VANCOUVER, March 8, 2018 /CNW/ - HashChain Technology Inc.
(TSXV: KASH; OTCQB: HSSHF) ("HashChain" or the "Company") today
announced the deployment of 770 mining Rigs ("Rigs"). This brings
the Company's total number of operating Rigs to 870, and a total of
1.23 megawatts (MW) towards cryptocurrency mining.
This latest installation demonstrates continued momentum for the
Company and brings the first Rigs online in the 20 MW mining
facility in Montana, USA
("Montana Facility"). As previously disclosed, an
additional purchase order for 3,000 Rigs has been completed with
the manufacturer, with the first shipment of 2,000 expected to
arrive at the end of March followed by 1,000 expected at the end of
April. Upon deployment of all the 3,000 purchased Rigs,
HashChain will have a total of 3,870 Rigs in operation and be
mining with approximately 5.8 MW of power.
This deployment closely follows the Company's acquisition of
assets of NODE40 on February 15,
2018, comprised of: a cryptocurrency tax software for coin
holders, NODE40 Balance, a masternode hosting service for
Dash cryptocurrency, NODE40 Hosting, which alleviates the
time requirement and technical hurdles for crypto investors, and
the economics of an additional 10 masternodes for
36 months.
The Dash network currently rewards each masternode holder 6.67
Dash per month, or .22 Dash per day. As part of the
acquisition of the NODE40 business, NODE40 will pay to HashChain
certain masternode rewards for a total duration of 36 months
following the closing after which time this revenue stream will
cease. At the current reward rate of 6.67 Dash per month, the 10
masternodes would be expected to receive a total of approximately
880 coins per year, equating to a value of $674,379 CDN per
year based on the Dash-to-CDN conversion rate of $766.34
CDN as at March 5, 2018 (source
coinmarketcap.com). Actual results will vary and will depend on
several factors including the rewards rate, the price of Dash and
the timing of any conversion of Dash to Fiat currency by the
Company. The Company does not currently plan to convert the
Dash from the masternodes into Fiat, and the price of Dash will
vary significantly due to its price volatility and the Dash could
be converted into CDN (or any other fiat currency) at a
price that is lower than the current price if the Company's plans
change.
The purchase of the NODE 40 business is part of HashChain's move
to diversify its business beyond cryptocurrency mining with
additional blockchain-based solutions.
"The agile deployment of the 770 Rigs highlights HashChain's
commitment to executing on its stated strategy to scale mining
operations," said Patrick Gray, CEO and Founder of HashChain. "This
is a key step toward realizing the Company's goal of operating at
5.8 megawatts by the middle of 2018. The recent addition of NODE40
also fits well with our current operations and adds additional
revenue streams. Offering a blockchain accounting software enables
HashChain to pivot toward a full-scale blockchain company and
become an advocate for coin holders as the market comes to terms
with the inevitability of regulation."
On March 5th, HashChain
announced NODE40 Balance expanded services globally to meet
the needs of cryptocurrency investors, as many countries tighten
their tax laws around cryptocurrency transactions. Balance
is a Software-as-a-Service (SAAS) that helps cryptocurrency users
to meet tax requirements in their respective countries by analyzing
the blockchain to retroactively report capital gains and losses for
Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash. A user uploads
their transactions on the Coinbase exchange, a wallet or a
cryptocurrency blockchain, and Balance calculates exact
values of each transaction, tracks the cost basis and days carried.
Once the gains and losses have been located, Balance
automatically inputs the information on a worksheet that can be
shared with a CPA to file taxes in a traditional manner.
New Addition to the HashChain Team
Additionally, HashChain has welcomed George E. Kveton to its executive team as Chief
Commercial Officer, where he will lead operating strategy
and corporate development. With over 20 years of
experience leading M&A for Fortune 500 companies, and past
roles that have spanned startups in Silicon Valley, Israel and China. He has extensive experience engaging
with governments on fiscal and regulatory affairs and is proficient
in strategy development and implementation in highly regulated
industries.
"Hashchain is expanding its commitment and capabilities as a
global leader in blockchain," said Kveton. "As the Company scales,
it will be critical to understand the intricacies of the new
environments utilizing its technology. My experience working in
many highly regulated industries will be a great asset to the
Company as blockchain and cryptocurrency regulations begin to
surface and become increasingly stringent."
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, 770 Bitcoin
Rigs, and has purchased an additional 3,000 Rigs. Once all Rigs are
operational HashChain will be consuming approximately 5.8 megawatts
of power. HashChain also acquired a Dash Masternode for
approximately USD $280,000 which
requires a collateral investment of 1,000 Dash coins.
Diversifying its business strategy beyond crypto mining, the
Company recently acquired assets of 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, with offices in Vancouver,
British Columbia and Geneva,
Switzerland.
On Behalf of the Board,
Patrick Gray
CEO & Director
For Further information please contact:
HashChain Technology Inc.
Larry Heinzlmeir
Vice President, Marketing & Communications
Larry@HashChain.ca
604-537-8676
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
performance of the Company's operating and purchased Rigs, the
expected masternode rewards or Dash coins to be received as part of
the NODE40 acquisition, 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 3,000 Rigs
will be successfully delivered, the 3,000 Rigs will perform as
expected by management, the masternode rewards or Dash coins
expected to be received by the Company over the next 3 years and
the expected value or revenue from such rewards or Dash coins, and
the other assumptions disclosed in this release. 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 3,000 Rigs will not be
successfully delivered to the Company when expected by management
or at all, the risk that the Company's current and ordered Rigs
will not perform as expected by management, the risk that the
masternode rewards or Dash coins will not be received as expected
and the value or revenue expected from such rewards or Dash coins
will be as expected, and the other risks disclosed in this
release. 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. The disclosure in this release regarding the 10
masternodes is intended to illustrate the terms on which Hashchain
is entitled to be paid rewards, is not an estimate of prospective
financial performance or anticipated actual results, and may not be
appropriate for other purposes. Actual results will vary.
SOURCE HashChain Technology Inc.