HashChain Technology Inc. is a Canadian company that aims to become among the largest blockchain tech companies worldwide. The focus is on mining cryptocurrency, with a long-term target of 26,500 mining rigs to help achieve this goal.
The team behind HashChain has decades of experience in areas that include the financial, technical, and business sectors. The team specifically has experience with business strategy, branding and marketing, raising capital, and coordinating public offerings. The headquarters are in Delmar, New York, and the satellite office and first data center are in Vancouver, Canada.
Why Does HashChain Matter?
The team at HashChain recognizes that you need to mine new coins to release additional Bitcoin or other currencies, and they want to stand out among the growing number of specialized mining companies appearing. While anyone can theoretically mine, it requires an incredible amount of energy, along with expensive special hardware, putting it out of the reach of most people. HashChain has those necessary resources with its data center and more, making mining possible.
What Is Mining?
For a quick refresher as to the importance of mining, look at the blockchain as a whole. This decentralized ledger has records for every coin transaction that has occurred. Miners use their rigs or high-performance computers to verify transactions, which are broadcast into the crypto network. In addition to verifying the transactions, miners group them into transaction blocks and solve the proof-of-work cryptographic puzzle responsible for linking this new block with the blockchain.
The caveat is that miners work to solve the mathematical puzzle behind the block, and whichever miner gets the solution first receives the reward. Essentially, miners play a critical role in the blockchain by verifying transactions and continuing its functionality and security. In return, miners get a portion of the cryptocurrencies from the verified transaction.
In this way, mining both supports the blockchain and ensures it continues to run smoothly, but it provides financial rewards for the miners, making it possible to form a mining company like HashChain Technology Inc. The large number of miners increases the chance of a reward and, therefore, the profits.
What Resources Does HashChain Have for Mining?
For mining operations to work at optimal efficiency, they must be in a cool climate with high-speed internet and low electricity cost, ideally between $0.02 and $0.04 per kWh. HashChain’s data center can meet all these requirements. The proprietary HashChain software monitors the hardware 24/7, including specifically monitoring the memory, fans, wattage, temperature, IP, and hash rate. This way, the software can confirm that optimal efficiency remains in play.
The data center behind HashChain is flexible enough to perform multiple functions. In addition to mining cryptocurrencies, it can switch and focus the computing resources on whichever cryptocoins are the most profitable at a given time. Overall, the data center is versatile enough to mine multiple cryptocurrencies.
The data center in Vancouver went live on Nov. 3, 2017, with its leading-edge and comprehensive managed services that focus on disaster recovery, business continuity, security, application hosting, and cloud. There is monitored access all day, every day, 24/7/365. The data center has a backup diesel generator for emergencies and environmental control. Electricity is just $0.04 USD per kWh, low enough for profitable mining, and there are Tier-1 network connections.
How Is HashChain Related to Dash?
One of the strongest points in favor of HashChain over other mining companies is that it is closely connected to Dash. Dash is frequently called the “cryptocurrency of the future.” The team at HashChain feels it’s moving in the direction of mass adoption and will soon be simple to use and get rid of “technoid” barriers.
In addition to simply supporting the goals of Dash and its project overall, HashChain has a license for a Dash Master Node. This Master Node required investing 1,000 Dash coins, and sources value it at $280,000 USD, meaning that HashChain has a sizable investment in Dash. This also gives HashChain the right to be part of budget funding decisions involving the Dash network. There is also some overlap on the advisory board for HashChain and the advisors for Dash.
So far, HashChain has already deployed 100 dash rigs. Another 770 were purchased to be delivered in January.
What Are HashChain’s Plans for the Future?
The main focus of HashChain in the future will be building up the mining capacity via multiple data centers with a high efficiency. Specifically, the team hopes to have 40 MW by 2019. They will use the mining proceeds and cash on hand to aggressively expand the mining capacity via additional rigs and meet this goal, which is equivalent to having about 26,500 rigs for crypto mining.
There are also multiple strategic initiatives that HashChain hopes to pursue. It will focus on diversification and mining alternatives currencies to get mining success linked to hash rates and difficulty.
In terms of development, HashChain wants to create an exclusive storefront that lets users buy cryptocurrency directly from the company. It will also work on software that optimizes mining activity by maximizing the value of the mined currency and yield related to quantity.
At the same time, HashChain will work to enhance the proprietary software mentioned above, the ASICS & GPU Monitoring software. Ideally, it will be able to monitor all areas of mining and further improve efficiency.
HashChain also plans to create a mining pool for brand recognition and cost savings. Finally, the team wants to make other strategic alliances that can improve awareness, profitability, and efficiency.
HashChain Technology Inc. focuses on cryptocurrency mining, which should be profitable. According to its website, the shareholders’ overall returns have been over 1,300 percent in the past 24 months, indicating a great potential for growth. Assuming that HashChain meets the goal of 26,500 rigs for cryptocurrency mining, it should have more than enough resources to continue growing and to take advantage of the increased popularity of cryptocurrencies.