Harmonychain is a Diversified Sustainable Crypto Company

Purchase of first property for developing data center

September 6, 2021: Arctic Core AS, a wholly owned subsidiary of Harmonychain AS, is pleased to announce that we today have been 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.

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.

The 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).

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.

 

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.

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.