Mr. Frank Holmes reports
HIVE BLOCKCHAIN ORDERS 1,800 HIGH PERFORMANCE MINERS FROM BITMAIN AND PROVIDES BIWEEKLY STATUS UPDATE
Hive Blockchain Technologies Ltd. has ordered 1,800 Antminer S19j Pro miners from Bitmain Technologies Ltd. These new miners have an aggregate hash power of 180 petahashes per second.
Hive is proud to reconnect with Bitmain, one of the leading manufacturers in the industry, and is excited to make this initial order of S19j Pro miners from Bitmain. These 1,800 miners are the first of the company's 2022 mining purchase program and will be delivered in six equal tranches of 300 miners, commencing in January, 2022, through June, 2022.
"We are constantly upgrading our ASIC fleet to have the most efficient miners we can buy from cash flow," said Frank Holmes, executive chairman of Hive.
Mr. Holmes continued: "This purchase with Bitmain enables us to maintain our strategy to diversify the manufacturers we purchase from. Over the past year, we have been expressing our concerns about global shortages in chips and logistics delays in shipping equipment from Asia due to COVID-19. We have deep relationships with Bitmain, MicroBT and Canaan, which are all top global manufacturers in our industry."
Today's miner purchase announcement is a continuation of the monthly strategy to increase the company's bitcoin mining capacity. Hive intends to continue to utilize cash flow to make opportunistic investments and upgrade its fleet of BTC and ETH mining equipment on a regular monthly basis.
Biweekly status update
Hive is also announcing that it expects to file its annual financial statements and accompanying management's discussion and analysis for the financial year ended March 31, 2021, on or before Aug. 26, 2021. The operational and reporting challenges associated with the company's global multijurisdictional organization are being resolved for timely reporting in the future. This means the board and management are in a blackout period and cannot trade in the shares until the year-end audited numbers have been filed.
Hive management confirms that it is working diligently to meet the company's obligations relating to its annual filings and that, since it announced a delay of its annual filings, there is no material change to the information set out in the filings notice that has not been generally disclosed, and there has been no failure by the company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in National Policy 12-203. While subject to the management cease trade order, the company will continue to comply with the provisions of the alternative information guidelines under NP 12-203 by issuing biweekly status reports until it has satisfied the necessary filing requirements.
Currently, the company has 25,000 ETH in cold wallets and 875 BTC. It is continuing to hodl all its bitcoins, which have been mined with green energy. Its current inventory of coins invested in BTC and ETH is valued at $100-million. As mentioned in its previous press release, its annual run rate at today's bitcoin prices and difficulty is approximately $220-million. Its next milestone is to hit one exahash in BTC mining by the end of this month.
About Hive Blockchain Technologies Ltd.
Hive Blockchain went public in 2017 as the first cryptocurrency mining company with a green energy and ESG (environmental, social and governance) strategy.
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 sources only green energy to mine on the cloud and hodl both ethereum and bitcoin. Since the beginning of 2021, Hive has held in secure storage the majority of its ETH and BTC coin mining rewards. Its shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC. 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. Hive traded over two billion shares in 2020.
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