HashChain Technology Provides Update on Cryptocurrency Mining Operations; Mines Nearly 5 Bitcoin and 4 Dash a Week
HashChain Technology, announced the Company mined 4.97 Bitcoin and 3.89 Dash from March 8 through March 14, 2018. According to coinmarketcap.com on March 28, 2018, Bitcoin and Dash were valued at CAD $10,423 and 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 of CAD $53,642 over 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 complete details 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’s Vancouver and Montana mining 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 of Paul Ciullo as 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 from SUNY Geneseo and an MBA from Pennsylvania State University. He is a member of the American Institute of Certified Public Accountants and New York State Society of CPA’s, and previously served on the Finance Committee for the AIDS Council of Northeastern 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.”
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