HASHCHAIN TECHNOLOGY RECEIVES SHIPMENT OF 2,500 CRYPTOCURRENCY MINING RIGS
Hashchain Technology Inc. has received 2,500 rigs at its data centre 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 $1.77-million from Bitcoin and $14,000 from Dash, based on the CoinMarketCap website prices for both digital currencies on Sept. 5, 2018 ($8,965 and $30, respectively). 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 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 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 megawatts of power.
"We are extremely proud as an organization that we have always stayed true to our original goals," said Patrick Gray, chief executive officer 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 petahash 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 has granted an aggregate of 9.25 million 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 10.5 cents per share for a five-year term and vest immediately.
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 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.
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