December 18, 2017
HashChain Technology listed on the TSXV
VANCOUVER -- HashChain Technology Inc. is pleased to announce that it has received final 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".
HashChain has raised approximately $4.4 million dollars to date with 41,179,000 common shares issued and outstanding. The Company is initially focusing resources on mining Dash and Bitcoin cryptocurrencies utilizing Application Specific Integrated Circuit ("ASIC") mining rigs, which are high-performance computer systems used for cryptocurrency mining. The Company is currently operating 100 Dash mining rigs which commenced mining on November 3, 2017 and has purchased 770 Bitcoin rigs which are expected to be received and installed to commence mining in January 2018. Both models of rigs are the most powerful on the market at mining their respective currencies. With all 870 rigs in full operation, HashChain's initial energy consumption dedicated to digital currency mining is approximately 1.2 megawatts.
HashChain's initial mining operations are hosted at a facility in Vancouver, British Columbia, Canada at Uniserve. The location offers all three key factors necessary for efficient and profitable digital currency mining: low cost of electricity, access to high speed internet and cool temperatures. HashChain utilizes a web interface to remotely monitor Hash rates, difficulty levels, temperatures, rig statuses, and power consumption 24/7 to keep rigs operating at maximum efficiency.
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 while also receiving a return on investment in the form of virgin coins and currency appreciation.
HashChain is comprised of a team that has multiple years of experience in blockchain development and cryptocurrencies. Patrick Gray is the founder and Chief Executive Officer of HashChain and helps lead the overall strategic vision of the Company. Mr. Gray is a Certified Blockchain Expert recognized by the Blockchain Council. He has experience building and operating mining hardware and data centres. He has published articles on blockchain technology, regularly reads publications, attends blockchain courses and conferences to further his expertise in the space.
Mr. Gray was hired as one of the first developers for a start-up, Amici. Amici was sold to Xerox for CAD $220 million in 2006. After the acquisition by Xerox, Mr. Gray continued with Xerox and became the youngest executive in Xerox's history, leading a team of 35 developers in the Xerox Litigation Services division, which became the most profitable division in Xerox at the time, and was promoted to a Band B Executive. He is also the founder of sCube Inc. a niche IT Service provider with over 120 employees that focuses on E-Discovery, E-Licensing, Application Development and IOT.
"We are giving investors access to a lucrative cryptocurrency market that they can't take advantage of themselves," explained Patrick Gray, CEO and founder, HashChain. "Our ideal location for mining will maximize revenue on each coin, and our proprietary approach to operations can sustain rapid growth and scalability. Canada is one of the most optimal locations to mine with low cost of electricity, low temperatures and good internet connectivity. Our strategy is to continue deploying rigs in locations with these three key characteristics. Some key differentiators we have at HashChain include our management team who are extremely knowledgeable in the crypto-currency space and have had years of experience not only buying and selling crypto-currencies but also building out professional data centres for crypto-currency mining as well as developing solutions on the Blockchain. With my computer science background and the managerial expertise I gained from Xerox, HashChain is positioned to be a global leader in mining. Our rigs come from some of the largest rig manufacturers in the world, but we also pride ourselves on having relationships with some of the smaller rig manufacturers that are coming out with more efficient mining rigs that consume less electricity and are able to mine crypto-currencies faster than some of their competitors."