HashChain: Cryptocurrency Mining Using Blockchain Technology?
HashChain Technology aims at creating one of the biggest blockchain companies in the world. The company focuses on cryptocurrency mining, targeting 26,500 mining rigs.
HashChain Proof Of Concept
The company already has 100 dash rigs deployed, 770 purchased with January 2018 delivery. So why HashChain? HashChain has close ties with dash—the cryptocurrency of the future, which is moving quickly towards mass adoption. Besides, dash is eliminating ‘technoid’ barriers and will soon be as simple to use as PayPal.
HashChain is committed to developing the Dash community. HashChain advisory board member is advisor to Dash. Finally, yet importantly, HashChain has a Dash Master Node license.
The blockchain is a decentralized digital ledger that hosts records of every historical coin transaction. When a user broadcasts a transaction into the cryptocurrency network, miners use high-performance computers known as ‘rigs’ to confirm the transaction and group it with others into a transaction block and proceed to solve the proof-of-work cryptographic puzzle that links the new block to the blockchain.
Miners are responsible for confirming transactions on the blockchain and are critical to the continuing functioning and security of the digital currency network. In the end, miners get their reward in the form of a fraction of the cryptocurrencies of the confirmed transaction.
How Does Mining Work?
Public and enterprise blockchains are secure by design and are the continuously growing ledger on which all decentralized cryptocurrency and applications are built. Miners use high-end computers to solve mathematical equations to verify transactions on the blockchain.
Mining computers collect hundreds of pending transactions also called a block and turn them into a mathematical puzzle. The miner who finds the solution first gets a reward. Currently, the blockchain technology has invaded nearly every sector including healthcare, transport, insurance, and more.
A Look Into The Future
HashChain focuses on building its own mining capacity through its highly efficient data centers, targeting 40MW by 2019. In addition, HashChain seeks to pursue a number of strategic initiatives:
- By using cash available and mining proceeds, they intend to expand their mining capacity aggressively and acquire more rigs. This step will see the company growing to 40 MW or approximately 26,500 cryptocurrency mining rigs by the end of the first quarter 2019.
- It seeks to achieve a level of mining success that is connected to difficulty and hash rates. To achieve that, the company focuses on diversification and the mining of alternative currencies.
- They aim to create an exclusive storefront for users to buy their digital currencies directly from HashChain. They also seek to develop software to optimize their mining activity by maximizing yield-related to quantity and value of the currency mined.
- They seek to improve HashChain’s proprietary ASICS & GPU Monitoring software to monitor all aspects of mining. This will help improve mining efficiency.
- They also plan to develop their own mining pool to provide cost savings and brand recognition. Besides, they aim to form strategic alliances that will lead to further improvements in efficiency, profitability, and awareness.
With a strong board of management, HashChain is destined to success. You can download their corporate presentation to learn more.