HashChain, a Canada-based crypto mining company, operates mining rigs for mining Dash and Bitcoin. The company taps low-cost power, cool climate and high-speed internet to create mining wins. The company started trading on the Toronto’s TSX Venture Exchange (TSXV) in December 2017 by raising Canadian $4.4 million.
HashChain is now available on TSXV Exchange
The TSXV exchange
In the past, the TSX Venture Exchange has been mainly for smaller companies trading oil and gas, and traditional mining. However, now the scenario has changed as close to 50 blockchain and cryptocurrency firms are preparing to list on the TSXV in 2018.
As of now, close to eight cryptocurrency-related stocks are trading in Canada’s TSXV exchange. HashChain’s stock started trading at Canadian $2.20 a share. The company has already raised Canadian $4.4 million with 41,179,000 common shares both issued and outstanding.
Company’s focus of mining
The company’s main focus is on mining Dash and Bitcoin utilizing ASIC mining rigs. The Company operates 100 Dash mining rigs which commenced mining on November 3, 2017 and has 770 Bitcoin rigs which are expected to commence mining in January 2018.
In the future, the company plans to support the highly scalable major cryptocurrencies.
Management of mining operations
The company manages its mining rigs remotely using a web interface to monitor Hash rates, difficulty levels, temperatures, rig statuses, and power consumption to keep rigs operating at optimum efficiency.
Furthermore, the company is also working on a proprietary software aimed at smartly monitoring hash rates of equipment so they will automatically switch computing power to the currency that is most profitable.
Acquisition of MasterNode
The Company acquired a Dash Masternode for approximately US$880,000 aimed to receive the right to participate in budget funding decisions for the Dash network as well as receiving a return on investment in the form of virgin coins and currency appreciation.
The Dash network currently rewards Masternodes at a rate of 6.67 Dash per month. The company purchased 1,000 Dash in October 2017 for a total of US$280,000, as becoming a Masternode involves placing a collateral of 1,000 Dash. The Dash’s price of around US$1,000 is equivalent to US$6,670 per month for a Masternode.
The Dash currency operates a proof of work (PoW) and proof of stake (PoS) consensus algorithm. While many other digital currencies only use proof of work to verify transactions, Dash is unique in its hybrid PoW and PoS approach.
Hashchain’s initial energy consumption dedicated to digital currency mining was approximately 1.2 megawatts. The company’s ideal location for mining purposes has been Vancouver, Canada.
However, the company has signed an agreement for space for Mining operations of up to 20 megawatts in a facility in Montana (US).
Purchase of additional rigs
The company has also signed an agreement to purchase 5,000 additional rigs between February 28 and May 15, 2018, subject to a US$26 million deal financing.
Cryptocurrency mining benchmarking study
According to the 2017 Global Cryptocurrency Benchmarking Study, the US meets all criteria for optimal cryptocurrency mining, on account of its low cost of electricity, low temperature and high-speed internet.