HIVE Blockchain Achieves 1 Exahash in Bitcoin Mining

This information launch constitutes a “designated information launch” for the needs of the Company’s prospectus complement dated February 2, 2021 to its quick type base shelf prospectus dated January 27, 2021

VANCOUVER, BC / ACCESSWIRE / August 27, 2021 / HIVE Blockchain Technologies Ltd. (TSX.V:HIVE)(NASDAQ:HVBT)(FSE:HBF) (the “Company” or “HIVE“) is happy to announce that right this moment it’ll obtain its beforehand introduced goal of 1 Exahash per second (EX/s) of Bitcoin mining hashrate.

1 Exahash Bitcoin Production Target Achieved

HIVE is proud to announce that our world hash fee from Bitcoin mining will exceed 1 EX/s right this moment. Over the previous 24 hours in Canada the Company has acquired deliveries of 1,845 Bitcoin miners with a complete hashrate of 172 Petahash per second. These miners shall be deployed between our 2 Canadian knowledge centres. 945 miners shall be situated in Lachute, Quebec and 900 miners Grand Falls, New Brunswick.

“This is a monumental achievement for us as we proceed to our aim of over 3 EX/s by the tip of fiscal 2022, together with the conversion of ETH, a aim which is vastly supported by right this moment’s announcement of latest miner deliveries,” Frank Holmes, Executive Chairman of HIVE continued, “This achievement has been difficult due to the worldwide shortages in chips and logistics delays in transport tools from Asia attributable to Covid 19.”

These latest miner deliveries are a results of our technique to extend our bitcoin mining capability which incorporates the sourcing of mining tools from main business producers. HIVE intends to proceed to make the most of money move to make opportunistic investments and improve our fleet of BTC and ETH mining tools on a daily month-to-month foundation.

Our robust hashrate from each Bitcoin and Ethereum is ensuing in a every day revenue of over $600,000, or an annual run fee of $220 million, primarily based on the present issue, world hash charges, and Bitcoin and Ethereum costs, with estimated annual bills of $25 million. As growth continues to ramp up this quantity will improve. As all the time, we warning our buyers that Bitcoin and Ethereum proceed to have a excessive every day volatility of plus or minus 6% and buyers want to pay attention to this volatility. Our present stock of cash invested in Bitcoin and Ethereum are valued at $116 million.

BTC Production Trend and HODL Update

Presently we maintain 946 Bitcoin in chilly pockets custody. The Company is happy to supply the next replace on its world BTC progress in manufacturing for the present 2022 fiscal 12 months:

April 2021 64 BTC

May 2021 73 BTC

June 2021 86 BTC

July 2021 200 BTC

We will report on our August 2021 Bitcoin manufacturing in an upcoming press launch after the month has ended.

Biweekly Status Update

HIVE can also be asserting that it expects to file its annual monetary statements and accompanying administration’s dialogue and evaluation for the monetary 12 months ended March 31, 2021 (collectively, the “Annual Filings”), on or earlier than September 16, 2021. As a results of the delayed Annual Filings the Company may have a delay in the submitting of its interim monetary statements, administration’s dialogue and evaluation, and the associated certifications for the interval ended June 30, 2021 (“Interim Filings”), which have a submitting deadline of August 30, 2021. HIVE will proceed to supply biweekly standing updates on the delay of submitting its Annual Filings and Interim Filings. This means the board and administration are in a black out interval and cannot commerce in the shares till the Annual Filings and the Interim Filings have been filed. “Like most shareholders I’m very upset and dissatisfied with the time delays and promise this won’t occur once more. I’ll undertake to vary processes to quick observe extra well timed audits for all monetary reporting intervals as soon as the 12 months finish and interim outcomes are filed.” mentioned Frank Holmes. “We will work to reconfigure the monetary reporting course of with all of the totally different jurisdictions that we function in” said Darcy Daubaras, CFO of HIVE.

HIVE administration confirms that it’s working diligently to fulfill the Company’s obligations referring to its Annual Filings and that, because it introduced a delay of its Annual Filings (the “Filings Notice”) there isn’t any materials change to the knowledge set out in the Filings Notice that has not been typically disclosed and there was no failure by the Company in fulfilling its said intentions with respect to satisfying the provisions of the choice data pointers set out in NP 12-203. While topic to the MCTO, the Company will proceed to adjust to the provisions of the choice data pointers underneath NP 12-203 by issuing bi-weekly standing studies till it has happy the mandatory submitting necessities.

About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies Ltd. went public in 2017 as the primary cryptocurrency mining firm with a inexperienced vitality and ESG technique.

HIVE is a growth-oriented expertise inventory in the emergent blockchain business. As an organization whose shares commerce on a serious inventory alternate, we’re constructing a bridge between the digital forex and blockchain sector and conventional capital markets. HIVE owns state-of-the-art, inexperienced energy-powered knowledge centre amenities in Canada, Sweden, and Iceland, the place we supply solely inexperienced vitality to mine on the cloud and HODL each Ethereum and Bitcoin. Since the start of 2021, HIVE has held in safe storage nearly all of its ETH and BTC coin mining rewards. Our shares present buyers with publicity to the working margins of digital forex mining, in addition to a portfolio of cryptocurrencies comparable to ETH and BTC. Because HIVE additionally owns arduous property comparable to knowledge facilities and superior multi-use servers, we imagine our shares supply buyers a gorgeous method to acquire publicity to the cryptocurrency house. HIVE traded over 2 billion shares in 2020.

We encourage you to go to HIVE’s YouTube channel here to study extra about HIVE.

For extra data and to register to HIVE’s mailing checklist, please go to www.HIVEblockchain.com. Follow @HIVEblockchain on Twitter and subscribe to HIVE’s YouTube channel.

On Behalf of HIVE Blockchain Technologies Ltd.

“Frank Holmes”

Executive Chairman

For additional data please contact:

Frank Holmes
Tel: (604) 664-1078

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that time period is outlined in insurance policies of the TSX Venture Exchange) accepts duty for the adequacy or accuracy of this information launch

Forward-Looking Information

Except for the statements of historic reality, this information launch comprises “forward-looking data” throughout the which means of the relevant Canadian securities laws that’s primarily based on expectations, estimates and projections as on the date of this information launch. “Forward-looking data” in this information launch consists of, however just isn’t restricted to, statements with respect to details about the proposed buy of kit from Bitmain applied sciences Ltd., together with the potential improve in hashpower, the potential for the Company’s long-term progress, statements relating to the timing, assessment, completion and submitting of the Annual Filings, and length of the MCTO; enterprise targets and targets of the Company, and different forward-looking data in regards to the intentions, plans and future actions of the events to the transactions described herein and the phrases thereon.

Factors that would trigger precise outcomes to vary materially from these described in such forward-looking data embody, however are usually not restricted to: the volatility of the digital forex market; the Company’s skill to efficiently mine digital forex; the well timed supply of kit from Bitmain Technologies Ltd. and the Company’s skill to function the tools on an financial foundation or in any respect; the Company could not have the ability to profitably liquidate its present digital forex stock as required, or in any respect; a fabric decline in digital forex costs could have a major damaging impression on the Company’s operations; the volatility of digital forex costs; continued results of the COVID-19 pandemic could have a fabric hostile impact on the Company’s efficiency as provide chains are disrupted and forestall the Company from finishing up its growth plans or working its property; the Company could not full its audit and file the Annual Filings as at present anticipated, or in any respect; the Company shall be topic to a normal stop commerce order in the occasion that the Annual Filings are usually not accomplished and filed; and different associated dangers as extra absolutely set out in the registration assertion of Company and different paperwork disclosed underneath the Company’s filings at www.sec.gov/EDGAR and www.sedar.com.

The forward-looking data in this information launch displays the present expectations, assumptions and/or beliefs of the Company primarily based on data at present out there to the Company. In reference to the forward-looking data contained in this information launch, the Company has made assumptions concerning the Company’s skill to finish and file the Annual Filings. The Company has additionally assumed that no vital occasions happen exterior of the Company’s regular course of enterprise. Although the Company believes that the assumptions inherent in the forward-looking data are affordable, forward-looking data just isn’t a assure of future efficiency and accordingly undue reliance shouldn’t be placed on such data as a result of inherent uncertainty therein.

SOURCE: Hive Blockchain Technologies Ltd

View supply model on accesswire.com:
(*1*)

Recommended For You

About the Author: Daniel