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,
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.
SOURCE HashChain Technology Inc.