Blockchain-as-a-Service (BaaS) for stranded electricity in North America and Europe

Harmonychain sees BaaS as a central part of our diversified strategy in blockchain. We have now expanded our business line BaaS to include services for stranded energy. Blockchain verification can be seen as a «battery» for electricity producers that cannot get rid of their electricity production, due to grid limitations. Several power producers have expressed interest in this. The current differences in electricity prices within a country, clearly demonstrates that electricity get stranded when national grid lines are full. In several countries, there is idle power capacity that is in effect stranded.

Harmonychain is pleased to announce that our subsidiary Arctic Core AS has signed a non-exclusive service agreement for North America and Europe with a private company within the High Performance Computing indstry. The client we will represent has an industrial-scale mining setup in Asia, with a total of more than 300,000 modern, high-capacity mining machines. The Arctic Core AS service will include sourcing locations that fit certain economic criteria, providing a consulting role between power companies that have available electricity, and our client that can use such electricity.

If a PPA (power purchase agreement) is signed with our services, Arctic Core will be entitled to 50% of the savings per kilowatthour of power used by the client on a project-by-project basis compared to a fixed pre-agreed power price per kWh including grid rent and taxes. Service payment will be on an electricity billing basis. The contract opens up for the possibility that we get paid directly from power company, instead of the client if the PPA parties prefer this.

The contract is on a no cure – no pay basis. If a PPA is entered into, the economic impact for Harmonychain is correlated to power usage. In layman’s terms, no PPA or a small PPA will have no or small financial impact for Harmonychain. A PPA of for example 50-100 MW or even more, may have a significant financial potential for Harmonychain. If a PPA is entered into, this will naturally be communicated to the market.

Ola Stene-Johansen comments «We are pleased that our value-creation models attracts promising international interest. The challenge is always to get the first client to understand our profit value adding model. We hope to expand this part of our business .»

 

 

Letter of Intent with major Asian listed technology company

January 12, 2021: We are pleased to announce that a Harmonychain subsidiary has signed a non-binding letter of intent (LOI) with a major Asian stock exchange listed technology company to explore data center cooperation in the United States. The market capitalization of our counterparty exceeds 1 billion NOK. The LOI specifies discussing with potential data center owners a potential purchase of properties in the United States with 30-120 MW of electricity capacity available. Several cooperation models have be discussed, but it is too early to say if or what this will potentially mean economically for Harmonychain.
 
Harmonychain have also been discussing data center cooperation with this Asian stock exchange listed technology company for Scandinavian locations. If these discussions lead to a contract, this will naturally be reported to the market. CEO Ola Stene-Johansen comments «This is a breakthrough agreement for Harmonychain. This is the first agreement Harmonychain signs with a billion+ NOK listed technology company. Not only are we recognized as a partner in Scandinavian, we are also trusted to co-negotiate in the US on behalf a much bigger company than Harmonychain.»

 

 

Advisory Board established with global reach

January 10, 2022: Harmonychain is pleased to announce that we have established an advisory board. We are proud to present Matthew Carson as our first member of this advisory board. We expect more members in the coming months. Mr. Carson has a wide and extensive experience in the mining industry, operating in the industry for nine years with various roles, including two years as senior management for Northern Data Ag, a global B2B technology company developing, building and operating solutions on vertically integrated high-performance computing (HPC) infrastructure.

The Company shall issue Advisor a stock option to purchase 1,000,000 shares (“Option Shares”) of the Company’s common stock at an exercise price equal to four Norwegian Crowns (4 NOK) per share + 15% of the difference between the Strike and Market Price (the 15% is to cover taxes owed to the Norwegian State for exercising the options) as a one off. The option agreement will be put forward for the Annual General Meeting approval, and will have a duration of 2 years. In addition, to the stock option package the Company shall also pay one-hundred thousand Norwegian Crowns (100,000 NOK) per year.

Ola Stene-Johansen comments «We are very pleased that Matthew is a part of our team. His experience from the mining business is impressive on a global scale. We expect many new creative ideas from the advisory board, in addition to supplementing our complementary skills to fulfill our global potential.»

 

 

Scryptpool now in Beta

December 16, 2021:  Harmonychain AS is today pleased to announce that our Scrypt-pool project has now reached closed Beta. In the closed Beta phase, we will gain experience from operations over time before we open up to external, invited users.

“We aim to create a scalable, modular solution, where over time we will be able to offer pool services for many Scrypt blockchains – both the more and less popular – without making it too technically complicated for the user. We hope that the modular approach to platform development will enable us to simplify access to unknown or inaccessible Scrypt blockchains, and that we can reuse large parts of the software in other algorithms,” comments CEO Ola Stene-Johansen

A pool is a server-side software solution that allows miners to share the reward of offering their processing power to a given blockchain.

“We use the best of existing technology, and our own experience from developing large telecom platforms to create a future-oriented, secure and scalable solution for miners. The technology is intended to be able to handle large traffic volumes for current and future mining hardware, including hardware we ourselves are developing », comments Lead Software Developer Arve Rasmussen.

About Harmonychain AS: Harmonychain develops proprietory blockchain software (Scryptpool mining software in closed Beta + cryptocurrency IPR) and hardware (Scrypt ASIC R&D in Lokotech AS + data center in Arctic Core AS).

 

 

Data Center

September 15, 2021: Arctic Core AS, a wholly owned subsidiary of Harmonychain AS, is pleased to announce that we recently purchased our first property for developing a data center of 995 square meters in Halden, Norway. 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.

 

Relocate Data Centers to Norway

We welcome international Data Centers wanting to relocate to Norway to contact us on post@harmonychain.com or tel. +4746290000 for frequently asked questions or assistance. As per October 2021, Norway has the cheapest electricity in Europe, substantially cheaper than Germany, France, and the United Kingdom. We are setting up a Data Center site in Norway through our subsidiary Arctic Core.

 

 

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 computer 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 develops proprietory blockchain software (Scryptpool mining software in closed alpha + cryptocurrency IPR) and hardware (Scrypt ASIC R&D in Lokotech AS + data center in Arctic Core AS).

 

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 has launched its proprietary Scryptpool, and also owns 100% of the subsidiaries Lokotech AS (Scrypt ASIC) and Arctic Core AS (data center). Our low-energy microchips can potentially also be used in artificial intelligence (AI).

The Harmonychain group has comfortable liquidity. As of 15.9.2021. Harmonychain had NOK 83 million in bank deposits adjusted for purchase price of data center property.