HashChain Technology Announces That a Total of 8,495 Cryptocurrency Mining Rigs Are Operational 2,000 Additional Rigs Are Deployed
Vancouver, BC, July 18, 2018 / TheNewswire / - HashChain Technology Inc. ("HashChain" or the "Company") (TSXV: KASH; OTCQB: HSSHF) announced today it has deployed an aggregate total of 4,000 of the 5,000 cryptocurrency mining rigs (“Rigs”) from the shipment of Rigs previously announced on April 25, 2018. This milestone is a significant step for the Company, having focused on the aggressive acquisition and deployment of Rigs bringing the total number of the Company’s operational Rigs to 8,495 since listing on the TSXV in December 2018.
"With the installation of the additional 2,000 Rigs, all of HashChain’s 8,495 deployed Rigs are operating in data centers with low temperature and electricity costs to yield the best return on investment," says Patrick Gray, CEO and founder of HashChain. "When the Company first listed, our desire was to acquire and deploy enough Rigs to operate at 14 megawatts of power by the end of the first year. With the installation of the additional 2000 Rigs, we are on track to achieve that goal. Moving forward, HashChain plans to continue to look for opportunities to onboard more Rigs and increase our mining capabilities.”
Prior to the most recent deployment, HashChain was operating with 6,495 Rigs, which mined 83.12, Bitcoin and 40.04 Dash over the period of June 9, 2018 and July 13, 2018. Based on coinmarketcap.com prices for both digital currencies on July 14, 2018 (CAD $7,788, CAD $277 for Bitcoin and Dash respectively), HashChain accumulated a value of CAD $647,339 from Bitcoin and CAD $11,091 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.
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 and 8,395 Bitcoin Rigs with an additional 1,000 Rigs to be deployed from its previously announced acquisitions. Once all Rigs are operational HashChain is expected to consume approximately 14 megawatts of power. HashChain also acquired two Dash Masternodes, which requires a collateral investment of 1,000 DASH coins for each Masternode.
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Cautionary Note Regarding Forward Looking Statements: This release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws, including statements regarding the performance of the Rigs, the successful installation of an additional 1,000 Rigs, the expected consumption of 14 megawatts of power, the Company’s plan to acquire and operate more Rigs and expectations regarding future operations may constitute forward-looking statements. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should” or “would” occur. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that the Company will successfully install an additional 1,000 Rigs, that the Company will successfully operate the Rigs and such operation, including expected energy consumption, will be consistent with management’s expectations and the Company’s plans to acquire and operate more Rigs will not change. 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, that the Company will not successfully install the additional 1,000 Rigs, that the Company will not successfully operate the Rigs, that the Rigs will not be performing optimally as anticipated by management and that changing market conditions will result in the Company changing its plans to acquire and operate more Rigs. Readers are cautioned not to place undue reliance on forward-looking statements. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. 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.