HashChain Technology Responds to Bitcoin Price
Dec 22, 2017, 12:04 ET
VANCOUVER, Dec. 22, 2017 /CNW/ - HashChain Technology Inc. ("HashChain" or the "Company") has a team of experienced cryptocurrency professionals who monitor cryptocurrencies on an ongoing basis to determine which currencies are most profitable to mine. The recent price decline of Bitcoin still provides profitability to miners. Based on the current difficulty rate of mining a bitcoin which results in approximately 0.6 bitcoins mined per annum, per mining rig, the break even price of a Bitcoin would be approximately $2,100 USD per coin. At Bitcoin prices of $10,000 USD per coin, miners are experiencing approximately 79% gross margin.
Pat Gray, CEO and director of HashChain, comments "HashChain is building a Blockchain technology solutions company that is long in the space. When we started our mining operations the price of Bitcoin was approximately $4,000 USD per coin and the price of Dash was approximately $200 USD per coin. At these prices our business model was extremely viable. We believe that digital assets are the future and fluctuations in the market prices are both typical and expected. We are here to build a viable business that will innovate for years to come. Although there is a dip in the market today, the cryptocurrency market has seen many corrections since inception".
About HashChain Technology Inc.
HashChain is a Blockchain Technology company, and the first publicly traded (TSXV) Canadian cryptocurrency mining company to file a final prospectus supporting highly scalable and flexible mining 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 competitive position for maximizing the number of mining 'wins.' HashChain currently operates 100 Dash mining rigs and has purchased 770 Bitcoin rigs which are expected to be received and installed to commence mining in January 2018. With all 870 rigs in full operation, Hashchain's initial energy consumption dedicated to digital currency mining is approximately 1.2 megawatts. HashChain also acquired a Dash Masternode for approximately USD $280,000 which requires a collateral investment of 1,000 Dash coins. In addition to cryptocurrency mining, HashChain has a strategic focus on acquiring companies utilizing solutions in the blockchain and in developing innovative software solutions. 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.
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.
SOURCE HashChain Technology Inc.
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