‘Potential Currency Wars Could Cause Bitcoin to Gain Bullish Momentum’ — Exclusive Interview With HashChain CEO Patrick Gray
Setting up to benefit from possible trade disputes and currency wars, Canada-based cryptocurrency mining company HashChain is due to deploy the additional 2,500 Antminer S9 rigs it purchased last month by the end of September. The company is targeting 17.5 MWs of computing power by year’s end.
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Could Currency Wars Benefit Crypto Miners?
HashChain Technology (TSXV: KASH; OTCQB: HSSHF) first listed on Toronto’s TSX Venture Exchange last December. The company now operates 9,395 mining rigs dedicated to bitcoin mining and 100 dedicated to Dash. Despite having endured continual stock price pressure since its listing, HashChain remains focused on growth, having acquired Bitcomputing Management Ltd., and CryptoCommerce Technologies Ltd. in July.
— HashChain Technology (@HashChain_Tech) July 26, 2018
The two acquisitions bring an additional 2,500 rigs to the $18 million CAD enterprise. As bitcoin mining is not as profitable as it was last December, mining capacity expansion may appear counterintuitive. But there could be bullish geopolitical signals for cryptocurrency.
Venezuela continues to struggle with hyperinflation. Turkey’s spat with the U.S. has placed downward pressure on their local currency. In light of the recent plunge in the value of the lira, Bitsonline sat down with CEO and founder, Patrick Gray, to discuss HashChain’s future and their faith in cryptocurrency as a hedge against possible fiat currency wars.
Interview With HashChain CEO Patrick Gray
Paul de Havilland: Let’s cut to the chase. How many coins do you mine per week?
Patrick Gray: Leveraging the 8,495 bitcoin rigs and 100 Dash rigs that are currently in operation, HashChain has mined 104.53 bitcoin and 30.03 Dash in just under a month. This doesn’t include the additional 3,500 total bitcoin rigs we still need to deploy, which will boost operations to 17.5 MW.
PdeH: And where are your facilities?
PG: HashChain has multiple North American facilities located in Vancouver, British Columbia, Buffalo, NY, and Michigan.
PdH: You’ve grown at an incredibly fast pace. How did you manage that? What risks do you face — and have you overcome — from such rapid growth?
PG: Founded in 2017, HashChain has been able to grow at an incredibly fast pace in a little over a year due to our team’s ability to run lean with little overhead. This enables us to avoid liquidating our coins. Our “buy and hold” approach to bitcoin and Dash allows us to benefit from lucrative bulk gains that take place during cycle highs.
When expanding as rapidly as we have, there is always risk involved; a challenge we recently faced was aligning our blockchain technologies, an accounting solution, and a masternode hosting service, to ensure we grow into an ideal position as cryptocurrency continues to surge. We accomplished this by creating a spin-off of NODE40, the accounting solution, to best enhance HashChain’s rapid mining growth.
PdH: What is the company’s ultimate aim? Can you see yourself competing against the big players in the industry?
PG: Our current aim is to continue to focus on what we do best: mining. We will continue to expand our operations to keep up the momentum of our rapid growth. HashChain is equipped to compete against big players in the industry by our ability to secure and deploy significantly more rigs than competitors in shorter time frames.
PdH: What activities do you undertake to offset your carbon footprint? Is that important to you?
PG: Offsetting our carbon footprint is a priority to our company. HashChain reduces its carbon footprint by actively looking for and purchasing rigs on the market that reduce the amount of energy required to mine at high hash rates. Additionally, our team purposefully mines in locations with cooler climates in order to cool mining rigs naturally and consume less energy. Moving forward, we will continue to adopt more renewable energy solutions as they emerge in our field.
PdH: Do you have strategies in place to adjust to crypto price changes or geopolitical shifts?
PG: Like all mining companies, HashChain is capable of pivoting our strategies as necessary due to the multiple business applications of data centers. As a result of bitcoin’s cyclical nature, however, we believe there are still cycle highs to come and we will continue to invest in bitcoin’s long game. Major catalysts, including international trade or potential currency wars could cause bitcoin to gain bullish momentum again and reach a new all-time high.
Sound off below. Could currency wars or trade disputes cause a surge in demand for cryptocurrency?
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