In June, crypto firm HarmonyChain shared the news that its subsidiary Lokotech failed to deliver as expected. The efficiency of the operational critical data chips used in cryptocurrency mining was ten times lower than that first reported.
- Founded in 2017, Crypto is listed on Euronext Growth Oslo May 19, 2021.
- He owns two subsidiaries; Lokotech, a developer of ASIC chips, and Arctic Core, which will mine cryptocurrency using hydropower.
- You want to create more energy efficient and sustainable blockchain systems.
- General Manager Ola Stene-Johansen, and Chairman of the Board Bjørn Zachrisson.
- Christian Rastad is Director of Technology and Largest Owner.
Monday night, the company writes in one stock market announcement They now have an update meeting with the designers of the Scrypt-ASIC chip. The design will now be greatly improved, and will now be more energy efficient. Production costs are still “manifestly higher” than the company originally reported, HarmonyChain wrote in the report.
Furthermore, the company wrote that it will continue to work on improving the ASIC design, as well as looking at other strategic alternatives.
Based on the increasing competition in the Scrypt hardware market, as well as significant fluctuations related to the price of the cryptocurrency, HarmonyChain says it is difficult to estimate the company’s future earnings and profitability.
Since the first news about the Scrypt-ASIC chip was first shared on June 28, the share has fallen by more than 60 percent. On Monday evening, the stock was trading at 0.50 NOK, down 4.2 percent on the day.
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