Harmonychain is a Diversified Sustainable Crypto Company
The Harmonychain group signs a framework agreement with an estimated gross contract value of NOK 900 million with Keytouch Technology AS
Operational update on Scrypt (Dogecoin & Litecoin) ASIC supercomputer
May 12, 2021. Harmonychain is pleased to report that the development of Lokotech Scrypt ASIC (Application Specific Integrated Circuit) blockchain supercomputer/”miner” is currently developing in line with previous communication, ie in accordance with schedule and budgeted costs. The actual prototype ASIC “multi project wafer” is expected to enter into production around 15 September and will be completed within 60-90 days, before quality control. We aim to inform the market regularly about the progress of this work.
Litecoin and Dogecoin both run on the Scrypt Algorithm, and both have had price increases of more than 100% compared to our assumptions for budget targets earlier in 2021.
On January 1, 2021, the Litecoin price was approximately $ 125, which increased to $ 380 on May 12, 2021, corresponding to a total market value of Litecoin of $ 25 billion and a 24-hour trading volume of $ 8 billion according to Coinmarketcap.com. On January 1, 2021, the Dogecoin price was approximately $ 0.0048, which increased to $ 0.50 on May 12, 2021, corresponding to a total market value of Dogecoin of $ 65 billion and a 24-hour trading volume of $ 8 billion.
At the same time, the market prices of such “mining” computers have increased significantly. For example, the media reports that in April 2021, the US company Integrated Ventures purchased 4800 Bitmain S19J Pro 100 TH/s SHA-256 miners for $ 7093 per computer for future delivery in 2021 and 2022. In comparison, in August 2020, the US company Riot Blockchain bought 8000 Bitmain S19 Pro 110 TH/s for $ 2212 per computer for future delivery in 2021. This means that prices for the Bitmain S19 Pro miners more than tripled between August 2020 and April 2021.
The significant increase in Litecoin and Dogecoin means higher profitability in Scrypt mining. At current price levels for Scrypt Cryptocurrency, Lokotech’s 4.12 GH/s Scrypt ASIC miners will be able to produce a gross income of around $ 98.6 per day by so-called “merge mining” of Litecoin and Dogecoin, at the Litecoin and Dogecoin exchange rates as of May 12, 2021. Litecoin is often “merge mined” along with Dogecoin. This equates to a profit of $ 97.0 per day after payment of electricity of $ 0.05 per kW/h according to Whattomine.com.
Sales prices for Scrypt miners are related to the expected payback period. If the profitability of Scrypt mining increases, this could have a positive impact on Lokotech’s products, and the sales price we achieve. We still expect volatility in prices of digital currencies and miners. We have noticed that some of our competitors have recently signed contracts for miners in the price range $ 5,000-7,000 per. miner.
CEO Ola Stene-Johansen comments: “We are pleased that the development of the Lokotech Scrypt ASIC is currently developing as previously communicated, ie according to timeline and budget. The price increases on Litecoin and Dogecoin (both Scrypt algorithm) are an added bonus for us and future customers. Hopefully we will enter into sales contracts for Scrypt miners at attractive prices over the next 6 months. We aim to limit sales to 100,000 units between 10 and 30 customers. So far, the interest in our Scrypt ASIC-Supercomputer, which is likely to provide a very short payback period on the investment, has been very good».
A webinar will be held in cooperation with Sparebank 1 Markets on Wednesday 19 May at 1 pm in connection with the current decision on admission to trading on Euronext Growth. An invitation to this will be sent out soon.
Harmonychain is a technology company operating in the blockchain industry. The company focuses on delivering energy-efficient solutions for mining blockchains. The company’s first product is a supercomputer for mining Scrypt blockchains.
CEO Ola Stene-Johansen: +47 97 72 86 01
Chairman of the Board Bjørn Zachrisson: +47 46 29 00 00
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.
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.
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.
reported that the Harmonychain website has a lot of interesting info about the firm’s microchips as well. The company is in the midst of developing a “dual-purpose Artificial Intelligence (AI) and Scrypt algorithm ASIC Supercomputer microchip.”
“If prototype production works well, we plan to start mass deliveries in H2 2022. According to industry standard, customers can expect to prepay approx. 9-12 months prior to delivery.”
Multiple times Oversubscribed Private Placement
Harmonychain welcomes several of the most merited Norwegian Investors as new Shareholders. Sparebank 1 Markets closed a several times oversubscribed upsized share issue of apprx. 110 MNOK on February 12. Severe allocation reductions vs. subscriptions were unfortunately necessary to fairly distribute available number of shares. Harmonychain trades on Euronext Growth with ticker “HMONY”. Contact your broker for trading of shares.