Purchase of first property for developing data center
We welcome international Blockchain Verification companies wanting to relocate to Norway to contact us on email@example.com or tel. +4746290000 for frequently asked questions or assistance. HydroMining® is based on renewable Hydroelectric energy. 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.
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.