I think it’s time to publicly address the notion that HashFast scammed our customers. Let me tell you that nobody is lying on the beach sipping Mai Tais with your money. While that would make for a great Wolf of Wall Street type feature film, it’s simply not the reality.
“So, what the hell is going on over there?” is probably what you’re asking. That’s a reasonable question.
We pre-sold mining systems. Based on the immediate demand for our systems, we took those funds and invested in inventory to satisfy that demand, specifically on ASICs. We built out our first board. We told you that story. That first board was a dud. We just plain out haven’t recovered.
Our cash is tied up in inventory, but we have finally been able to begin regularly shipping again. It’s true that we are struggling, but we are struggling to do the right thing. As we turn our focus to chip sales, we will free up more cash to ship more systems and process more refunds. Each lawsuit sets us back, though.
I also want to clear up the notion that we are self-mining. The only mining we do internally is running engineering boards and the prototype box. Perhaps if we had been self-mining all along, we’d be in better financial shape. We also do not hold BTC balances.
The reality remains that we have the fastest Bitcoin mining ASIC in the world. Not only that, but we have two chips in development which are going to scream.
I joined this company, a month ago, with full knowledge of the challenges HashFast was facing. I joined because the technology blew my mind and the team was amazing. I have every reason to believe that we will pull through this and get back on track. I know that to the outside, it looks like we’ve been unethical. I think our former policy on keeping quiet, definitely fueled those flames. While the situation has not been ideal, HashFast did not scam our customers. If that were true, I would not be working here.
I will continue to post updates on shipping and internal company developments, both good and bad.