HIVE buys 3,019 high-performance bitcoin miners immediately increasing production by 46%

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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 / July 12, 2021 / HIVE Blockchain Technologies Ltd. (TSX.V: HIVE) (NASDAQ: HVBT) (FSE: HBF) (the “Company” or “HIVE”) is pleased to announce the immediate purchase and hash of 3,019 MicroBT WhatsMiner M30S Dedicated Mining Computers, or ” minors “.

These new machines have an overall hash power of 264 Petahash per second (PH / s). The integration of these miners into HIVE’s systems will be immediate upon closing and will increase the overall operating hashrate of HIVE by approximately 46%.

Expansion of the new generation miner

With the addition of these 3,019 MicroBT M30S miners, the overall operational hash rate of HIVE goes from approximately 566 PH / s to 830 PH / s. At the current difficulty and Bitcoin price, these purchased miners will generate an additional daily income of $ 80,000. Bitcoin continues to have a daily volatility of plus or minus 6% and investors should be aware of this volatility.

The miners that will be acquired as part of the transaction are already located on-site at HIVE’s facilities in Lachute, Quebec, and Grand Falls, New Brunswick. Miners are purchased from Foundry Digital LLC (“Foundry”), a wholly-owned subsidiary of Digital Currency Group (DCG) focused on the mining and staking of digital assets. As part of the partnership, HIVE will bring its Bitcoin hash power to Foundry USA Pool in the future, whose other major clients include Blockcap, Hut8, Bitfarms, and Foundry itself, among others.

Frank Holmes, Executive Chairman of HIVE, said: “We are delighted to complete a transaction that significantly increases our extraction capacity without any logistical delays. Our entry into a North American mining pool reinforces our objective of greater transparency and accountability with our partners. power is moving from east to west, and we’re excited to be part of it. “

The story continues

Mike Colyer, CEO of Foundry, said: “We are delighted to have HIVE as a Foundry USA Pool partner as we continue to play our role in securing the global bitcoin mining network. “

In consideration for the sale of the miners, Foundry will receive cash and 1.5 million warrants from the Company, subject to regulatory approval. Each full warrant will entitle its holder to acquire one common share at a price of C $ 3.11 for a period of 2 years. Mr Holmes said: “Foundry is one of the most respected companies in the mining industry, and we are delighted to have them as investors in HIVE, the only 100% green, low-cost energy miner publicly traded.

HODL Strategy

This new production will quickly accelerate the building up of our Bitcoin reserves. Currently we hold 605 Bitcoin in cold wallets. Our goal of achieving a Bitcoin Mining Exahash by the end of August is now much closer with this addition of 3,019 high performance machines.

New mining pool

We will join the Foundry mining pool which we believe is the best option for our investors. Foundry USA Pool is based in the United States, where we should see better transparency, better accountability and competitive costs.

A mining pool is a collective that allows Bitcoin miners to combine their hashing power and achieve a more stable coin flow.

Nasdaq Bell

The HIVE team is pleased that we are in New York today to ring the closing bell for the new listing of HIVE on the Nasdaq.

About Foundry Digital LLC

A subsidiary of DCG, Foundry Digital LLC is a finance and advisory firm focused on the mining and staking of digital assets. With a mission to strengthen decentralized infrastructure for a digital world, Foundry provides North American digital asset extraction companies with capital and intelligence. The foundry is based in Rochester, NY. For more information, please visit Foundrydigital.com

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 release.

Forward-looking information

Except for statements of historical fact, this press release contains “forward-looking information” within the meaning of applicable Canadian and US securities laws which are based on expectations, estimates and projections as of the date of this release. Press. “Forward-looking information” in this press release includes, but is not limited to, statements regarding the purchase of proposed equipment from Foundry Digital LLC, including the potential increase in hash power, the potential for growth at long term of the Company; and the Company’s business goals and objectives.

Factors that could cause actual results to differ materially from those described in this forward-looking information include, but are not limited to: the Company may not receive regulatory approval to complete the purchase of equipment from Foundry Digital LLC as expected or not at all; the volatility of the digital currency market; the Company’s ability to successfully mine digital currency; 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 ; 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. As part of the forward-looking information contained in this press release, the Company has made assumptions about the current profitability of cryptocurrency mining (including prices and volume of ongoing transactions); the profitable use of the Company’s assets in the future; the Company’s ability to profitably liquidate its digital currency inventory as needed; historical digital currency prices and the Company’s ability to mine digital currencies will be consistent with historical prices; and there will be no regulations or laws that will prevent the Company from carrying on its business. 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 because of its inherent uncertainty.

SOURCE: Hive Blockchain Technologies Ltd

See the source version on accesswire.com: https://www.accesswire.com/655066/REPEAT–HIVE-Buys-3019-High-Performance-Bitcoin-Miners-Increasing-Production-By-46-Immediately

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