“HashChain” is a Canada-based crypto-mining company that currently operates 100 Dash mining rigs and is in the process of setting up nearly 4,000 more to mine Bitcoin. They are benefited by being in Canada due to very low electricity rates for power and the cool climate for data center cooling.
The company was looking to expand their business beyond crypto-mining, thus have acquired the blockchain technology company NODE40 which develops Software as a Service (SaaS) products related to Cryptocurrency. HashChain acquired NODE40 for $8 million USD and 3,144,134 common shares of stock in HashChain.
HashChain CEO and Founder Patrick Gray said, “The acquisition of the NODE40 Business is an important next step of creating a global blockchain technology company.”
He added, “Cryptocurrency accounting and reporting for tax purposes is a major concern in the industry at the moment. The recent Coinbase subpoena from the IRS highlights the significant need for the software developed by NODE40.”
The acquisition occured on 15th Feb.