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This press release constitutes a “purported press release” for purposes of the Company’s September 2, 2022 prospectus supplement to its amended and restated short base prospectus on the shelves dated January 4, 2022.
Vancouver, British Columbia–(Newsfile Corp. – December 22, 2022) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (Nasdaq: HIVE) (FSE: HBF) (the “Company” or “HIVE”) is pleased to announce that all resolutions considered at its annual meeting of shareholders on December 20, 2022 have been adopted by its shareholders . The company also provides a corporate update for its fiscal third quarter ending December 31, 2022.
Shareholders approve decisions
Decisions adopted by shareholders personally present or represented by proxies at the assembly are:
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All nominated directors have been duly elected or re-elected to HIVE’s Board of Directors. HIVE’s Board of Directors consists of Frank Holmes, Marcus New, Dave Perrill, Ian Mann and Susan McGee. Each director will serve until the next annual meeting of HIVE stockholders or until their respective successors are elected or appointed or until they otherwise cease to hold office.
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Davidson & Company LLP has been reappointed as HIVE’s independent, external auditor for the next year or until a successor is appointed, and the board is authorized to set its own compensation.
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The Company’s share plan was re-approved.
The resolutions voted on at the meeting are described in more detail in HIVE’s information circular dated November 10, 2022, which was sent to stockholders and is available on SEDAR at www.sedar.com.
Corporate Update
HIVE improves the energy efficiency of the ASIC mining fleet
HIVE is pleased to announce additional strategic acquisitions of Bitmain Antminer S19j Pro ASIC Miners at opportunistic prices of USD per Terahash:
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purchase of 1,540 S19j Pro miners, with an average hashrate of 104 TH/s, expected to produce over 159 PH/s
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purchase of 100 S19j Pro miners, with an average hashrate of 98 TH/s, expected to produce over 9 PH/s
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The company notes that these purchases follow 1,930 S19j Pro miners, which were recently reported to generate over 185 PH/s
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In total, HIVE’s recent strategic purchases of 3,570 S19j Pro miners are expected to add over 355 PH/s hashrate for high-efficiency Bitcoin mining, with a rated efficiency of 29.5 J/TH
Better joule per terahash (J/TH) energy efficiency in Bitcoin mining reduces the amount of energy consumed per hash. By investing in machines with a low acquisition cost of $ per TH, the Company can achieve a better cash flow return on invested capital, while at the same time improving the production cost of Bitcoins in its global fleet, in order to navigate the current cryptocurrency mining economy. .
HIVE has also received 420 HIVE BuzzMiners in Sweden, which have been installed, in addition to the 262 HIVE BuzzMiners operating in New Brunswick, making a total of 682 HIVE BuzzMiners currently operational, with a nominal production capacity of 75 PH/s. The total production of the HIVE BuzzMiner will be 5,800 units, which are expected to produce 638 PH/s.
HIVE’s fleet of 9,370 next-generation Bitcoin ASIC miners, in the 30 J/TH range, is expected to produce over 990 PH/s of high-efficiency Bitcoin mining capacity. These machines will upgrade existing machines within HIVE’s global operating fleet, replacing older machines, some of which have been in service since 2018 and 2020. The company expects these 9,370 machines to be delivered and deployed within the existing operational infrastructure by the end of January 2023.
This upgrade is expected to increase HIVE’s total global bitcoin production capacity by approximately 20%, within the same electrical infrastructure operational footprint. In fact, this upgrade is expected to reduce the average cost of production by approximately 20%.
Evidence of advancement in the work industry
The company notes that with the advent of technological innovation in Bitcoin’s proof-of-work ecosystem, we have seen a 67% reduction in energy consumption since the Bitmain Antminer S9 was the most widely used Bitcoin miner in the 2018/2019 era. The S9 had an efficiency of 90 to 98 J/TH, while today’s S19j Pro has an efficiency using 1/3 the average energy per terahash compared to the S9.
Where more processing power is provided by the Bitcoin blockchain, which has stood the test of time as an immutable distributed ledger, the industry is looking to make this process more energy efficient.
The 9,370 new generation ASICs being installed by HIVE represent approximately 30 MW of power, to strategically maximize the production performance of HIVE’s global Bitcoin production.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. came to market in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy.
HIVE is a growth-oriented technology stock in the emerging blockchain industry. As a publicly traded company, we are building a bridge between the digital currency and blockchain sectors and traditional capital markets. HIVE owns state-of-the-art green energy data center facilities in Canada, Sweden and Iceland, where we strive to source only green energy for cloud mining of digital assets such as Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC treasury obtained from mining rewards. Our shares provide investors with exposure to digital currency mining operating margins as well as a portfolio of cryptocurrencies, primarily BTC. Since HIVE also owns hard assets such as data centers and advanced multipurpose servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.
We encourage you to visit HIVE’s YouTube channel here to learn more about HIVE.
For more information and to sign up for HIVE’s mailing list, visit www.HIVEblockchain.com. Follow @HIVEblockchain on Twitter and subscribe to HIVE’s YouTube channel.
On behalf of HIVE Blockchain Technologies Ltd.
“Frank Holmes”
Executive Chairman
For further information please contact:
Frank Holmes
Phone: (604) 664-1078
Neither TSKS Venture Exchange nor its regulation service provider (as that term is defined in TSKS Venture Exchange’s policies) accepts responsibility for the adequacy or accuracy of this announcement.
Forward looking information
Except for statements of historical fact, this release contains “forward-looking information” within the meaning of applicable Canadian securities legislation that is based on expectations, estimates and projections as of the date of this release. “Forward-looking information” in this release includes, but is not limited to: the Company’s business goals and objectives; procurement, deployment and optimization of the mining fleet and equipment; the continued viability of its existing bitcoin mining operations; and other forward-looking information regarding the intentions, plans and future actions of the parties to the transactions described herein and the terms thereof.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the volatility of digital currency markets; the company’s ability to successfully mine digital currency; The Company may not be able to profitably liquidate its current inventory of digital currency as needed or at all; a significant decline in digital currency prices may have a significant negative impact on the Company’s operations; the risk of Bitcoin becoming irrelevant; the continuing effects of the COVID-19 pandemic may have a material adverse effect on the Company’s performance as supply chains are disrupted and prevent the Company from implementing its expansion plans or managing its assets; protection of property rights; the effect of government regulation and compliance on the company and the industry; network security risks; the Company’s ability to maintain properly functioning systems; reliance on key personnel; an increase in network difficulty may have a significant negative impact on operations; the expected sustainability of energy or hydroelectric power for cryptocurrency mining purposes in applicable jurisdictions and the maintenance of the Company’s power contracts; the inability to maintain reliable and economical sources of energy for the Cryptocurrency Mining Asset Management Company; the risks of an increase in the Company’s electricity costs, natural gas prices, currency exchange rate changes, energy reductions or regulatory changes in energy regimes in the jurisdictions in which the Company operates and a negative impact on the Company’s profitability; future capital needs and the uncertainty of additional financing, including the Company’s ability to take advantage of the Company’s offering in the market (the “ATM Program”), the prices at which the Company may sell common stock in the ATM Program and other equity issuances that result in dilution, and the terms of the capital market in general; the impact of energy reductions or regulatory changes in energy regimes in the jurisdictions in which the Company operates; and other related risks as more fully set forth in the Company’s registration statement and other documents disclosed in the Company’s filings on www.sec.gov/EDGAR and www.sedar.com.
Forward-looking information in this press release reflects the Company’s current expectations, assumptions and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this press release, the Company has made assumptions about the Company’s goals, objectives or future plans, their timing and related matters. The Company has also assumed that no significant events occur outside the ordinary course of the Company’s business. Although the Company believes that the assumptions inherent in forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and, accordingly, undue reliance should not be placed on such information due to the inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
To view the original version of this press release, visit https://www.nevsfilecorp.com/release/149223
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