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November 7, 2022 (Investor Brand Network via COMTEX) — HIVE Blockchain Technologies (NASDAQ: HIVE ) (TSX.V: HIVE ) (FSE: HBFA ) has announced production numbers from the company’s global Bitcoin business for the month of October 2022, with 307 Bitcoin produced and a BTC HODL balance of 3,311 Bitcoin as of November 5, 2022. According to the summary, HIVE has a strong balance sheet, with approximately $70 million USD of Bitcoin, and no expensive borrowing against equipment such as ASIC or GPU chips or digital assets. “We are very happy to produce over 300 Bitcoin per month, which is about 1% of the global network, even when network problems are at an all-time high. We have sold all our Ethereum holdings. In October, we produced an average of 9 .9 Bitcoin per day,” said HIVE Executive Chairman Frank Holmes. “I am very pleased with HIVE’s Bitcoin ASIC hashrate growth over the past year without taking on the risk of expensive equipment financing or Bitcoin-backed loans. Most of the mining industry is plagued with loans and debt, where either their Bitcoin balance is encumbered, or the ASIC hardware they have purchased has expensive debt attached to it. The asset utilization during the bull market is causing great stress to our peers in the mining industry as asset values have corrected to bear market conditions. HIVE has maintained a strong position and followed steady growth as our Bitcoin mining footprint expands, without expensive high-risk debt and without encumbering or pledging any of our Bitcoin assets.”
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About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy. HIVE is a growth-oriented technology share in the emerging blockchain industry. As a company whose shares are traded on a major exchange, HIVE 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 center facilities in Canada, Sweden and Iceland, where they seek 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 the treasury of ETH and BTC derived from mining rewards. The company’s shares give investors exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies, primarily BTC, with ETH sold. Because HIVE also owns hard assets such as data centers and advanced multipurpose servers, the company believes its shares offer investors an attractive way to gain exposure to the cryptocurrency space. For more information and to sign up for HIVE’s mailing list, please visit www.HIVEBlockchain.com.
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