Company Recaps Blockchain-related Revenue Streams
VANCOUVER, Feb. 26, 2018 /CNW/ - HashChain Technology Inc. ("HashChain" or the "Company") (TSXV: KASH; OTCQB: HSSHF), is pleased to provide updates to its Blockchain-related businesses including cryptocurrency mining, DASH masternode ownership, cryptocurrency accounting software, and masternode hosting service.
HashChain is operating 100 cryptocurrency mining Rigs ("Rigs") from their Vancouver data center, with an additional 770 Rigs currently being configured at the Company's 20-megawatt (MW) Montana, USA facility ("Montana Facility"). Upon expected deployment in early March 2018, HashChain will be mining DASH and Bitcoin with a total of 870 Rigs at 1.23 MW of computing power in ideal conditions to maximize return on investment. As previously disclosed, the Company has also purchased 3,000 Rigs, which will be received at the Montana Facility in two shipments of 2,000 and 1,000 by end of March and April, respectively. In May 2018, HashChain estimates 3,870 Rigs will be deployed with approximately 5.8 MW dedicated to mining.
HashChain purchased 1,000 DASH cryptocurrency in October 2017, the amount required to be maintained in a wallet in order to become a masternode. As a masternode, HashChain can vote on initiatives and important decision regarding the future of DASH, as well as facilitate anonymous ("PrivateSend") and instant transactions ("InstantSend") on the blockchain that prevents double-spending and eliminates bottleneck often displayed in "proof-of-work" blockchains. The DASH network currently rewards each masternode holder 6.67 DASH per month, or .22 DASH per day. As part of the acquisition of the NODE40 business, NODE40 will pay to HashChain certain masternode rewards for a total duration of 36 months following the closing after which time this revenue stream will cease. In total, HashChain will receive approximately 880 coins per year for three years, equating to a total revenue of $693,590 CDN per year at the current DASH-to-CDN conversion rate of $788.17 CDN for February 23, 2018 (source coinmarketcap.com). The Company will not be receiving CDN (or any other fiat currency) as a result of the Company's plans not to convert the Dash from the masternodes into Fiat and until the Company's plans change at which time there can be no assurances that the price of Dash will not significantly decrease due to its price volatility or that the Dash could be converted into CDN (or any other fiat currency) at that time.
NODE40 Balance is a blockchain accounting and tax software that allows cryptocurrency coin holders to conduct accurate tax compliance by analyzing the blockchain to calculate exact net values from each transaction, tracks the cost basis and days carried. Balance can then produce a worksheet with gains and losses that can be shared with a CPA and easily reported to tax authorities around the world. On February 7, 2018, HashChain integrated the software with Coinbase, the largest global digital currency exchange with over 13 million users (Source: CoinDesk and Coinbase). This expansion enables Balance to help coin holders report gains and losses for five leading cryptocurrencies, Bitcoin, Bitcoin Cash, Ethereum, Litecoin and DASH. Whilst there is no formal agreement between NODE40 and Coinbase, the NODE40 Balance addition means Coinbase account holders can request and import their own personal information and transaction history onto a compatible piece of software. HashChain plans to expand their software solution to additional exchanges and digital currencies in the near future.
NODE40 Masternode Hosting
NODE40 also provides DASH masternode hosting services with NODE40 Hosting. The hosting service runs and manages cryptocurrency investors' masternodes, absorbing the technical challenges and time investment required. Masternodes are full blockchain nodes that run the DASH blockchain and provide services to the network, such as locking transactions with InstantSend and voting on budget funding. NODE40 is currently exploring other cryptocurrencies that use masternodes in order to integrate in their hosting platform. Monthly hosting as been growing at a speed of X percent and continues to provide economic benefits to the Company.
"In only a few months of operation, HashChain has grown significantly as a company by remaining diligent and focused on rapidly expanding our mining operations, and diversifying our business to become a multi-discipline blockchain company," says Patrick Gray, CEO of HashChain. "Our investments in large volume mining ideally located, software that aids crypto investors in navigating an impending regulatory environment, and masternode businesses place the Company in a strong position to deliver on our goal of expanding Hashchain's scope of blockchain based businesses."
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, have received 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 their business strategy beyond crypto mining, the company recently acquired 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, with offices in Vancouver, British Columbia and Geneva, Switzerland.
On Behalf of the Board,
CEO & Director
For Further information please contact:
HashChain Technology Inc.
Vice President, Marketing & Communications
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 current and ordered 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, the 3,000 Rigs will be successfully delivered, and the 3,000 Rigs will perform as expected by management. 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, and the risk that the Company's current and ordered Rigs will not perform as expected by management. 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.