Mr. Frank Holmes reports

HIVE BLOCKCHAIN ANNOUNCES REBRANDING AND NAME CHANGE TO HIVE DIGITAL TECHNOLOGIES LTD. TO REFLECT OUR HPC STRATEGY AND UPDATES BITCOIN EQUIVALENT FOR FISCAL 2023

Hive Blockchain Technologies Ltd. intends to undergo a strategic rebranding, including a name change to Hive Digital Technologies Ltd. to better reflect the company's evolving expansion into fast-tracking its HPC data centres by utilizing its Nvidia high performance graphics processing unit (GPU) chips for the mass adoption trend in artificial intelligence. Hive has been a pioneering force in the cryptocurrency mining sector since 2017. The intent of the name change signals a significant strategic expansion to harness the potential of its green energy data centres and of GPU cloud compute technology, a vital tool in the world of AI, machine learning and advanced data analysis since the launch of ChatGPT.

Currently, the common shares of the company trade on the TSX Venture Exchange under the symbol HIVE and on the Nasdaq Capital Market under the symbol HIVE. Certain common share purchase warrants of the company, which were issued pursuant to the automatic exercise on Jan. 11, 2022, of the 19,170,500 special warrants previously issued on Nov. 30, 2021, are currently listed for trading on the TSX-V under the symbol HIVE.WT. The company will not be changing any of its trading symbols, and it will not be undertaking any consolidation of share capital in connection with the name change. The company expects that the name change will be effective on or about July 12, 2023, and that the shares and the warrants will commence trading under its new name on the TSX-V and Nasdaq shortly after that. Completion of the name change is subject to the receipt of all regulatory approvals, including the approval of the TSX-V.

The name change does not affect the company's share or warrant structure or the rights of the company's securityholders, and no further action is required by existing securityholders. Each current share certificate or warrant certificate evidencing shares or warrants, as applicable, of Hive will continue to evidence the shares or warrants, as applicable, of Hive Digital without further action by holders of shares or warrants, as applicable, after the name change.

Correction to June 30, 2023, news release

In the company's June 30, 2023, news release, there was an understatement of the number of bitcoin equivalent mined during the year by 792. Hive stated, "In this fiscal year, the company mined 3,258 bitcoin from ASICs and 3,503 bitcoin equivalent when including digital assets mined form GPUs." The correct figures for bitcoin equivalent should have been 4,295 and not 3,503.

Option grant

The company announced that the board of directors has approved the grant of 620,000 incentive stock options exercisable into the equivalent amount of common shares of the company at a price of $6.86 per share for a period of five years. The grants were made to employees, officers and consultants of the company, and are subject to certain vesting requirements.

All grants of stock options are subject to the company's stock option plan, which was reapproved by shareholders at Hive's 2022 annual meeting of shareholders on Dec. 20, 2022.

Further updates on the rebranding and name change will be provided as they become available.

About Hive Blockchain Technologies Ltd.

Hive went public in 2017 as the first cryptocurrency mining company listed for trading on the TSX Venture Exchange with a sustainable green energy focus.

Hive is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, it is building a bridge between the digital currency and blockchain sector and traditional capital markets. Hive owns state-of-the-art, green-energy-powered data centre facilities in Canada, Sweden and Iceland, where it endeavours to source green energy to mine digital assets such as bitcoin on the cloud. Since the beginning of 2021, Hive has held in secure storage the majority of its treasury of ETH and BTC derived from mining rewards. Its shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of bitcoin. Because Hive also owns hard assets such as data centres and advanced multiuse servers, it believes its shares offer investors an attractive way to gain exposure to the cryptocurrency space.

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