Mr. Frank Holmes reports
HIVE BLOCKCHAIN EXPANDS BITCOIN MINING CAPACITY AGAIN WITH PURCHASE OF 3,000 NEXT GENERATION MINERS TO BE OPERATIONAL IN 60 DAYS TO ACCELERATE CASH FLOW
Hive Blockchain Technologies Ltd. has made a further step toward its updated 2021 ASIC (application-specific integrated circuit) capacity goal of 2,000 petahashes per second with the purchase of 3,000 next-generation miners with an aggregate operating hash power of 90 petahashes per second, taking its total future capacity to 1,763 petahashes per second.
With the addition of these 3,000 next-generation miners, Hive's aggregate operating hash rate from Bitcoin mining will increase to an estimated 1.763 exahashes per second or 1,763 petahashes per second by the end of 2021.
This new equipment is expected to be received and in operation in the next 60 days, delivered in two tranches, with 500 miners in March and 2,500 miners in April, 2021.
The company reminds its shareholders that the COVID-19 pandemic continues to impact logistics and the supply of miners from Asia. Today's announcement is part of the company's continuing strategy to increase Bitcoin mining capacity. Hive intends to continue utilizing cash flow to make opportunistic investments in ASIC and GPU (graphics processing unit) next-generation mining equipment that can provide positive gross mining margins.
Option and RSU (restricted share units) grant
The company announced that the board of directors has approved the grant of one million incentive stock options to a director of the company, which vest over 24 months. The options are exercisable into the equivalent amount of common shares of the company at a price of $5 per share until Feb. 23, 2031. The company's board has also approved the grant of 200,000 restricted share units to a director of the company, which vest over 24 months. Each vested RSU entitles the holder to receive one common share of the company. The grant of options and RSUs is subject to the approval of the TSX Venture Exchange.
Cash and coin assets are approximately $65-million (U.S.).
About Hive Blockchain Technologies Ltd.
Hive Blockchain is a growth-oriented, TSX Venture Exchange-listed company, building a bridge from the blockchain sector to traditional capital markets. Hive owns state-of-the-art green-energy-powered data centre facilities in Canada, Sweden and Iceland, which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. Its deployments provide shareholders with exposure to the operating margins of digital currency mining, as well as a portfolio of crypto-coins.
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