HashChain
Technology Provides Update on Cryptocurrency Mining
Operations; Mines Nearly 5 Bitcoin and 4 Dash a Week
VANCOUVER, Canada
-- March
28, 2018 --
InvestorsHub NewsWire -- HashChain
Technology
Inc. ("HashChain"
or
the "Company")
(TSXV: KASH; OTCQB: HSSHF)
today
announced the Company
mined 4.97
Bitcoin and 3.89
Dash
from
March 8
through March 14, 2018. According
to coinmarketcap.com
on
March 28,
2018, Bitcoin and Dash were valued
at CAD $10,423
and CAD $473,
respectively. The mined value of Bitcoin at that price
equates to CAD $51,802,
and the mined amount of Dash at that price equates to CAD
$1,840,
for a gross value of CAD
$53,642
over seven
days for the Company.
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 details on its costs associated with
mining in its financial statements. At
this time the
Company has not
converted the Bitcoin
and Dash
into fiat
currency.
HashChain
currently
operates 870 Rigs ("Rigs") for
approximately 1.23 megawatts (MW) of computing power in the
Company's Vancouver and Montana mining facilities.
As
previously disclosed, an additional purchase order for 3,000 Rigs
has been completed with the manufacturer and the Rigs
are expected to
arrive at the end of this month. Upon deployment of all 3,000
purchased Rigs, HashChain
will have a
total of 3,870 Rigs in operation, mining with approximately 5.8 MW
of power.
"HashChain's
mining
business has grown significantly since operations began a little
under five months prior, and we continue to deliver on the promise
of scaling effectively," says Patrick Gray,
CEO of HashChain.
Additionally,
HashChain
is
pleased to announce the appointment of Paul Ciullo
as
the Company's new Chief Financial Officer (CFO). Paul is a 12-year
veteran in senior corporate
finance and
accounting positions for Fortune 500 companies, including General
Electric and Xerox. Prior to joining HashChain,
Paul served as the Director of Finance for Conduent
Legal and
Compliance Services, specializing in financial reporting and
project management.
Paul obtained
a Bachelor's of Science in Accounting from SUNY Geneseo
and an MBA
from Pennsylvania State University. He is a member of the American
Institute of Certified Public Accountants and New York State
Society of CPA's, and previously served on the Finance Committee
for the AIDS Council of Northeastern New York.
The
Company
wishes to
thank Mr. Herrick Lau for his contributions to HashChain
as
former CFO, and his
commitment to
assisting the Company with its goal of becoming a
diversified blockchain
technology
company.
"We look
forward to the future with Paul as our new CFO, who brings immense
expertise in accounting and finance as HashChain
continues to
develop and expand our blockchain
offerings,"
continues Gray. "The timing is ideal as the Company is preparing
for aggressive mining growth, continued expansion of our
cryptocurrency tax software and Masternode
Hosting
services, as well as our interest in technologies and businesses
that will help stakeholders navigate the impending cryptocurrency
regulatory environment."
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, and an office in Vancouver,
British Columbia.
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, 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
3,870
Rigs will perform as expected by management, 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 operating and ordered Rigs will not
perform as expected by management, 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.
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