HashChain Technology Enters Agreement Increasing Total Purchased Rigs to 4870 Equivalent of 7 Megawatts
Currently, 100 Of The Rigs Are Resident In The Company’s Montana, USA Mining Facility (“Montana Facility”), And The Other 900 Will Arrive And Be Deployed By The End Of May 2018
HashChain Technology Inc. (“HashChain” or the “Company”) announced today that the Company has entered into a letter agreement (the “Agreement”) to acquire a company with 1,000 new S9 Antminer Rigs (“Rigs”) in consideration for the issuance of 8.9 million HashChain shares at a deemed price of $0.35 per share (the “HashChain Shares”).
The HashChain Shares will be subject to escrow whereby 40% of the HashChain Shares will be released on the closing date of the acquisition (the “Closing Date”), 30% of the HashChain Shares will be released 60 days following the Closing Date and the remaining 30% of the HashChain Shares will be released 90 days following the Closing Date. The acquisition is subject to the approval of the TSX Venture Exchange.
Currently, 100 of the rigs are resident in the Company’s Montana, USA mining facility (“Montana Facility”), and the other 900 will arrive and be deployed by the end of May 2018. This will be added to the 3,870 rigs that HashChain has already purchased bringing total rigs to 4,870 which is the equivalent of approximately 7 megawatts.
“While HashChain continues to diversify our business strategy to include other blockchain-related software and services, we will remain dedicated to expanding our mining sector,” says Patrick Gray, CEO and founder of HashChain. “The Company’s unique ability to quickly order and receive large quantities of Rigs helps us scale at an accelerated rate in ideal mining locations to reduce operational expenditure and ensure ROI on coin mined. This latest 1,000 Rigs when deployed, will increase our Mining to 7 megawatts. All of these rigs are new giving us longevity in our mining operations”
Given that the Company has identified other Rig supply arrangements at a reduced cost per Rig as outlined in this announcement, it does not intend on paying cash for the remaining 2,000 Rigs as previously announced.
HashChain is a blockchain company, and the first publicly traded 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, 1,770 Bitcoin Rigs, and has received an additional 3,000 Rigs. Once all Rigs are operational HashChain will be consuming approximately 7 megawatts of power.
HashChain also acquired a Dash Masternode, which requires a collateral investment of 1,000 DASH coins. Diversifying its business strategy beyond crypto mining, the Company recently acquired 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 of Albany, New York, and an office in Vancouver, British Columbia.