Mr. Larry Heinzlmeir reports
HASHCHAIN TECHNOLOGY RECEIVES SHIPMENT OF 6,000 CRYPTOCURRENCY MINING RIGS. FIRST 1,000 RIGS HAVE BEEN DEPLOYED
Hashchain Technology Inc. has received 6,000 rigs at its data centre, of which the first 1,000 rigs have been deployed bringing the total number of deployed rigs to 4,495; the remaining 5,000 rigs are anticipated to be fully operational by end of July, 2018. Upon deployment of the remaining 5,000 rigs, the company will have a total of 9,495 rigs deployed for 14 megawatts of computing power.
"Our ability to scale the company's mining operations at such a rapid pace positions us for potential revenue growth for the remainder of 2018 and beyond," says Patrick Gray, chief executive officer and founder of Hashchain. "We anticipate deploying the remaining 5,000 rigs in July, nearly doubling the current number of rigs in operation in just one month. The recent strategic decision to focus Hashchain solely on cryptocurrency mining by spinning off our blockchain technology business gives us the flexibility to allocate more time and resources to securing additional rigs and penetrating even deeper into the market."
With the previously deployed 3,495 rigs, the company has amassed 61.03 bitcoin and 20.03 dash over the 25-day period between June 9 and July 3, 2018. Based on the Coinmarketcap website prices for both digital currencies on July 3, 2018 ($8,153, $311 for bitcoin and dash respectively), Hashchain accumulated a value of $497,578 from bitcoin and $6,229 from dash.
Hashchain notes there are material costs associated with cryptocurrency mining and it will need to complete its next quarterly financial statements to have complete details. The company will report full costs associated with its cryptocurrency mining operations 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 4,395 bitcoin rigs with an additional 5,000 to be deployed upon successful completion of its recently announced acquisitions. Once all rigs are operational Hashchain will be consuming approximately 14 megawatts of power.
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