Significant purchase interest in Lokotech's Scrypt circuit boards (Hashblades)
Lokotech AS, a wholly owned subsidiary of Harmonychain AS, has, since our participation at the Litecoin Summit in October and confirmation of Multi Project Wafer (MPW) participation, experienced great demand and interest in Lokotech's ASIC miners either as circuit boards (hashblades) or complete independent computers.
For several reasons, Lokotech has expanded and explored the possibilities of allowing smaller players to buy miners with fewer ASIC chips per unit at a lower price point per miner.
1. Desentralization Circuit boards will be healthy for Scrypt based networks as the network validations (and hashrate) will be decentralized over many more nodes (computers/circuit boards) and thus become a strong catalyst for decentralization.
2. Re-use of existing infrastructure Computers that used to work on Ethereum's Proof of Work (PoW)are now largely idle, after Ethereum switched to Proof of Stake (PoS. They will potentially be reusable with Lokotech's circuit boards/hashblades in existing computer equipment that is no longer used for Ethereum. This is a huge market.
On 12 December 2022, the first informational video was posted on YouTube, and since then we have received registrations from over 1,000 unique customers for participation in a pre-sale at lokotech.no. The registrations are 100% organic, and the customers have ranked themselves with an interest between 1 and 6,000 pieces, and have, upon request, been indicated a price at launch of between USD 1,999 and USD 2,199.
"We have so far spent zero funds on external marketing, and we believe we have confirmed our hypothesis of a significant market interest also among smaller players for what is likely to be the world's most energy-efficient Scrypt ASIC. We can replace the entire existing Scrypt hash rate with a combined consumption of around 80 MW. It's a big step in the right direction for blockchains that use Scrypt as a hashing algorithm," comments co-founder and CFO Benjamin Miklozek
About Harmonychain: Harmonychain conducts research and development of a Scrypt blockchain data chip system(Application Specific Integrated Circuit – ASIC) in Lokotech AS, develops proprietary blockchain software such as Filecoin optimization, Scryptpool software in closed beta, and owns certain intellectual rights in Harmonychain AS. Furthermore, Arctic Core AS is developing a data center in Halden and has land projects in Kautokeino and Øksnes which can hopefully be realized in the coming years. The site in Kautokeino is regulated for business, while the site in Øksnes has a conditional lease where new regulation is probably needed before possible operation. The R&D Harmonychain group has limited turnover in 2022, but a very comfortable liquidity of over NOK 60 million as of 1.1.2023. Currently, Harmonychain is in discussions with potential financial partners about potential models for growth cooperation. There is a risk that no transaction will result from the process. If the testing by the ASIC company proves that the ASIC is as energy efficient and economical as projected, the company currently plans to finance the production of the ASIC circuit boards mentioned above by advance payments from customers.
This information is mandatory in accordance with section 5-12 of the Norwegian Securities Trading Act.
This information constitutes inside information and is subject to the duty to provide information in accordance with the Market Abuse Regulation (MAR).
The message is published on behalf of Harmonychain AS by Ola Stene-Johansen, CEO, at 12.45, 12th of January 2023.