Company Mines Dash with Bitcoin to Follow in January 2018
VANCOUVER, Dec. 15, 2017 /CNW/ - HashChain Technology Inc. ("HashChain" or the "Company") is pleased to announce that it has received final approval for listing on the TSX Venture Exchange ("TSXV"). The common shares of HashChain will commence trading on the TSXV effective Monday, December 18, 2017 under the symbol "KASH".
HashChain has raised approximately $4.4 million dollars to date with 41,179,000 common shares issued and outstanding. The Company is initially focusing resources on mining Dash and Bitcoin cryptocurrencies utilizing Application Specific Integrated Circuit ("ASIC") mining rigs, which are high-performance computer systems used for cryptocurrency mining. The Company is currently operating 100 Dash mining rigs which commenced mining on November 3, 2017 and has purchased 770 Bitcoin rigs which are expected to be received and installed to commence mining in January 2018. Both models of rigs are the most powerful on the market at mining their respective currencies. With all 870 rigs in full operation, HashChain's initial energy consumption dedicated to digital currency mining is approximately 1.2 megawatts.
HashChain's initial mining operations are hosted at a facility in Vancouver, British Columbia, Canada at Uniserve. The location offers all three key factors necessary for efficient and profitable digital currency mining: low cost of electricity, access to high speed internet and cool temperatures. HashChain utilizes a web interface to remotely monitor Hash rates, difficulty levels, temperatures, rig statuses, and power consumption 24/7 to keep rigs operating at maximum efficiency.
In addition to mining digital currency, the Company has also acquired a Dash Masternode for approximately USD $280,000 which requires a collateral investment of 1,000 Dash coins. Based on current prices as of December 15, 2017, the Masternode investment is worth approximately USD $880,000. By holding this investment, Hashchain receives the right to participate in budget funding decisions for the Dash network while also receiving a return on investment in the form of virgin coins and currency appreciation.
HashChain is comprised of a team that has multiple years of experience in blockchain development and cryptocurrencies. Patrick Gray is the founder and Chief Executive Officer of HashChain and helps lead the overall strategic vision of the Company. Mr. Gray is a Certified Blockchain Expert recognized by the Blockchain Council. He has experience building and operating mining hardware and data centres. He has published articles on blockchain technology, regularly reads publications, attends blockchain courses and conferences to further his expertise in the space.
Mr. Gray was hired as one of the first developers for a start-up, Amici. Amici was sold to Xerox for CAD $220 million in 2006. After the acquisition by Xerox, Mr. Gray continued with Xerox and became the youngest executive in Xerox's history, leading a team of 35 developers in the Xerox Litigation Services division, which became the most profitable division in Xerox at the time, and was promoted to a Band B Executive. He is also the founder of sCube Inc. a niche IT Service provider with over 120 employees that focuses on E-Discovery, E-Licensing, Application Development and IOT.
"We are giving investors access to a lucrative cryptocurrency market that they can't take advantage of themselves," explained Patrick Gray, CEO and Founder HashChain. "Our ideal location for mining will maximize revenue on each coin, and our proprietary approach to operations can sustain rapid growth and scalability. Canada is one of the most optimal locations to mine with low cost of electricity, low temperatures and good internet connectivity. Our strategy is to continue deploying rigs in locations with these three key characteristics. Some key differentiators we have at HashChain include our management team who are extremely knowledgeable in the crypto-currency space and have had years of experience not only buying and selling crypto-currencies but also building out professional data centres for crypto-currency mining as well as developing solutions on the Blockchain. With my computer science background and the managerial expertise I gained from Xerox, HashChain is positioned to be a global leader in mining. Our rigs come from some of the largest rig manufacturers in the world, but we also pride ourselves on having relationships with some of the smaller rig manufacturers that are coming out with more efficient mining rigs that consume less electricity and are able to mine crypto-currencies faster than some of their competitors."
Nitin Kaushal, Chairman of the Board of HashChain and currently serves as Managing Director, Corporate Finance at PwC Canada. He has over 30 years of finance and investment experience in the financial, life sciences, consumer healthcare and medical device industries. Over the course of his career, Mr. Kaushal has worked in senior roles with a number of Canadian investment banks, including Desjardins Securities Inc., Orion Securities Inc., Vengate Capital Partners Company, HSBC Securities Inc., Medwell Capital Corp. and Gordon Capital, and has held various roles within the private equity/venture capital industry. In addition, he has sat on the boards of a number of public and private companies, including Patient Home Monitoring Corp., Convalo Health International, Delivra Corp., Global Gardens Group Inc., and Shelby Ventures. Mr. Kaushal holds a Bachelor of Science (Chemistry) degree from the University of Toronto and is a CPA-CA.
Herrick Lau, Chief Financial Officer, Director and Corporate Secretary. He is currently the Managing Director of Baron Global Financial Canada Ltd., a merchant-banking firm which provides financial advisory services to private and public companies and offers advice on transaction structuring, mergers and acquisitions, corporate governance and compliance issues. With over 20 years in financial management and corporate finance, Mr. Lau has gained valuable experience in developing financing strategy, liaising with external parties, devising business development plans and maintaining compliance with corporate governance requirements. Mr. Lau also has experience as a senior financial executive in public companies. He has acted as chief financial officer and/or director for various public companies listed on the Toronto Stock Exchange, TSX Venture Exchange and Canadian Securities Exchange.
Zyshan Kaba, Director acts as legal counsel to companies in the blockchain and cryptocurrency industry. He has participated in advisory sessions and client engagements working directly with the OSC Launchpad, a group formed by the Ontario Securities Commission to support businesses navigate regulations applicable to digital innovation. Mr. Kaba's experience also includes regulatory assessments for initial coin offerings, evaluation and diligence for financial technology businesses as well as personal experience investing with cryptocurrency. He is also an entrepreneur and business advisor with a deep interest in technology and venture markets. His experience covers business and regulatory strategy, venture capital and investing, and public and private corporate finance. Mr. Kaba received his J.D. from the University of Toronto and is called to the bar in Ontario and New York. He is a member of the Law Society of Upper Canada and New York State Bar Association.
Todd Montano, is the Company's Information Technology Manager. Mr. Montano is experienced in building, operating and maintaining cryptocurrency mining rigs and has a software development background with a bachelor's degree in information science which will be utilized to develop mining monitoring software.
Jack Saba, is an Advisor to the Company. Mr. Saba is the co-founder and managing partner of Day One Investments – a blockchain investment and consulting company. Mr. Saba speaks at cryptocurrency conferences across the world, spreading awareness of the generational opportunity the Blockchain is providing for entrepreneurs, investors, and social impact initiatives. In addition, he has hosted multiple blockchain events and information sessions to educate users about cryptocurrency.
Perry Woodin, is an Advisor to the Company. Mr. Woodin is one of two advisory board members to Dash, the seventh largest cryptocurrency ranked according to market capitalization. He is an active participant in the cryptocurrency community through his speaking engagements around the world and his voting participation on the Dash governance committee. Mr. Woodin has extensive knowledge of Dash and other forms of cryptocurrency, mining processes and hardware requirements. Most recently, he was featured in a blockchain documentary as an expert in the cryptocurrency space.
Over the next year, HashChain will execute its North American cryptocurrency mining roll out strategy and is evaluating alternative coins to diversify its mining strategy and be well positioned to survive unexpected fluctuations in difficulty levels of the cryptographic puzzles, or currency values which impede profitability. Additionally, the Company is developing proprietary software capable of monitoring hash rates of the equipment to automatically switch rig computing power between currencies in the instance that one becomes more profitable than another.
The Cryptocurrency market has experienced substantial growth, reaching a market cap of approximately US$500 billion in December 2017, according to coinmarketcap.com. Estimates from Canaccord Genuity predict that the total value of all cryptocurrencies required for payments and store of value will grow from $11.2 billion and $16.6 billion, respectively, in 2017 to $1,132 billion and $92 billion, respectively, by 2025.
About HashChain Technology Inc.
HashChain is the first publicly-traded (TSXV) cryptocurrency mining company to file a final prospectus in Canada, supporting highly scalable and flexible operations across all major cryptocurrencies. HashChain taps low-cost Canadian power, cool climate and high-speed Internet: the trifecta most critical to mining success, to create a hyper-competitive position for maximizing the number of mining 'wins.' Hashchain is based in Vancouver, British Columbia. HashChain Mining is a wholly owned subsidiary of HashChain Technology based out of Albany, NY.
For further details of the Company's business, please refer to the Company's final prospectus dated December 12, 2017 which is available on the Company's SEDAR profile at www.sedar.com or visit http://www.hashchain.ca.
On Behalf of the Board,
CEO & Director
For Further information please contact:
HashChain Technology Inc.
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 listing of the Company's shares on the TSXV and the anticipated use of coins in the futureconstitute 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 successful listing on the TSXV and management's expectations with respect to the use of coins in the future. 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 releaseare 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 Company's shares may not start trading on December 18, 2017 for unforeseen technical reasons and the cryptocurrency mined may be used for different purposes. 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.