VANCOUVER, March 28, 2018 /CNW/ - 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.
SOURCE HashChain Technology Inc.
