HashChain Technology to Receive Shipment of 6,000 Cryptocurrency Mining Rigs This Week
Expected to be Operational in July 2018 for a Total of 14 Megawatts of Power
VANCOUVER, BC / TheNewswire / June 25, 2018 - HashChain Technology Inc. ("HashChain" or the "Company") (TSXV: KASH; OTCQB: HSSHF) announced today it expects to receive their shipment of 6,000 Rigs (“Rigs”) later this week, and to be deployed by end of July 2018. HashChain currently runs 3,495 Rigs in their mining facilities in Canada and the United States, and upon deployment of these latest Rigs, will have 9,495 in operation for 14 Megawatts of computing power. In all, 9,395 Rigs will be mining Bitcoin and 100 will be mining Dash.
"By the end of next month, we expect HashChain to have deployed approximately 9,500 Rigs in just eight months since being listed on the TSXV," says Patrick Gray, CEO and founder of HashChain. "The catalyst to the Company’s rapid growth in the cryptocurrency mining space is our ability to acquire a large repository of Rigs and run them in low cost, low temperature environments. As the second half of 2018 begins, HashChain remains committed to scaling the growth of our mining operation even further.”
With the current 3,495 Rigs deployed, the Company has mined 39.3 Bitcoin and 15.9 Dash over the 16 day period of June 9 – 24, 2018. Based on coinmarketcap.com prices for both digital currencies on June 24, 2018 (CAD $7,701, CAD $301 for Bitcoin and Dash respectively), HashChain accumulated a value of CAD $302,649 from Bitcoin and CAD $4,786 from Dash.
HashChain notes there are material costs associated with mining and it will need to complete its next quarterly financial statements to have complete details. The Company will report full costs associated with mining in its financial statements. At this time, the Company has not converted the Bitcoin and Dash into fiat currency.
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 and 3,395 Bitcoin Rigs with an additional 6,000 to be deployed upon successful completion of its recently announced acquisitions. Once all Rigs are operational HashChain will be consuming approximately 14 megawatts of power. HashChain also acquired two Dash Masternodes, which requires a collateral investment of 1,000 DASH coins for each Masternode. 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.
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 anticipated benefits to the Company of the anticipated performance of a total of 9,495 Rigs, the expected timing of delivery, the successful completion of the acquisition and installation of 5,000 rigs by the end of July 2018, 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, the 9,495 Rigs will perform as expected by management, the Company will successfully complete the acquisition and installation of the 5,000 Rigs and the timing of delivery of the 5,000 Rigs will be consistent with management’s expectations. 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; the risk that the 9,495 Rigs will not perform as expected by management, the risk that the Company will not complete the acquisition of the 5,000 Rigs and the risk that the 5,000 Rigs will not be successfully delivered and deployed. 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.