HashChain Technology Provides Update on Cryptocurrency Mining Operations; Mines Nearly 5 Bitcoin and 4 Dash a Week
VANCOUVER, March 28, 2018 - HashChain Technology Inc. (“HashChain” or the "Company") (TSXV: KASH; OTCQB: HSSHF) today announced the Company mined 4.97 Bitcoin and 3.89 Dash from March 8 through March 14, 2018. According to coinmarketcap.com on March 28, 2018, Bitcoin and Dash were valued at CAD $10,423 and CAD $473, respectively. The mined value of Bitcoin at that price equates to CAD $51,802, and the mined amount of Dash at that price equates to CAD $1,840, for a gross value of CAD $53,642 over seven days for the Company.
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 currently operates 870 Rigs (“Rigs”) for approximately 1.23 megawatts (MW) of computing power in the Company’s Vancouver and Montana mining facilities. As previously disclosed, an additional purchase order for 3,000 Rigs has been completed with the manufacturer and the Rigs are expected to arrive at the end of this month. Upon deployment of all 3,000 purchased Rigs, HashChain will have a total of 3,870 Rigs in operation, mining with approximately 5.8 MW of power.
“HashChain’s mining business has grown significantly since operations began a little under five months prior, and we continue to deliver on the promise of scaling effectively,” says Patrick Gray, CEO of HashChain.
Additionally, HashChain is pleased to announce the appointment of Paul Ciullo as the Company’s new Chief Financial Officer (CFO). Paul is a 12-year veteran in senior corporate finance and accounting positions for Fortune 500 companies, including General Electric and Xerox. Prior to joining HashChain, Paul served as the Director of Finance for Conduent Legal and Compliance Services, specializing in financial reporting and project management.
Paul obtained a Bachelor’s of Science in Accounting from SUNY Geneseo and an MBA from Pennsylvania State University. He is a member of the American Institute of Certified Public Accountants and New York State Society of CPA’s, and previously served on the Finance Committee for the AIDS Council of Northeastern New York.
The Company wishes to thank Mr. Herrick Lau for his contributions to HashChain as former CFO, and his commitment to assisting the Company with its goal of becoming a diversified blockchain technology company.
“We look forward to the future with Paul as our new CFO, who brings immense expertise in accounting and finance as HashChain continues to develop and expand our blockchain offerings,” continues Gray. “The timing is ideal as the Company is preparing for aggressive mining growth, continued expansion of our cryptocurrency tax software and Masternode Hosting services, as well as our interest in technologies and businesses that will help stakeholders navigate the impending cryptocurrency regulatory environment.”
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, 770 Bitcoin Rigs, and has purchased an additional 3,000 Rigs. Once all Rigs are operational HashChain will be consuming approximately 5.8 megawatts of power. HashChain also acquired a Dash Masternode for approximately USD $280,000 which requires a collateral investment of 1,000 DASH coins. Diversifying its business strategy beyond crypto mining, the Company recently acquired assets of 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.
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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 the 3,000 Rigs will be successfully delivered, 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 delivered to the Company when expected by management or at all, the risk that the Company’s current operating and ordered 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.