03:28:32 EDT Sun 17 Oct 2021
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Hive Blockchain Technologies Ltd
Symbol HIVE
Shares Issued 383,071,759
Close 2021-09-10 C$ 3.80
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Hive Blockchain orders 2,292 M30S+ MicroBT WhatsMiners

2021-09-11 00:20 ET - News Release

Mr. Frank Holmes reports


Hive Blockchain Technologies Ltd. has ordered 2,292 M30S+ premium MicroBT WhatsMiners with a total hash rate of 229 petahashes per second, with an average efficiency of approximately 34 watts per terahash. The company notes that 229 petahashes per second would generate approximately 52 bitcoin per month based on current difficulty levels.

Miner purchase

Hive is proud to continue its relationship with MicroBT through the purchase of 2,292 M30S+ WhatsMiner miners. These 2,292 miners will be delivered in six equal tranches of 382 miners during calendar 2022 commencing in July and ending in December. This will increase the company's global hash rate by 38.2 petahashes per second each delivery month.

Frank Holmes, executive chairman of Hive, said, "We only use green energy sourced from geothermal and hydro electricity to mine our bitcoins; thus, we do not need to buy expensive carbon credits."

This purchase brings the total to 5,292 MicroBT miners with a total mining capacity of 523 petahashes per second announced just this week. The company will continue its strategy to increase its bitcoin mining capacity, which includes the sourcing of mining equipment from leading-industry manufacturers like MicroBT. 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 Sept. 16, 2021. As a result of the delayed annual filings, the company will have a delay in the filing of its interim financial statements, management's discussion and analysis, and the related certifications for the period ended June 30, 2021, which have a filing deadline of Aug. 30, 2021. Hive will continue to provide biweekly status updates on the delay of filing its annual filings and interim filings. This means the board and management are in a blackout period, and cannot trade in the shares until the annual filings and the interim filings 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 NP 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.

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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