HashChain Technology Receives Shipment of 6,000 Cryptocurrency Mining Rigs
First 1,000 Rigs Have Been Deployed
VANCOUVER, BC, July 5, 2018 - HashChain Technology Inc. ("HashChain" or the "Company") (TSXV: KASH; OTCQB: HSSHF) is pleased to announce the receipt of 6,000 Rigs (“Rigs”) at their data center, of which the first 1,000 Rigs have been deployed bringing the total number of deployed Rigs to 4,495, the remaining 5,000 Rigs are anticipated to be fully operational by end of July 2018. Upon deployment of the remaining 5,000 Rigs, the Company will have a total of 9,495 Rigs deployed for 14 Megawatts of computing power.
"Our ability to scale the Company’s mining operations at such a rapid pace positions us for potential revenue growth for the remainder of 2018 and beyond," says Patrick Gray, CEO and founder of HashChain. "We anticipate deploying the remaining 5,000 Rigs in July, nearly doubling the current number of Rigs in operation in just one month. The recent strategic decision to focus HashChain solely on cryptocurrency mining by spinning off our blockchain technology business gives us the flexibility to allocate more time and resources to securing additional Rigs and penetrating even deeper into the market.”
With the previously deployed 3,495 Rigs, the Company has amassed 61.03 Bitcoin and 20.03 Dash over the 25-day period between June 9 and July 3, 2018. Based on coinmarketcap.com prices for both digital currencies on July 3, 2018 (CAD $8,153, CAD $311 for Bitcoin and Dash respectively), HashChain accumulated a value of CAD $497,578 from Bitcoin and CAD $6,229 from Dash.
HashChain notes there are material costs associated with cryptocurrency mining and it will need to complete its next quarterly financial statements to have complete details. The Company will report full costs associated with its cryptocurrency mining operations 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 4,395 Bitcoin Rigs with an additional 5,000 to be deployed upon successful completion of its recently announced acquisitions. Once all Rigs are operational HashChain will be consuming approximately 14 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 anticipated benefits to the Company of the anticipated performance of a total of 9,495 Rigs, the expected timing of delivery, the successful completion of the acquisition and installation of 5,000 rigs by the end of July 2018, 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 9,495 Rigs will perform as expected by management, the Company will successfully complete the acquisition and installation of the 5,000 Rigs and the timing of delivery of the 5,000 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 9,495 Rigs will not perform as expected by management, the risk that the Company will not complete the acquisition of the 5,000 Rigs and the risk that the 5,000 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. 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.