HIVE Blockchain Achieves 1 Exahash in Bitcoin Mining

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

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

1 Exahash Bitcoin Manufacturing Goal 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 Firm 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 information centres. 945 miners shall be positioned in Lachute, Quebec and 900 miners Grand Falls, New Brunswick.

“This can be a monumental achievement for us as we proceed to our aim of over 3 EX/s by the top of fiscal 2022, together with the conversion of ETH, a aim which is enormously supported by right this moment’s announcement of recent miner deliveries,” Frank Holmes, Government Chairman of HIVE continued, “This achievement has been difficult due to the worldwide shortages in chips and logistics delays in transport tools from Asia on account of 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 trade producers. HIVE intends to proceed to make the most of money circulate 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 leading to 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 enlargement 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.

Story continues

BTC Manufacturing Development and HODL Replace

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

April 2021 64 BTC

Could 2021 73 BTC

June 2021 86 BTC

July 2021 200 BTC

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

Biweekly Standing Replace

HIVE can be asserting that it expects to file its annual monetary statements and accompanying administration’s dialogue and evaluation for the monetary yr ended March 31, 2021 (collectively, the “Annual Filings”), on or earlier than September 16, 2021. Because of the delayed Annual Filings the Firm can have a delay within 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 implies the board and administration are in a black out interval and cannot commerce within the shares till the Annual Filings and the Interim Filings have been filed. “Like most shareholders I’m very disenchanted and dissatisfied with the time delays and promise this is not going to occur once more. I’ll undertake to alter processes to quick monitor extra well timed audits for all monetary reporting durations as soon as the yr finish and interim outcomes are filed.” stated Frank Holmes. “We are going to work to reconfigure the monetary reporting course of with all of the completely different jurisdictions that we function in” acknowledged Darcy Daubaras, CFO of HIVE.

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

About HIVE Blockchain Applied sciences Ltd.

HIVE Blockchain Applied sciences 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 within the emergent blockchain trade. As an organization whose shares commerce on a serious inventory trade, we’re constructing a bridge between the digital foreign money and blockchain sector and conventional capital markets. HIVE owns state-of-the-art, inexperienced energy-powered information centre services in Canada, Sweden, and Iceland, the place we supply solely inexperienced vitality to mine on the cloud and HODL each Ethereum and Bitcoin. Because the starting 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 foreign money mining, in addition to a portfolio of cryptocurrencies akin to ETH and BTC. As a result of HIVE additionally owns exhausting belongings akin to information facilities and superior multi-use servers, we imagine our shares supply buyers a beautiful method to achieve 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 info and to register to HIVE’s mailing checklist, please go to www.HIVEblockchain.com. Observe @HIVEblockchain on Twitter and subscribe to HIVE’s YouTube channel.

On Behalf of HIVE Blockchain Applied sciences Ltd.

“Frank Holmes”

Government Chairman

For additional info please contact:

Frank HolmesTel: (604) 664-1078

Neither the TSX Enterprise Trade nor its Regulation Providers Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Trade) accepts duty for the adequacy or accuracy of this information launch

Ahead-Trying Data

Apart from the statements of historic truth, this information launch accommodates “forward-looking info” throughout the that means of the relevant Canadian securities laws that’s primarily based on expectations, estimates and projections as on the date of this information launch. “Ahead-looking info” on this information launch contains, however is just not 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 Firm’s long-term progress, statements relating to the timing, evaluate, completion and submitting of the Annual Filings, and period of the MCTO; enterprise objectives and aims of the Firm, and different forward-looking info in regards to the intentions, plans and future actions of the events to the transactions described herein and the phrases thereon.

Elements that would trigger precise outcomes to vary materially from these described in such forward-looking info embody, however should not restricted to: the volatility of the digital foreign money market; the Firm’s potential to efficiently mine digital foreign money; the well timed supply of kit from Bitmain Applied sciences Ltd. and the Firm’s potential to function the tools on an financial foundation or in any respect; the Firm could not be capable of profitably liquidate its present digital foreign money stock as required, or in any respect; a fabric decline in digital foreign money costs could have a major damaging affect on the Firm’s operations; the volatility of digital foreign money costs; continued results of the COVID-19 pandemic could have a fabric adversarial impact on the Firm’s efficiency as provide chains are disrupted and forestall the Firm from finishing up its enlargement plans or working its belongings; the Firm could not full its audit and file the Annual Filings as presently anticipated, or in any respect; the Firm shall be topic to a basic stop commerce order within the occasion that the Annual Filings should not accomplished and filed; and different associated dangers as extra absolutely set out within the registration assertion of Firm and different paperwork disclosed beneath the Firm’s filings at www.sec.gov/EDGAR and www.sedar.com.

The forward-looking info on this information launch displays the present expectations, assumptions and/or beliefs of the Firm primarily based on info presently obtainable to the Firm. In reference to the forward-looking info contained on this information launch, the Firm has made assumptions in regards to the Firm’s potential to finish and file the Annual Filings. The Firm has additionally assumed that no vital occasions happen exterior of the Firm’s regular course of enterprise. Though the Firm believes that the assumptions inherent within the forward-looking info are affordable, forward-looking info is just not a assure of future efficiency and accordingly undue reliance shouldn’t be placed on such info because of the inherent uncertainty therein.

SOURCE: Hive Blockchain Applied sciences Ltd

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