VANCOUVER, Jan. 24, 2018 /CNW/ - HashChain Technology Inc. (TSXV: KASH) ("HashChain" or the "Company") today announced the arrival of 770 mining Rigs ("Rigs") from China. Upon expected January 2018 deployment, the Company will operate a total of 1.23 megawatts.
HashChain committed to a new 20-megawatt mining facility in Montana, USA, along with a separate purchase order of 5,000 Rigs with its supplier of which 3,000 Rigs have now been paid for. The 5,000 Rigs are expected to be received in multiple shipments between February and May of this year. Upon installation of all purchased rigs, including the 5,000 Rigs, the 770 Rigs, and currently operational 100 Rigs in their Vancouver location, HashChain will be mining with approximately 8.7 megawatts of power in total.
"The receipt of the 770 Rigs is another step to scaling our mining operations," said Patrick Gray, CEO and Founder of HashChain. "With an anticipated 8.7 megawatts of computing power devoted to mining by the middle of 2018, with low overhead thanks to facilities in North America with ideal mining conditions. Increasing the number of Rigs deployed, and the corresponding computing power, is a sharp focus of the Company and generates a significant value to our shareholders."
A "Rig" is a high-performance computer system used for cryptocurrency Mining. "Mining" is the process in which individuals solve complex, computation puzzles to confirm transactions to be added on a blockchain. Miners who successfully complete the mining process earn a reward in the form of cryptocurrency or other Blockchain coin or token.
About HashChain Technology Inc.
HashChain is a Blockchain mining company, and the first publicly traded (TSXV:KASH) 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 entered into a purchase order for an additional 5,000 Rigs. Once all Rigs are operational HashChain will be consuming approximately 8.7 megawatts of power. HashChain also acquired a Dash Masternode for approximately USD $280,000 which requires a collateral investment of 1,000 Dash coins. HashChain is based in Vancouver, British Columbia. HashChain Mining is a wholly owned subsidiary of HashChain Technology Inc. based out of Albany, New York.
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.
Vice President, Marketing & Communications
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Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release, including statements regarding the acquisition and performance of 5,000 Rigs by the Company, the expected timing of installation of 770 Rigs, the Company's expected electrical and mining capacity, 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 5,000 Rigs will be successfully ordered and delivered, the 5,000 Rigs will perform as expected by management, the timing, installation and performance of the 770 Rigs will be consistent with management's expectations, and the Company's ability to expand its electrical and mining capacity. 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 5,000 Rigs will not be successfully ordered from the manufacturer or, if so ordered, that the Rigs will not be delivered to the Company when expected by management or at all, the risk that the 5,000 Rigs will not perform as expected by management, the risk that the timing of the delivery and installation or the performance of the 770 Rigs will not be as expected by management, and the risk that the quantum of electrical consumption and mining capacity of the Company may not materialize as currently anticipated, or at all. 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.