11:58:08 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Hashchain Technology Inc
Symbol KASH
Shares Issued 135,786,456
Close 2018-07-17 C$ 0.175
Market Cap C$ 23,762,630
Recent Sedar Documents

Hashchain increases rigs running to 8,495

2018-07-18 08:03 ET - News Release

Mr. Patrick Gray reports

Hashchain TECHNOLOGY ANNOUNCES THAT A TOTAL OF 8,495 CRYPTOCURRENCY MINING RIGS ARE OPERATIONAL 2,000 ADDITIONAL RIGS ARE DEPLOYED

Hashchain Technology Inc. has deployed an aggregate total of 4,000 of the 5,000 cryptocurrency mining rigs from the shipment of rigs previously announced on April 25, 2018. This milestone is a significant step for the company, having focused on the aggressive acquisition and deployment of rigs bringing the total number of the company's operational rigs to 8,495 since listing on the TSX Venture Exchange in December, 2018.

"With the installation of the additional 2,000 rigs, all of Hashchain's 8,495 deployed rigs are operating in data centres with low temperature and electricity costs to yield the best return on investment," says Patrick Gray, chief executive officer and founder of Hashchain. "When the company first listed, our desire was to acquire and deploy enough rigs to operate at 14 megawatts of power by the end of the first year. With the installation of the additional 2,000 rigs, we are on track to achieve that goal. Moving forward, Hashchain plans to continue to look for opportunities to onboard more rigs and increase our mining capabilities."

Prior to the most recent deployment, Hashchain was operating with 6,495 rigs, which mined 83.12 bitcoin and 40.04 dash over the period of June 9, 2018, and July 13, 2018. Based on the Coin Market Cap website's prices for both digital currencies on July 14, 2018 ($7,788 and $277 for bitcoin and dash respectively), Hashchain accumulated a value of $647,339 from bitcoin and $11,091 from dash.

Hashchain notes there are material costs associated with mining and it will need to complete its next quarterly financial statements to have complete details. The company will report full costs associated with mining 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 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 1,000 rigs to be deployed from its previously announced acquisitions. Once all rigs are operational Hashchain is expected to consume approximately 14 megawatts of power.

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