HashChain Technology Acquires 1,000 Bitcoin Rigs from Block One Capital Inc.
HashChain Expected to Operate at 15 Megawatts after Deployment of these 1,000 Rigs and the 5,000 Rigs Recently Announced
VANCOUVER, May 3, 2018 - HashChain Technology Inc. (“HashChain” or the "Company") (TSXV: KASH; OTCQB: HSSHF) today announced it has signed a definitive agreement (the “Agreement”) with Block One Capital Inc. (TSXV: BLOK, OTCQB: BKPPF, Frankfurt: ES3) (“Block One”) to acquire a 100% interest in TG12 Ventures Inc. (“TG12”), which owns 1,000 Rigs. Of those, 100 S9 Antiminer Rigs (“Rigs”) are currently deployed at a Montana, USA mining facility, with an additional 900 planned to arrive in the current quarter.
As part of the Agreement, Block One will receive 8.9 million shares of HashChain (“HashChain Shares”) at a deemed price of $0.35 per share in voluntary escrow whereby 30% of the shares will be released 60 days following the closing date, and 30% will be released 90 days following the closing date. A total of 40% of Block One’s HashChain Shares will not be subject to any voluntary escrow. The transaction is subject to customary closing conditions, including the completion of satisfactory due diligence by HashChain and the receipt of TSX Venture Exchange approval. Closing is expected to occur as soon as possible after the closing conditions are satisfied.
“By acquiring full ownership of Block One’s Bitcoin mining operations, HashChain will gain an additional 1,000 Rigs by the end of the quarter,” says Patrick Gray, CEO of HashChain. “HashChain continues to rapidly scale it’s mining operations by both purchasing Rigs as well as through strategic acquisitions. Subject to completion of our recently announced acquisitions, we expect to have a total of 9,870 Rigs deployed with approximately 15 megawatts of computing power.”
HashChain currently operates 1,770 Bitcoin mining Rigs out of their Montana, USA facility, as well as 100 Dash Rigs in their Vancouver mining facility. The company has also purchased and received an additional 3,000 Rigs and recently announced entering into agreements to acquire a company with 1,000 Rigs, and another company with 5,000 Rigs which are all expected to be deployed by the end of June 2018.
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.’ Diversifying its business strategy beyond crypto mining, the Company acquired NODE40, a blockchain technology company that developed NODE40 Balance, a new SaaS product making cryptocurrency accounting and 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.
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 acquisition by the Company of TG12 and another company with 5,000 Rigs (the "Transactions"), including the anticipated benefits to the Company of the Transactions, the anticipated performance of a total of 9,870 Rigs, the expected timing of delivery and installation of 1,000 Rigs by the end of May 2018 and another 5,000 rigs by the end of June 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, including that all conditions to the closing of the Transactions will be satisfied, including receipt of all required approvals, and the Transactions will complete on the terms set out in the agreements, the 9,870 Rigs will perform as expected by management, the 6,000 Rigs will be successfully delivered and deployed and the timing of delivery of the 6,000 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. Such risk factors may include, among others, the risk that the conditions to the closing of the Transactions will not be satisfied, including the risk that required approvals are not obtained, and that the Transactions will not complete on the terms set out in the agreements or at all, the risk that the Transactions, if closed, will not result in the anticipated benefits to the Company; the risk that the 9,870 Rigs will not perform as expected by management and the risk that the 1,000 Rigs will not be successfully delivered and deployed by the end of May 2018, or at all or that the 5,000 rigs will not be successfully delivered and deployed by the end of June 2018. 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.