 3, 2017, HashChain commenced mining with 100 Rigs in its Vancouver data centre exclusively for mining Dash cryptocurrency. On March 8, 2018, the Company deployed an additional 770 Rigs currently focused on mining Bitcoin in its 20MW Montana facility to operate at 1.28 MW. The 870 combined Rigs mined 4.97 BTC and 3.89 DASH for a gross revenue of CAD $53,642 over the week of March 8-14, 2018, based on coinmarketcap.com prices on March 28th.
HashChain notes there are material costs associated with mining and it will need to complete its next quarterly financial statements to have complete details on such costs. The Company will report full details on its costs associated with mining in its financial statements. At this time the Company has not converted the Bitcoin and Dash into fiat currency.
“HashChain continues to diversify our business strategy to include other blockchain-related software and services, and we remain dedicated to mining sector,” says Patrick Gray, CEO and founder of HashChain. “The Company’s unique ability to quickly order and receive large quantities of Rigs helps us scale at an accelerated rate in ideal mining locations to reduce operational expenditure and ensure ROI on coin mined.”
A “Rig” is a high-performance computer system used for cryptocurrency Mining. “Mining” is the process in which individuals solve complex, computation puzzles to confirm transactions to be added on a blockchain. Miners who successfully complete the mining process earn a reward in the form of cryptocurrency or other blockchain coin or token.
The Company retains the ability to acquire up to an additional 2,000 Rigs pursuant to the purchase order for up to a total of 5,000 Rigs, and will make a decision regarding the potential acquisition of the remaining Rigs in the coming months.
About HashChain Technology Inc.
HashChain is a blockchain company, and the first publicly traded (TSXV:KASH; OTCQB: HSSHF) Canadian cryptocurrency mining company to file a final prospectus supporting highly scalable and flexible mining operations across all major cryptocurrencies. HashChain taps low-cost North American power, cool climate and high-speed Internet: the trifecta most critical to mining success, to create a competitive position for maximizing the number of mining ‘wins.’ HashChain currently operates 100 DASH mining Rigs, 1,770 Bitcoin Rigs, and has received an additional 2,000 Rigs. Once all Rigs are operational HashChain will be consuming approximately 5.8 megawatts of power. HashChain also acquired a Dash Masternode, which requires a collateral investment of 1,000 DASH coins. Diversifying its business strategy beyond crypto mining, the Company recently acquired NODE40, a blockchain technology company that developed NODE40 Balance, a new SaaS product making cryptocurrency tax reporting simpler and more accurate. The solution allows cryptocurrency users and traders to accurately report their capital gains and losses. NODE40 is also one of the leading masternode server-hosting providers for the Dash network and is seeking additional alternate coin masternode hosting.
HashChain Mining is a wholly owned subsidiary of HashChain Technology Inc. based out of Albany, New York, and an office in Vancouver, British Columbia.
On Behalf of the Board,
CEO & Director
For Further information please contact:
HashChain Technology Inc.
Vice President, Marketing & Communications
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release, including statements regarding the performance of the Company’s operating and purchased Rigs, and expectations regarding future operations may constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company’s current beliefs as well as assumptions made by and information currently available to the Company, including that all of the 3,000 Rigs will be successfully deployed, the 3,870 Rigs will perform as expected by management, and the other assumptions disclosed in this release. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, the risk that the 3,000 Rigs will not be successfully deployed, the risk that the Company’s current operating and purchased Rigs will not perform as expected by management, and the other risks disclosed in this release. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.