HashChain Technology Deploys Another 1,625 New Rigs in Cryptocurrency Mining Facility Bringing Company Total to 3,495
Company has 3,495 Total Operational Rigs Using 4.6 MW of Computing Power
VANCOUVER, May 30, 2018 – HashChain Technology Inc. (“HashChain” or the “Company“) (TSXV: KASH; OTCQB: HSSHF) today announced the deployment of an additional 1,625 cryptocurrency mining Rigs (“Rigs”) at their Montana, USA data center (“Montana Facility”). With 1,870 Rigs already in operation, the Company is mining with a total of 3,495 Rigs using approximately 4.6 MW of computing power.
HashChain has 100 GPU Rigs in operation for exclusively mining Dash (DASH) digital currency, and 3,395 ASIC Rigs for mining Bitcoin (BTC).
“We are committed to scaling our mining operations amidst a rapidly consolidating market that requires aggressive growth,” says Patrick Gray, CEO of HashChain. “Just a little over five months ago, the Company was operating with only 100 GPU Rigs, and now we are poised to deploy a total of 9,495 Rigs before the end of July 2018 upon successful completion of our recently announced acquisition. In tandem with our growth in this area, HashChain is also allotting heavy resources to our Masternode hosting platform and blockchain accounting and tax software to build upon all revenue streams.”
With the deployment of the 3,495 Rigs, the Company has an additional 1,000 Bitcoin Rigs purchased and awaiting installation and has entered into an agreement to acquire an additional 5,000 Bitcoin Rigs. With all 9,495 Rigs in operation, HashChain will be mining with approximately 12.5 MW of power.
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 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 12.5 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 benefits to the Company of the anticipated performance of a total of 9,495 Rigs, the expected timing of delivery and installation of 6,000 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, including that all conditions to the closing of the acquisition of the additional 5,000 Rigs will be satisfied, including receipt of all required approvals, and the acquisition will complete on the terms set out in the agreement, the 9,495 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 acquisition of the additional 5,000 Rigs will not be satisfied, including the risk that required approvals are not obtained, and that the acquisition will not complete on the terms set out in the agreement or at all, the risk that the acquisition, if closed, will not result in the anticipated benefits to the Company; the risk that the 9,495 Rigs will not perform as expected by management and the risk that the 6,000 rigs will not be successfully delivered and deployed by the end of July 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.