Update on the Multi-Project Wafer (MPW) – Updated Power simulation prior to partaking in July MPW

Reference is made to the stock exchange announcements on 15.02.2022. On Wednesday the 8th of June 2022 from 18:00 CET, Lokotech AS, a wholly owned subsidiary of Harmonychain AS, had an update meeting with our Application Specific Integrated Circuit (‘ASIC’) - designers. New simulations for the production ready ASIC was presented and is reiterated here. The simulated performance and power consumption for the ASIC is better than communicated per 15.02.2022, and is estimated to be 15.6 MH/s per 1.04 Watts. This corresponds to 0.067 Joules per Megahash (0.067 J/MH, or more than 15 MH per Joule). This design is substantially more effective than any other known Scrypt ASIC miner on the market today. This means that our potential customers can run significantly more miners using the same amount of power. The MPW is used to test functionality and performance of underlining aspects of the production ready ASIC design. The area of the MPW ASIC is smaller than the anticipated production ready chip, but will allow for the required testing of the physical circuitry, and is an important step in delivering a quality product to the end user. In a mass production ASIC, the relative ratio between computational logic and supportive circuits may be greater than the MPW ASIC. Regardless, the MPW is poised to prove the functionality and setting a new standard in energy-efficiency in our niché market. At this date, the designers have a high degree of confidence that this ASIC will work as expected. The extra time that was granted to the design team, moving from a March MPW to a July MPW has been well utilized so far. This has given them an ample amount of time for verification pre-silicon by running randomized tests on each individual tile that together makes up the design, and at an extended duration. The designers have one sub-supplier that is delayed, but they expect them to deliver within the required time frame. The company continues to evaluate various go-to-market strategies in dialogue with possible industrial partners. Some of these paths could include selling packaged ASICs to Original Equipment Manufacturers (OEM) or Original Design Manufacturers (ODM), offering a GPU-style/PCIE hashblade to fit in home PCs, the previously communicated full ASIC miner, or over time selling manufactured wafers, and/or partnering up with the intent to use the asics ourselves. Testing and continued optimization of the ASIC design will continue throughout the duration of the MPW run. “Despite the unfortunate delay, the design team has performed outstanding and we´re now moving to the next stage of development. We are excited to show our investors and potential clients what we have been working on for so long. Currently we are on track to show silicon by the end of the year with ambitions to start converting interested parties into binding orders once we have a tangible ASIC in hand” comments CFO Benjamin Miklozek. This information is subject of the disclosure requirements acc. To section 5-12 of the Securities Trading Act. This information constitutes inside information and is subject of the obligation to provide information in according to the Market Abuse Regulation (MAR). The message is published on behalf of Harmonychain AS by Ola Stene-Johansen, CEO, at 20.20, 8 Juni 2022.

https://newsweb.oslobors.no/message/564398