HashChain Technology Mines 104.53 Bitcoin and 30.03 Dash Since Deploying 8,495 Rigs
Company to Deploy an Additional 3,500 Rigs by the End of August
VANCOUVER, August 13, 2018 – HashChain Technology Inc. (“HashChain” or the “Company“) (TSXV: KASH; OTCQB: HSSHF) today announced the Company has mined 104.53 Bitcoin and 30.03 Dash since deploying the additional 4,000 Rigs disclosed on July 18, 2018. Since this deployment, HashChain accumulated a gross value of CAD $870,000 from Bitcoin and CAD $6,600 from Dash, based on coinmarketcap.com prices for both digital currencies on August 12, 2018 (CAD $8,321, CAD $221).
HashChain currently operates 8,495 Rigs (“Rigs”) at approximately 13 megawatts (MW) of computing power in the Company’s Vancouver, Montana, and Buffalo mining facilities. Upon deployment of an aggregate total of 11,995 Rigs, including the previously announced 2,500 Rigs expected to be acquired, HashChain is expected to be mining with approximately 17.5 MW of power.
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 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, including the anticipated 2,500 Rigs expected to be acquired, HashChain’s mining operations will consist of 11,995 Rigs consuming approximately 17.5 megawatts of power. HashChain also acquired two Dash Masternodes, which requires a collateral investment of 1,000 DASH coins for each Masternode.
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.
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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: 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 successful acquisition and installation of the additional 2,500 rigs, the expected consumption of 17.5 megawatts of power, the Company’s expected operation of a total of 11,995 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, the Company will successfully acquire and install 2,500 additional Rigs, the timing of delivery of the 2,500 additional Rigs will be consistent with management’s expectations and that the Company will successfully operate a total of 11,995 Rigs. 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, the Company will not successfully acquire and install the 2,500 additional Rigs, that the Company will not successfully operate a total of 11,995 Rigs and that the Rigs will not be performing optimally as anticipated by management. 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.