HashChain To Acquire 1000 New Crypto-Mining Rigs

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Mon, 04/23/2018 - 23:46
Urvashi Verma
HashChain to acquire 1,000 new S9 Antminer rigs for $8.9 mln in company shares
HashChain To Acquire 1000 New Crypto-Mining Rigs
Cover image via U.Today

HashChain Technology Inc. announced plans to acquire 1,000 new S9 Antminer rigs for $8.9 mln in shares on Monday, bringing its total rig capacity to seven megawatts.

The move signals the company’s commitment to the mining sector.

Patrick Gray, CEO and founder of HashChain, said:

“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."

Currently, 100 of the rigs are located at the company's Montana-based, US mining facility. The other 900 will arrive and be deployed by the end of May 2018, the company says. HashChain, which has previously purchased 3,870 rigs, will have a total of 4,870 after the completion of the acquisition.

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The ability to quickly order and receive large quantities of rigs enables HashChain to scale at an accelerated rate and reduces operational expenditure to ensure return on investment on coin mining activities, the company said in a statement released today.

Gray said:

“All of these rigs are new giving us longevity in our mining operations.”

The $8.9 mln in HashChain shares will be subject to escrow. Forty percent are expected to release at the close of the acquisition, and the remaining 60 percent will be disbursed after 60 and 90 days following the closing date in equal amounts, the company said. The acquisition is subject to the approval of the TSX Venture Exchange.

About the author

Urvashi Verma is a Chicago-based reporter who writes about the convergence of technology and business. She is interested in fintech, digital currencies, blockchain and currency markets. Urvashi formerly worked with the Times of Israel covering Israel's booming tech industry including Start-Up Nation, venture capital investment, and crowd-funding platforms.