Our current business model has been less successful than we would like for us, as well as our customers. HashFast has changed our organization and the focus of our business.
First, we have realigned our focus to our core competency, which is Bitcoin ASIC technology. With the fastest ASIC in the world, this is where our efforts should be. In the same fashion that Intel makes the best chips for partners like Dell and HP, HashFast intends to empower our partners to develop great mining solutions around our Golden Nonce ASIC.
We have been converting existing system and board orders, even those who have requested a refund or sought legal action, to ASICs orders. We have a large chip inventory that is immediately available for shipping. The conversion results in significantly more hashing power than originally ordered. See our twitter feed for existing system shipping updates.
Next, we have brought in new management. We’d like to announce the addition of Monica Hushen to our team as CFO. Monica brings with her more than fifteen years of leadership experience in global Fortune 500 companies. Her guidance will be integral to driving us to make strides forward.
Finally, in order to improve our cash flow, as well as focus on ASICs, we made the difficult decision to reduce our workforce by eliminating marketing and customer service roles, as well as some engineering functions. The total reduction was 50% of the current staff. This was a fiscally responsible way for us to slow our burn rate, get customers hashing, and continue developing amazing technology.
We have had to take a hard look at our business and in doing so, we feel that these decisions offer the best path to success.