(MENAFNEditorial) iCrowdNewswire - Mar 31, 2018
HashChain Technology Inc. ("HashChain"or the "Company") (TSXV: KASH; OTCQB: HSSHF) today announced the Company mined 4.97 Bitcoin and 3.89 Dash fromMarch 8 through March 14, 2018. According to coinmarketcap.com onMarch 28, 2018, Bitcoin and Dash were valued at CAD$10,423and 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 ofCAD$53,642over 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 completedetails 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'sVancouverandMontanamining 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 ofPaul Ciulloas 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 fromSUNY Geneseoand an MBA fromPennsylvania State University. He is a member of the American Institute of Certified Public Accountants andNew York StateSociety of CPA's, and previously served on the Finance Committee for the AIDS Council ofNortheastern 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$280,000which 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 ofAlbany, New York, and an office inVancouver, 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
Contact Information:
On Behalf of the Board,
Patrick Gray
CEO & Director
For Further information please contact:
HashChain Technology Inc.
Larry Heinzlmeir
Vice President, Marketing & Communications
[email protected]
604-537-8676
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