HashChain Technology Receives Shipment of 2,500 Cryptocurrency Mining Rigs
Company expected to Deploy a total of 3,500 Rigs by next week
VANCOUVER, September 6, 2018 – HashChain Technology Inc. ("HashChain" or the "Company") (TSXV: KASH; OTCQB: HSSHF) is pleased to announce the receipt of 2,500 Rigs (“Rigs”) at their data center from its recently closed its acquisition of two cryptocurrency mining companies. These Rigs, along with an additional 1,000 Rigs already in the Company’s possession, are expected to be deployed next week.
The Company has mined 197.59 Bitcoin and 60.09 Dash since deploying the additional 4,000 Rigs disclosed on July 18, 2018. Since this deployment, HashChain accumulated a gross value of CAD $1,770,000 from Bitcoin and CAD $14,000 from Dash, based on coinmarketcap.com prices for both digital currencies on September 5, 2018 (CAD $8,965, CAD $30). The company will not be receiving Canadian dollars (or any other fiat currency) as a result of the company's plans not to convert the Bitcoin or Dash into fiat currency and until the company's plans change, at which time there can be no assurances that the price of Bitcoin or Dash will not significantly decrease due to its price volatility or that Bitcoin or Dash could be converted into Canadian dollars (or any other fiat currency) at that time.
HashChain currently operates 8,495 Rigs at approximately 13 megawatts (“MW”) of computing power in the Company’s Vancouver, Montana, and Buffalo mining facilities. Upon deployment of an aggregate total of 11,995 Rigs, HashChain is expected to be mining with approximately 17.5 MW of power.
“We are extremely proud as an organization that we have always stayed true to our original goals,” says Patrick Gray, CEO of HashChain, “in under a year we have become a major player in the cryptocurrency mining space. We have acquired 11,995 rigs and will have over 168 peta Hash running 24/7. I believe strongly in Bitcoin, HashChain and the entire Blockchain space. The next few years will be very exciting for us as a company as well as all of our investors who share our forward thinking vision.”
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 costs associated with mining in its financial statements.
The Company further announced today that it has granted an aggregate of 9,250,000 stock options to certain directors, officers, consultants and employees pursuant to the Company’s Stock Option Plan. The options are exercisable at a price of $0.105 per share for a five-year term and vest immediately.
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 8,395 Bitcoin Rigs with an additional 3,500 Rigs to be deployed from its previously announced acquisitions. Once all Rigs are operational, HashChain’s mining operations will consist of 11,995 Rigs consuming approximately 17.5 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.
Vice President, Marketing & Communications
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 performance of the Rigs, the anticipated timing and successful installation of an aggregate of 3,500 Rigs, the expected consumption of 17.5 megawatts of power and the Company’s expected operation of a total of 11,995 Rigs 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 Company will successfully install an aggregate of 3,500 Rigs by the end of next week, that the Company will successfully operate an aggregate of 11,995 Rigs and such operation, including expected energy consumption, 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, that the Company will not successfully install an aggregate of 3,500 Rigs or such installation will be delayed past next week, that the Company will not successfully operate a total of 11,995 Rigs and that the Rigs will not be performing optimally as anticipated by management. 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.