Tickers: XTSX:KASH
Tags: Blockchain, Technology
Vancouver, British Columbia / TheNewswire / December 17, 2017 - HashChain Technology Inc. ("HashChain" or the "Company") is pleased to provide an update on its operations and its previously announced 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".
As previously disclosed, the Company is initially focusing resources on mining Dash and Bitcoin cryptocurrencies utilizing Application Specific Integrated Circuit mining rigs, which are high-performance computer systems used for cryptocurrency mining. The Company is currently operating Dashmining rigs (the "Dash Rigs") which commenced mining on November 3, 2017 and approximately 45 Dash coins have been mined to date. The Company has purchased 770 Bitcoin rigs (the "Bitcoin Rings") which are expected to be received and installed to commence mining in January 2018.
The Company wishes to provide more information with respect to the two rig types referred to above. The Dash Rigs and Bitcoin Rigs are each considered to be the most powerful available in the marketplace currently in terms of hash-rate. The strength of a machine is measured in terms of its hash-rate and electricity use. A machine that has a higher hash-rate and uses less electricity than an alternative machine is considered more powerful because it can mine more coins while using less power. The hash-rate measures how powerful a miner's machine is. Specifically, it measures the number of times a hash function can be computed per second. A higher hash-rate is better when mining as it increases your opportunity of finding the next block and receiving the reward. The Bitcoin Rigs have a hash power of 13.5 TH/s and consumes power at 1500 Watts of electricity per hour. The Dash Rigs have a hash rate of 22 Gh/s and consumes power at 810 Watts.
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 and may generate virgin Dash coins. The price of Dash has increased by approximately 9200% in 12 months. Due to the volatility of the price of Dash, there can be no assurance that the value of Dash will be maintained or increase.
For further clarification, Masternodes are computers that run a Dash wallet and make decisions, such as locking transactions with InstantSend, coordinating mixing of coins, and voting on budget funding for the Dash network. Masternodes are required to have 1,000 Dash collateral, a dedicated IP address, and be able to run 24 hours a day without a more than 1 hour connection loss. Masternodes get paid 45% of the block reward on every block, which is distributed to Masternodes one at a time. Typically, around 2 Dash is paid to each Masternode every 7 days. Masternodes cost money and effort to host so they are paid a share of the block reward to incentivize them. With current Masternode numbers and rewards, Masternodes earned approximately an 11% return on 1,000 Dash for the calendar year of 2016. The Company intends on becoming an active participant in the Dash community voting on and contributing proposals provided to the Dash Masternode network.
The Company hereby retracts the following unsupported statements made in its prior press release dated December 15, 2017: the words "and profitable" in paragraph three on page one; the words "lucrative" and "low cost of electricity" in paragraph three on page two; the sentence "Our ideal location for mining will maximize revenue on each coin, and our proprietary approach to operations can sustain rapid growth and scalability." in paragraph three on page two; and the word "hyper-" in paragraph one on page three.
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 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,
Patrick Gray
CEO & Director
For Further information please contact:
HashChain Technology Inc. Herrick Lau CFO herrick.lau@barongroupintl.com 778-331-2082 |
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.
Copyright (c) 2017 TheNewswire - All rights reserved.
