Cryptocurrency Mining Company
HashChain Technology is Publicly-Listed on the TSX Venture Exchange
under the symbol KASH
Company Mines Dash with
Bitcoin to Follow in January 2018
Vancouver, British Columbia - December 15, 2017 - InvestorsHub
NewsWire - HashChain Technology Inc. ("HashChain" or the "Company")
is pleased to announce that it has received final approval for
listing on the TSX Venture Exchange ("TSXV"). The common shares of
HashChain will commence trading on the TSXV effective Monday,
December 18, 2017 under the symbol "KASH".
HashChain has raised approximately $4.4 million dollars to date
with 41,179,000 common shares issued and outstanding. The Company
is initially focusing resources on mining Dash and Bitcoin
cryptocurrencies utilizing Application Specific Integrated Circuit
("ASIC") mining rigs, which are high-performance computer systems
used for cryptocurrency mining. The Company is currently operating
100 Dash mining rigs which commenced mining on November 3, 2017 and
has purchased 770 Bitcoin rigs which are expected to be received
and installed to commence mining in January 2018. Both models of
rigs are the most powerful on the market at mining their respective
currencies. With all 870 rigs in full operation, Hashchain's
initial energy consumption dedicated to digital currency mining is
approximately 1.2 megawatts.
HashChain's initial mining operations are hosted at a facility
in Vancouver, British Columbia, Canada at Uniserve. The location
offers all three key factors necessary for efficient and profitable
digital currency mining: low cost of electricity, access to high
speed internet and cool temperatures. HashChain utilizes a web
interface to remotely monitor Hash rates, difficulty levels,
temperatures, rig statuses, and power consumption 24/7 to keep rigs
operating at maximum efficiency.
In addition to mining digital currency, the Company has also
acquired a Dash Masternode for approximately USD $280,000 which
requires a collateral investment of 1,000 Dash coins. Based on
current prices as of December 15, 2017, the Masternode investment
is worth approximately USD $880,000. By holding this investment,
Hashchain receives the right to participate in budget funding
decisions for the Dash network while also receiving a return on
investment in the form of virgin coins and currency
appreciation.
HashChain is comprised of a team that has multiple years of
experience in blockchain development and cryptocurrencies. Patrick
Gray is the founder and Chief Executive Officer of HashChain and
helps lead the overall strategic vision of the Company. Mr. Gray is
a Certified Blockchain Expert recognized by the Blockchain Council.
He has experience building and operating mining hardware and data
centres. He has published articles on blockchain technology,
regularly reads publications, attends blockchain courses and
conferences to further his expertise in the space.
Mr. Gray was hired as one of the first developers for a
start-up, Amici. Amici was sold to Xerox for CAD $220 million in
2006. After the acquisition by Xerox, Mr. Gray continued with Xerox
and became the youngest executive in Xerox's history, leading a
team of 35 developers in the Xerox Litigation Services division,
which became the most profitable division in Xerox at the time, and
was promoted to a Band B Executive. He is also the founder of sCube
Inc. a niche IT Service provider with over 120 employees that
focuses on E-Discovery, E-Licensing, Application Development and
IOT.
"We are giving investors access to a lucrative cryptocurrency
market that they can't take advantage of themselves," explained
Patrick Gray, CEO and Founder HashChain. "Our ideal location for
mining will maximize revenue on each coin, and our proprietary
approach to operations can sustain rapid growth and scalability.
Canada is one of the most optimal locations to mine with low cost
of electricity, low temperatures and good internet connectivity.
Our strategy is to continue deploying rigs in locations with these
three key characteristics. Some key differentiators we have at
HashChain include our management team who are extremely
knowledgeable in the crypto-currency space and have had years of
experience not only buying and selling crypto-currencies but also
building out professional data centres for crypto-currency mining
as well as developing solutions on the Blockchain. With my computer
science background and the managerial expertise I gained from
Xerox, HashChain is positioned to be a global leader in mining. Our
rigs come from some of the largest rig manufacturers in the world,
but we also pride ourselves on having relationships with some of
the smaller rig manufacturers that are coming out with more
efficient mining rigs that consume less electricity and are able to
mine crypto-currencies faster than some of their competitors."
Nitin Kaushal, Chairman of the Board of HashChain and currently
serves as Managing Director, Corporate Finance at PwC Canada. He
has over 30 years of finance and investment experience in the
financial, life sciences, consumer healthcare and medical device
industries. Over the course of his career, Mr. Kaushal has worked
in senior roles with a number of Canadian investment banks,
including Desjardins Securities Inc., Orion Securities Inc.,
Vengate Capital Partners Company, HSBC Securities Inc., Medwell
Capital Corp. and Gordon Capital, and has held various roles within
the private equity/venture capital industry. In addition, he has
sat on the boards of a number of public and private companies,
including Patient Home Monitoring Corp., Convalo Health
International, Delivra Corp., Global Gardens Group Inc., and Shelby
Ventures. Mr. Kaushal holds a Bachelor of Science (Chemistry)
degree from the University of Toronto and is a CPA-CA.
Herrick Lau, Chief Financial Officer, Director and Corporate
Secretary. He is currently the Managing Director of Baron Global
Financial Canada Ltd., a merchant-banking firm which provides
financial advisory services to private and public companies and
offers advice on transaction structuring, mergers and acquisitions,
corporate governance and compliance issues. With over 20 years in
financial management and corporate finance, Mr. Lau has gained
valuable experience in developing financing strategy, liaising with
external parties, devising business development plans and
maintaining compliance with corporate governance requirements. Mr.
Lau also has experience as a senior financial executive in public
companies. He has acted as chief financial officer and/or director
for various public companies listed on the Toronto Stock Exchange,
TSX Venture Exchange and Canadian Securities Exchange.
Zyshan Kaba, Director acts as legal counsel to companies in the
blockchain and cryptocurrency industry. He has participated in
advisory sessions and client engagements working directly with the
OSC Launchpad, a group formed by the Ontario Securities Commission
to support businesses navigate regulations applicable to digital
innovation. Mr. Kaba's experience also includes regulatory
assessments for initial coin offerings, evaluation and diligence
for financial technology businesses as well as personal experience
investing with cryptocurrency. He is also an entrepreneur and
business advisor with a deep interest in technology and venture
markets. His experience covers business and regulatory strategy,
venture capital and investing, and public and private corporate
finance. Mr. Kaba received his J.D. from the University of Toronto
and is called to the bar in Ontario and New York. He is a member of
the Law Society of Upper Canada and New York State Bar
Association.
Todd Montano is the Company's Information Technology Manager.
Mr. Montano is experienced in building, operating and maintaining
cryptocurrency mining rigs and has a software development
background with a bachelors degree in information science which
will be utilized to develop mining monitoring software.
Jack Saba, is an Advisor to the Company. Mr. Saba is the
co-founder and managing partner of Day One Investments a blockchain
investment and consulting company. Mr. Saba speaks at
cryptocurrency conferences across the world, spreading awareness of
the generational opportunity the Blockchain is providing for
entrepreneurs, investors, and social impact initiatives. In
addition, he has hosted multiple blockchain events and information
sessions to educate users about cryptocurrency.
Perry Woodin, is an Advisor to the Company. Mr. Woodin is one of
two advisory board members to Dash, the seventh largest
cryptocurrency ranked according to market capitalization. He is an
active participant in the cryptocurrency community through his
speaking engagements around the world and his voting participation
on the Dash governance committee. Mr. Woodin has extensive
knowledge of Dash and other forms of cryptocurrency, mining
processes and hardware requirements. Most recently, he was featured
in a blockchain documentary as an expert in the cryptocurrency
space.
Over the next year, HashChain will execute its North American
cryptocurrency mining roll out strategy and is evaluating
alternative coins to diversify its mining strategy and be well
positioned to survive unexpected fluctuations in difficulty levels
of the cryptographic puzzles, or currency values which impede
profitability. Additionally, the Company is developing proprietary
software capable of monitoring hash rates of the equipment to
automatically switch rig computing power between currencies in the
instance that one becomes more profitable than another.
The Cryptocurrency market has experienced substantial growth,
reaching a market cap of approximately US$500 billion in December
2017, according to coinmarketcap.com. Estimates from Canaccord
Genuity predict that the total value of all cryptocurrencies
required for payments and store of value will grow from $11.2
billion and $16.6 billion, respectively, in 2017 to $1,132 billion
and $92 billion, respectively, by 2025.
About HashChain Technology Inc.
HashChain is the first publicly-traded (TSXV) cryptocurrency
mining company to file a final prospectus in Canada, supporting
highly scalable and flexible operations across all major
cryptocurrencies. HashChain taps low-cost Canadian power, cool
climate and high-speed Internet: the trifecta most critical to
mining success, to create a hyper-competitive position for
maximizing the number of mining 'wins.' Hashchain is based in
Vancouver, British Columbia. HashChain Mining is a wholly owned
subsidiary of HashChain Technology based out of Albany, NY.
For further details of the Company's business, please refer to
the Company's final prospectus dated December 12, 2017 which is
available on the Company's SEDAR profile at www.sedar.com or visit http://www.hashchain.ca.
On Behalf of the Board,
Patrick Gray
CEO & Director
For Further information please contact:
HashChain Technology Inc.
Herrick Lau
CFO
herrick.lau@barongroupintl.com
778-331-2082
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
listing of the Company's shares on the TSXV and the anticipated use
of coins in the future 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
successful listing on the TSXV and management's expectations with
respect to the use of coins in the future. 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 Company's shares may not start
trading on December 18, 2017 for unforeseen technical reasons and
the cryptocurrency mined may be used for different purposes.
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.
Hashchain Technology (TSXV:KASH)
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