Most cryptocurrency users will not know the name HashChain. Unlike what the name suggests, the company is not involved in blockchain technology. Instead, they run a major mining operation. The company raised $4.4m dollar through its common shares. They are now given the green light to go public on TSX as of this week. A very big development for the company and cryptocurrency as a whole.
HashChain is a relatively unknown company. That is a bit odd, considering they operate a fair few ASIC mining rig. For now, the firm is focused on mining both Dash and Bitcoin. These two currencies massively appreciated in value this year. For now, the company runs 100 Dash mining rigs since November of 2017. There are also 770 Bitcoin rigs which have yet to be set up. This hardware is expected to arrive in January of 2018. An interesting setup, which has also attracted a lot of attention.
A Big Move for HashChain
More specifically, the company is located in Vancouver, British Columbia. Given the easy access to cheap electricity in this region, it makes sense to set up cryptocurrency mining operations there. Additionally, there is access to high-speed internet and cool temperatures. All mining rigs are monitored remotely, although there is support staff on hand if needed. It is good to see them take this business venture seriously, as mining cryptocurrency is not all that easy.
HashChain CEO and Founder Patrick Gray explains the venture as follows:
“We are giving investors access to a lucrative cryptocurrency market that they can’t take advantage of themselves. Our ideal location for mining will maximize revenue on each coin, and our proprietary approach to operations can sustain rapid growth and scalability. Canada is one of the most optimal locations to mine with low cost of electricity, low temperatures and good internet connectivity. Our strategy is to continue deploying rigs in locations with these three key characteristics.”
Now that the company can be publicly traded on TSX, things will get very interesting. Moreover, the company will continue to run and expand their mining operations as well as their Dash masternode. HashChain is a company well worth keeping an eye on, to say the least. Cryptocurrency mining is a very profitable and popular business. Investing in the right company at the right time can yield some significant returns for backers. Whether or not this company will be successful in the long run, has yet to be determined.