Harmonychain is a Diversified Sustainable Crypto Company

Shenzhen issues China’s first Central Bank Digital Currency Yuan insurance policies


China’s first Central Bank Digital Currency (CBDC) Yuan insurance policies have been issued in Shenzhen, South China’s Guangdong Province, in what analysts describe as another major step forward in the broader deployment of China’s digital currency.  China issues CBDC Yuan special deals through the Chinese official digital currency.

Relocate Crypto Mining to Norway with HydroMining®

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 has NOK 85 million in bank deposits. The company has 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.

  
  

Operational update

June 28, 2021: Lokotech AS, a wholly owned subsidiary of Harmonychain AS, had an update meeting with its ASIC designers on Monday evening, June 28, 2021. Lokotech was informed about indications of simulations that indicate that the company’s planned ASIC chip consumes just over 0.189 Joules per megahash or less, which corresponds to more than 5 MH per joule. This corresponds to a better efficiency than 10-15 MH per second per 3W per chip as previously communicated. However, the simulation indicates that each chip consumes only 0.3W, which corresponds for a need of up to 10 times more chips to achieve this performance. This in turn could significantly increase production costs, making Lokotech’s Scrypt Miner less competitive. The company has initiated surveys with the aim of reducing these production costs, but at the same time maintaining performance. The company will also consider various strategic alternatives in relation to the further development process.

 

Dogecoin uses 99,98% less energy than Bitcoin for an average transaction according to TRG DC

Dogecoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.  It has increased substantially in value the last 12 months. The rise of Dogecoin is an example of how important diversification is.

reports that Dogecoin is more familiar than Ethereum in the US.

Due to Dogecoin’s use of the Scrypt algorithm, ASIC devices made for mining Dogecoin are more complicated to create and more expensive to produce than they are for Bitcoin. The Market Capitalization of Dogecoin is quoted daily, but even more importantly for miners, the daily traded volume is often 50% or more of Market Capitalization.

The number of Dogecoins put into circulation will only double in 26 years.  Dogecoin’s block time is 1 minute in comparison to Litecoin’s 2.5 minutes and Bitcoin’s 10 minutes.


Ethereum mastermind Vitalik Buterin loves Dogecoin and concludes in June 2021 at 6:55 “Bitcoin: number 1. Dogecoin: It deserves to be number 3. Or 2 !”

Blockchain Hardware & Mining Giant Bitmain Is Going Public With A $40-$50 Billion Valuation

reports that Bitmain is filing for an IPO to raise $18 billion from public markets. That amount means that the Beijing-based company is valued somewhere between $40 billion and $50 billion, making its IPO among the largest public offerings ever.

Both the European Central Bank and the US Federal Reserve are planning digital currencies on the blockchain

The European Central Bank (ECB) is speeding up efforts to digitize the Euro.  They recently trademarked “digital euro” according to media. ZeroHedge.com reports that “This is happening as the growth rate of Europe’s currency in circulation just jumped into the double digits, the fastest pace this decade, strongly hinting that the ECB will be incentivized to track and control all circulating currency… ideally by converting it into digital.”  This demonstrates that authorities prefer blockchain transparent accounting to current double accounting systems that is a historic relic from the 14th century in Italy.