HIVE Blockchain achieves 1 Exahash in Bitcoin Mining

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This press release constitutes a “designated press release” for the purposes of the Company’s prospectus supplement dated February 2, 2021 to its short form 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 pleased to announce that it will meet its previously announced goal of 1 Exahash per second (EX / s) of hashrate of bitcoin mining.

1 Bitcoin Exahash production target reached

HIVE is proud to announce that our global Bitcoin mining hash rate will exceed 1 EX / s today. In the last 24 hours in Canada, the company has received shipments from 1,845 Bitcoin miners with a total hash rate of 172 Petahash per second. These miners will be deployed between our 2 Canadian data centers. 945 miners will be located in Lachute, Quebec and 900 miners in Grand Falls, New Brunswick.

“This is a monumental achievement for us as we pursue our goal of more than 3 EX / s by the end of fiscal 2022, including the conversion of ETH, a goal that is widely supported by the Today’s announcement of new deliveries of miners, “Frank Holmes, continued the executive chairman of HIVE:” This achievement has been difficult due to global shortages of chips and logistical delays in shipping equipment from Asia due to Covid 19. “

These recent deliveries of miners are the result of our strategy to increase our bitcoin mining capacity, which includes sourcing mining equipment from major manufacturers in the industry. HIVE intends to continue using cash flow to make opportunistic investments and upgrade our fleet of BTC and ETH mining equipment on a regular monthly basis.

Our strong Bitcoin and Ethereum hashrate translates into a daily income of over $ 600,000, or an annual execution rate of $ 220 million, based on current difficulty, global hash rates and Bitcoin and Ethereum prices, with annual spending estimated at $ 25 million. . As the expansion continues to accelerate, that number will increase. As always, we caution our investors that Bitcoin and Ethereum continue to have high daily volatility of plus or minus 6% and investors should be aware of this volatility. Our current inventory of coins invested in Bitcoin and Ethereum is valued at $ 116 million.

The story continues

BTC production trend and HODL update

Currently we have 946 Bitcoin in custody. The Company is pleased to provide the following update on its global BTC production growth for the current fiscal year 2022:

April 2021 64 BTC

May 2021 73 BTC

June 2021 86 BTC

July 2021 200 BTC

We will report on our Bitcoin production in August 2021 in a future press release after the end of the month.

Bi-weekly status update

HIVE also announces that it expects to file its annual financial statements and related MD&A for the fiscal year ended March 31, 2021 (collectively, the “Annual Statements”), no later than September 16, 2021. Due to the delayed annual filings, the Company will be late in filing its interim financial statements, management report and related certificates for the period ended June 30, 2021 (“interim filings”), the filing deadline of which is the month August 30, 2021. HIVE will continue to provide bi-weekly status updates on the late filing of its annual filings and interim filings. This means that the board of directors and management are in a blackout period and cannot trade the shares until the annual documents and interim documents have been filed. “Like most shareholders, I am very disappointed and dissatisfied with the delays and promise that this will not happen again. I will commit to changing processes to speed up audits faster for all financial reporting periods once the end of it. of the year and the interim results filed. ” said Frank Holmes. “We will be working to reconfigure the financial reporting process with all the different jurisdictions in which we operate,” said Darcy Daubaras, Chief Financial Officer of HIVE.

HIVE management confirms that it is working diligently to meet the Company’s obligations with respect to its annual returns and that, since announcing a delay in its annual returns (the “Filing Notice”), it has not There is no material change in the information in the Notice statements that has not been generally disclosed and the Company has not failed in its stated intentions with respect to complying with the provisions of the Alternative Information Guidelines set forth in AP 12-203. Although subject to MCTO, the Company will continue to comply with the provisions of the Alternative Disclosure Guidelines under PI 12-203 by issuing progress reports every two weeks until it has met the necessary deposit requirements.

About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy.

HIVE is a technology stock focused on growth in the emerging blockchain industry. As a company whose shares are traded on a major exchange, we are building a bridge between the digital currency and blockchain industry and traditional capital markets. HIVE has state-of-the-art green power-powered data center facilities in Canada, Sweden and Iceland, where we source only green power to mine from the cloud and HODL from both Ethereum and Bitcoin. Since the start of 2021, HIVE has held the majority of its ETH and BTC coin mining rewards in secure storage. Our stocks provide investors with exposure to operating margins from digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC. Because HIVE also owns durable assets such as data centers and advanced multi-purpose servers, we believe our stocks provide an attractive way for investors to gain exposure to the cryptocurrency space. HIVE traded over 2 billion shares in 2020.

We encourage you to visit the HIVE YouTube channel here to learn more about HIVE.

For more information and to subscribe to the HIVE mailing list, please visit www.HIVEblockchain.com. Follow @HIVEblockchain on Twitter and subscribe to the HIVE YouTube channel.

On behalf of HIVE Blockchain Technologies Ltd.

“Frank Holmes”

Executive chairman

For more information, please contact:

Frank Holmes Tel: (604) 664-1078

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Forward-looking information

Except for statements of historical fact, this press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation which is based on expectations, estimates and projections as of the date of this press release. hurry. “Forward-looking information” in this press release includes, without limitation, statements regarding the proposed purchase of equipment from Bitmain Technologies Ltd., including the potential increase in hash power, potential for long-term company growth, statements regarding timing, review, completion and filing of annual returns, and duration of MCTO; the business goals and objectives of the Company, and other forward-looking information regarding the intentions, plans and future actions of the parties to the transactions described herein and the conditions therein.

Factors that could cause actual results to differ materially from those described in this forward-looking information include, but are not limited to: volatility in the digital currency market; the Company’s ability to successfully mine digital currency; the timely delivery of equipment from Bitmain Technologies Ltd. and the Company’s ability to operate the equipment economically or not at all; the Company may not be able to profitably liquidate its current digital currency inventory as required, or not at all; a significant drop in the prices of digital currencies may have a material negative impact on the operations of the Company; the price volatility of digital currencies; the continued effects of the COVID-19 pandemic may have a material adverse effect on the Company’s performance as supply chains are disrupted and prevent the Company from completing its expansion plans or operating its assets ; the Company may not complete its audit and file annual documents as currently scheduled, or not at all; the Company will be subject to a general prohibition of operations in the event that the annual declarations are not completed and filed; and other related risks as further described in the Company’s registration statement and other documents disclosed in documents filed by the Company at www.sec.gov/EDGAR and www.sedar .com.

The forward-looking information contained in this press release reflects the Company’s current expectations, assumptions and / or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this press release, the company has made assumptions about the ability of the company to complete and file annual documents. The Company also assumed that no material event occurred outside the normal course of the Company’s business. Although the Company believes that the assumptions inherent in forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and, therefore, one should not place undue reliance on such information due to the uncertainty inherent in such information. -this.

SOURCE: Hive Blockchain Technologies Ltd

See the source version on accesswire.com: https://www.accesswire.com/661658/HIVE-Blockchain-Achieves-1-Exahash-in-Bitcoin-Mining

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