HashChain Technology Deploys an Additional 2,000 Cryptocurrency Mining Rigs
Brings Total Operating Rigs to 5,495
Vancouver, BC, July 10, 2018 - HashChain Technology Inc. ("HashChain" or the "Company") (TSXV: KASH; OTCQB: HSSHF) announced today it has deployed an aggregate total of 2,000 of the 6,000 cryptocurrency mining rig (“Rigs”) shipment previously disclosed on July 5, 2018, bringing the total number of Rigs in operation by HashChain to 5,495 across its data centers. Upon deployment of the remaining 4,000 Rigs, HashChain is anticipated to have an aggregate total of 9,495 in operation requiring 14 Megawatts of computing power.
"The deployment of the remaining 4,000 Rigs of the shipment is on pace with expectations, and we anticipate the rest will be up and running in the next week or 10 days," says Patrick Gray, CEO and founder of HashChain. "The Company continues to deliver on its promise to its investors to add over 9,000 Rigs to its operations this year.”
With the 3,495 Rigs in operation prior to the announced deployment, the Company has mined 69.91 Bitcoin and 30.03 Dash over the 30-day period between June 9 and July 8, 2018. Based on coinmarketcap.com prices for both digital currencies on July 9, 2018 (CAD $8,501, CAD $295 for Bitcoin and Dash respectively), HashChain accumulated a value of CAD $594,305 from Bitcoin and CAD $8,859 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 5,395 Bitcoin Rigs with an additional 4,000 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.
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HashChain Technology Inc.
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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/or installation of 4,000 rigs by July 20, 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 4,000 additional Rigs and the timing of delivery of the 4,000 additional 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 4,000 additional Rigs and the risk that the 4,000 additional Rigs will not be successfully delivered and deployed by July 20, 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.