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HashChain Technology Releases Fourth Quarter and Full Year 2018 Financial Results
Dec. 27, 2018 02:40PM PST
Blockchain Investing
HashChain Technology Inc. (“HashChain” or the “Company”) (TSXV:KASH; OTCQB:HSSHF) today announced its results for the fourth quarter and full year ended August 31, 2018.
HashChain Technology Inc. (“HashChain” or the “Company”) (TSXV:KASH; OTCQB:HSSHF) today announced its results for the fourth quarter and full year ended August 31, 2018.
“In our first full year of operations we have successfully managed to reach our organizational goal of becoming a leader in the blockchain technology space,” said Patrick Gray, CEO of HashChain. “Despite volatility in the cryptocurrency market, the strategic acquisitions we made throughout the year enabled us to significantly grow our asset base and has put us in a favorable position to continue to grow our inventory of newly minted coins.”
Quarterly Highlights
– Deployed 5,000 Bitcoin mining rigs.
– Increased total digital currency mining rigs owned to 11,995.
– Increased total coins mined over third quarter production by 68%.
– Recognized operating revenue totaling $2,102,397 from digital currency mining and Dash Masternode rewards.
FY 2018 Highlights
– Generated revenues of $3,369,846 from mining of digital currencies and Dash Masternode rewards.
– Mined over 600 newly minted coins, including fourth quarter production of approximately 400 coins.
– Raised gross proceeds of $30 million of growth capital during the year to finance rapid development and future growth opportunities and investments.
– Through purchases and acquisitions increased the Company’s digital currency mining power in production to 15 MW.
– Net loss of $37,745,973 for the year, including one-time equipment impairment charge of $16.5M and loss from discontinued operations related to the sale of the NODE40 software of $9.3M.
A comprehensive discussion of HashChain’s financials and operations are provided in the Company’s “Management Discussion & Analysis and Financial Statements” filed with SEDAR and can be found on www.sedar.com.
Recent Developments
– On November 14, 2018, through its wholly owned subsidiary, Global Crypto Public Accounting LTD., the Company entered into an asset purchase agreement to sell its proprietary software and assets related to the NODE40 software platform in exchange for the buyers agreeing to extinguish the US$5,200,000 of loans and convertible loans payable from the acquisition of the NODE40 assets.
Outlook
The Company continues to execute on its strategy to grow as a market leader in the blockchain infrastructure industry and will increase operations by bringing its digital currency mining footprint to 17.5 megawatts of computing power in the first half of 2019.
The sale of the NODE40 software platform served to relieve the Company of outstanding debt and will greatly minimize G&A expenses going forward, as HashChain reemphasizes its vision of concentrating solely on cryptocurrency mining.
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 8,395 Bitcoin Rigs with an additional 3,500 Rigs to be deployed from its previously announced acquisitions. Once all Rigs are operational, HashChain’s mining operations will consist of 11,895 Rigs consuming approximately 17.5 megawatts of power.
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,
Patrick Gray
CEO & Director
For Further information please contact:
HashChain Technology Inc.
Larry Heinzlmeir
Vice President, Marketing & Communications
604-537-8676
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.
Source: www.thenewswire.com