Purchase of first property for developing data center

September 15, 2021: Arctic Core AS, a wholly owned subsidiary of Harmonychain AS, is pleased to announce that we on September 6, 2021 was informed of our first purchase of a property for developing a data centre of 995 square meters in Halden, Norway. The purchase was conducted at market price and was 100% financed by group equity. Final documentation is expected on or around 30.9.2021, and we expect to take over the property on or around 16.11.2021. The property is part of a former industrial property and has access to electricity transformers on site, and requires some development in efforts of scaling the operation. We plan to use the property for our own hardware, test units, and/or hosting of high performance computing hardware. The Harmonychain Group plans to offer services for customer looking to establish traditional data centers, HPC, and blockchain verification in Norway. The data center industry in Norway is experiencing growing demand due to good infrastructure and environmentally clean energy. We are also looking for more data center locations to lease or purchase. The Harmonychain Group had per 15th September 2021 bank deposit of approx. 83 MNOK after adjustment for the purchase price of the property in Halden.

 

Relocate Blockchain Verification to Norway with HydroMining®

The Lokotech goal is to offer a Scrypt miner with a higher hash rate, lower power consumption (0.099 J/MH) and lower price than competitors.

 
  
August 16, 2021: The design of the ASIC has been improved so that it is now more power efficient. Preliminary simulation shows a performance of as much as 9.95MH/s per 0.984 Watt, which corresponds to only 0.099 Joules per Megahash (0.099 J/MH). This is more than 10 MH per Joule. This is significantly more power efficient performance than any other Scrypt miner that exists today, including Bitmain’s L7. This means that potential customers can operate significantly more miners on their available power capacity. The goal is to offer a product with a higher hash rate and lower power consumption at a lower price than what is available on the market today.
   
Harmonychain is a diversified blockchain company that focuses on sustainable blockchain systems. The management and the board have experience from the IT sector, the strategy department of the Research Council of Norway (NTNF), academia and finance. We focus on environmental improvements (reduction of energy consumption and CO2 emissions) in blockchain mining. Harmonychain owns 100% of the subsidiaries Lokotech AS (Scrypt ASIC miner) and Arctic Core AS (test mining). Our low energy microchips can potentially also be used in artificial intelligence (AI).

 

Research Council (SkatteFUNN) application approved

July 29, 2021: Lokotech AS, a wholly owned subsidiary of Harmonychain AS, was today informed that their SkatteFUNN application has been approved by the Research Council of Norway. The application covers research and development costs associated with Lokotech’s main R&D project. The grant amounts to up to 19% of project costs of up to NOK 25 million per year.

 

 

Harmonychain is a diversified blockchain company that focuses on sustainable blockchain systems

 

Harmonychain is listed on the Euronext Growth Oslo Stock Exchange. The management and board have experience from the IT sector, the strategy department in the Research Council of Norway (NTNF), as well as academia and finance. We focus on environmental improvements (reduction of energy consumption and CO2 emissions) in blockchain accounting. Harmonychain owns 100% of the subsidiaries Lokotech AS (Scrypt ASIC miner) and Arctic Core AS (test mining). Our low-energy microchips can potentially also be used in artificial intelligence (AI).

The Harmonychain group has comfortable liquidity. As of 29.6.2021. Harmonychain had NOK 85 million in bank deposits. The company had no debt. A total of 30 million in costs may accrue in the second half of 2021, of which General Corporate Purposes amounts to just over NOK 10 million and potential completion of Scrypt ASIC design, MPW and testing amounts to just over NOK 20 million. Lokotech AS considers it strategically important to focus on the Scrypt (Litecoin & Dogecoin) ASIC Miner development, and in this connection the development of SHA (Bitcoin) ASIC Miner is put on hold until further notice.

Lokotech AS, a wholly owned subsidiary of Harmonchain AS, has decided that in order to reduce production costs, ASIC designers will spend more time improving the design with the goal of reducing chip costs, so that the Scrypt ASIC Miner can become more competitive. This means that Lokotech’s participation in the Multi Project Wafer (MPW) will be postponed from September 2021. The next possible MPW is in December 2021. MPW is assumed to take 60-90 days before subsequent testing of the wafer.

 

Wall Street Journal     Financial Times     Bloomberg