HashChain Technology Achieves Rapid Cryptocurrency Mining Growth and Key Blockchain Technology Acquisitions Since TSXV Listing
Company Surpassed Three Major Milestones Each Month Since December 2017
VANCOUVER, May 23, 2018 – HashChain Technology Inc. (“HashChain” or the “Company“) (TSXV: KASH; OTCQB: HSSHF) is pleased to summarize the numerous accomplishments and milestones it has achieved since listing on the TSX Venture Exchange (TSXV) on December 15, 2017. Over the last five months, HashChain grew mining operations from 100 GPU Rigs for mining Dash cryptocurrency, to deploying 1,770 ASIC Rigs for Bitcoin mining, acquired 3,000 additional Rigs and entered into an agreement to acquire 5,000 additional Rigs all of which are awaiting installation in the Montana, USA data center. Additionally, the Company is now poised to grow their cryptocurrency accounting and tax software, Balance, as well as their Masternode hosting service, Hosting.
“Since HashChain’s inception, our goal was to achieve aggressive mining operations growth while simultaneously growing into a truly global blockchain technology company. With our acquisition of NODE40 and up to 9,870 total Rigs dedicated to mining, we have exceeded our own expectations,” says Patrick Gray, CEO of HashChain. “For the remainder of the calendar year, HashChain plans to continue building upon this momentum by finishing deployment of the Rigs, and expand upon our Balance software to incorporate more cryptocurrency exchange support and build upon a user base that has grown 52% since February.”
Highlights in the five month period between December 15, 2017 and May 15, 2018 include:
- December: Listed on the TSX Venture Exchange under the symbol KASH.
- January: Signed a commitment for a 20-megawatt (MW) data center in Montana, USA (“Montana Facility”) to expand cryptocurrency mining operations.
- January: Signed a purchase order (the “Purchase Order”) with its supplier (“Supplier”) of cryptocurrency mining rigs (“Rigs”) for 5,000 ASIC Rigs.
- January: Closed the $29.7 million bought deal private placement with Eight Capital as co-lead underwriter and sole bookrunner on behalf of a syndicate of underwriters that agreed to purchase approximately 12,381,000 units of the Company (the “Units”).
- January: Commenced trading common shares on the OTCQB® Venture Market in the United States under the symbol “HSSHF”, a trading platform for early-stage and developing U.S. and international companies to gain exposure in international markets.
- February: Acquired blockchain technology company, NODE40 LLC, (the “NODE40 Business” or “NODE40”), which gave HashChain the full assets to NODE40 Balance, a blockchain accounting and cryptocurrency tax software, as well as NODE40 Hosting, a Masternode Hosting service. The acquisition also gave HashChain a fraction of the monthly earnings for 11 Dash Masternodes for a duration of 36 months following the closing on February 15, 2018.
- February: Added Coinbase Exchange support for the Company’s blockchain accounting and tax software. Any Coinbase user can use the Balance Software-as-a-Service (SaaS) to accurately calculate their cryptocurrency capital gains and losses, and report to their respective tax authorities. Coinbase is the largest digital currency exchange globally, boasting over 13 million users with funding from the New York Stock Exchange, Bank of Tokyo, Draper-Fisher-Jurvetson, Institutional Venture Partners and Andreesen Horowitz.
- February: Opened the market at the TSX Venture Exchange on February 14th.
- March: Deployed 770 ASIC Rigs in the Montana data center, operating at a total of 1.3MW of power.
- March: Announced Balance supports both the Gemini Exchange and cross-wallet transactions. Gemini is a licensed digital asset exchange that allows customers to buy, sell, and trade both Bitcoin and Ether digital currencies. Gemini is regulated by the New York State Department of Financial Services (NYSDFS) and subject to the capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the NYSDFS and the New York Banking Law.
- March: Received shipment of 3,000 ASIC Rigs from previously announced purchase order in January. 1,000 Rigs from that shipment were deployed for a total 1,870 deployed Rigs.
- April: HashChain entered into a letter agreement (the “Agreement”) to acquire a company with 1,000 new S9 Antminer Rigs (“Rigs”) in consideration for the issuance of 8.9 million HashChain shares at a deemed price of $0.35 per share (the “HashChain Shares”). This gave the Company 4,870 purchased Rigs at approximately 7MW of computing power.
- April: HashChain entered a binding letter agreement (the “Binding Agreement“) to acquire 100% of the outstanding shares of a company (“Target”) in consideration for the issuance of 55 million HashChain shares at a deemed price of $0.35 per share (the “HashChain Shares”) equivalent to $19.25 million. As part of the agreement, the Company will receive 5,000 new S9 Antminer Rigs (“Rigs”), giving HashChain 9,870 total purchased Rigs, which will be operating at 15MW of power once deployed.
- May: HashChain increased the total user base for Balance by 52% since the acquisition of NODE40 on January 30, 2018.
- May: Completed the acquisition with Block One Capital Inc. (TSXV: BLOK, OTCQB: BKPPF, Frankfurt: ES3) (“Block One”) to acquire a 100% interest in TG12 Ventures Inc. (“TG12”). The deal provides 1,000 Rigs to the Company, of which 100 S9 Antiminer Rigs are currently deployed at a Montana, USA mining facility, with an additional 900 Rigs planned to arrive this quarter.
- May: Added Bittrex exchange support for their Balance software solution. Bittrex currently facilitates trades between more than 190 digital currencies including Bitcoin, Ethereum, Bitcoin Cash, NEO, OmiseGO, Dash, Nexium, Siacoin and Zcash in a highly secure environment.
- May: Launched a second Dash Masternode with 1,000 Dash cryptocurrency collateral equivalent to $584,797 CDN on May 10, 2018 (source: coinmarketcap.com). Dash Masternodes are full blockchain nodes that provide faster and more secure transaction verification on the Dash network with “InstantSend” and “PrivateSend”, as well as voting rights on budget allocation for the cryptocurrency. Running a Masternode requires 1,000 Dash as collateral, and the ability to operate 24 hours a day without exceeding a one-hour connection loss. The Dash network currently provides 45% of the monthly block reward for each Masternode, or 6.67 DASH per month.
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, 1,770 Bitcoin Rigs, and has received an additional 3,000 Rigs. Once all Rigs are operational HashChain will be consuming approximately 7 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.
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 anticipated performance of a total of 4,870 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 4,870 Rigs will perform as expected by management. 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 4,870 Rigs will not perform as expected by management and the risk that the 3,000 Rigs will not be successfully 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.