HIVE Blockchain October 2022 Bitcoin Production was mined 307 BTC and 3,311 BTC HODL on its balance

This press release constitutes a “designated news release” in connection with the Company’s prospectus supplement dated September 2, 2022 to its amended and restated short form base shelf prospectus dated January 4, 2022.

Vancouver, British Columbia–(Newsfile Corp. – November 7, 2022) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: HBFA) (the “Company” or “HIVE”) is pleased to announce the production figures from the Company’s global Bitcoin operations for the month of October 2022, with 307 Bitcoin produced and a BTC HODL- balance of 3,311 Bitcoin as of November 5, 2022.

Summary overview:

• HIVE has a strong balance sheet, with approximately $70 million USD in Bitcoin, and no expensive loans against equipment such as ASICs or GPU chips or digital assets.

• HIVE owns all its ASICs and GPUs, with clear title; there are no debt processing payments associated with any of our digital assets or crypto mining hardware.

• HIVE has produced 307 Bitcoin in the month of October, from ASIC and GPU mining, representing an average of 115 Bitcoin Per Exahash.

• HIVE has received all 140 PH/s of its Micro BT M30S++ miners which are in the process of being installed (currently about 80 PH/s are installed).

• HIVE expects to receive over 1 Exahash of the HIVE Intel Bitcoin ASIC miners projected growth in the next 3-4 months with scheduled deliveries.

October 2022 Production figures

HIVE is pleased to announce the October 2022 production figures and mining capacity:

• 262 Bitcoin Produced from ASIC Mining;

• 2.38 Exahash of Bitcoin mining capacity at the end of October, with an average hash rate of 2.28 Exahash of Bitcoin mining capacity during the month of October from ASIC mining, with an average of 115 Bitcoin per Exahash;

• Another 45 Bitcoins were mined by our GPUs in October.

Frank Holmes, Executive Chairman of HIVE stated: “We are very happy to produce over 300 Bitcoin per month, which is about 1% of the global network, even when network difficulties are at an all-time high. We have sold all our Ethereum -holding. In October, we produced an average of 9.9 Bitcoin per day.”

The story continues

Mr. Holmes further stated, “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 is their Bitcoin balance encumbered, or the ASIC hardware they purchased has expensive debt attached to it.The exploitation of assets during the bull market is causing great stress to our peers in the mining industry as asset values ​​have corrected to the bear market HIVE has maintained a strong position and followed a steady growth as our Bitcoin mining footprint expands, without expensive high-risk debt and without encumbering or pledging any of our Bitcoin assets.”

Aydin Kilic, President and COO of HIVE noted: “We continue to strive for operational excellence, ensuring that as we scale our hashrate, we also optimize our uptime, to ensure ideal Bitcoin output numbers.”

Mr. Kilic continued, “Our fleet of GPUs now uses a unique algorithm to mine altcoins, which are exchanged for Bitcoin, therefore HIVE only earns and takes custody of Bitcoin. This month our GPU fleet produced 45 BTC. This comes in in addition to 262 Bitcoins produced from our Bitcoin ASIC mining operations during October, for a total of 307 Bitcoins produced.”

The company’s total Bitcoin production in October 2022 was:

• 307 BTC Produced

• 9.9 BTC produced per day on average

• 2.77 Exahash of BTC Hashrate (Bitcoin ASIC hashrate plus Bitcoin GPU hashrate) as of October 31, consisting of 2.38 Exahash of Bitcoin ASIC hashrate and 0.39 Exahash of Bitcoin GPU hashrate, with a monthly average of 2.67 Exahash , which is equal to 115 Bitcoin Exahash.

HIVE Current Bitcoin Production

As of November 2, HIVE is producing an average of over 9.5 Bitcoins per day from ASIC and GPU production, consisting of over 8 Bitcoins per day from our ASIC fleet and over 1 Bitcoin per day from our GPU fleet.

The company has received 140 PH/s from MicroBT M30S++ miners. These machines are partially installed with approx. 66 PH/s remaining at press time. It is expected that this will increase HIVE’s ASIC hashrate to approximately 2.44 Exahash during the month of November once installed. In addition to the GPU-based mining yielding the equivalent of 0.39 Exahash of Bitcoin hashrate, HIVE’s expected total Bitcoin hashrate from ASICs and GPUs will be over 2.7 Exahash by the end of November.

Bitcoin HODL Update

The company notes that the balance of Bitcoin has grown in the last fiscal quarter, where at the end of June 30, 2022, HIVE had 3,231 Bitcoin, and as of November 5, 2022, HIVE has 3,311 Bitcoin, with a market value of over $70 million. USD.

The company notes that this increase in Bitcoin treasury comes at a time when the company has completed investment commitments for ASIC and infrastructure growth. The company believes that a sound financial management strategy with a long-term aim of protecting the balance against market volatility and building value for shareholders is of central importance in the cryptomining industry.

Difficulties in network mining

Network difficulty factors are a significant variable in the company’s gross profit margins. The difficulty of the Bitcoin network saw a total increase of 17% during the month of October. Consequently, Bitcoin mining difficulty had increased significantly for the month of October compared to the month of September.

About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies Ltd. 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, we are 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 we strive to source only 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. Our 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, 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, please 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 the TSX Venture Exchange nor its regulatory services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release

Forward-looking information

Except for the statements of historical fact, this press release contains “forward-looking information” within the meaning of applicable Canadian securities laws that is based on expectations, estimates and projections as of the date of this press release. “Forward-looking information” in this news release includes, but is not limited to: business goals and objectives of the Company; the operating results for October 2022; The HODL strategy adopted by the company; acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; and other forward-looking information about 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 the digital currency market; the Company’s ability to mine digital currency; The Company may not be able to profitably liquidate its current digital currency holdings as needed, or at all; a material decline in digital currency prices could have a material adverse effect on the Company’s business; the volatility of digital currency prices; continued effects of the COVID-19 pandemic could have a material adverse effect on the Company’s performance as supply chains are disrupted and prevent the Company from executing its expansion plans or operating 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 difficulties may have a significant negative impact on operations; the expected growth and sustainability of hydropower for cryptocurrency mining in applicable jurisdictions; inability to maintain reliable and economical power sources for the Company to mine cryptocurrencies; the risk of an increase in the Company’s electricity costs, natural gas costs, changes in exchange rates, energy restrictions or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the negative impact on the Company’s profitability; future capital needs and uncertainties related to additional financing, including the Company’s ability to utilize the Company’s offerings to the market (the “ATM Program”), the prices at which the Company may sell common shares in the ATM Program and other equity offerings resulting in dilution, as well as capital market conditions generally; the impact of energy restrictions or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; and other related risks as more fully described in the registration statement of the company and other documents disclosed during the company’s registrations on www.sec.gov/EDGAR and www.sedar.com.

The forward-looking information in this press release reflects the company’s current expectations, assumptions and/or beliefs based on information available to the company. In connection with the forward-looking information in this press release, the company has made assumptions about the company’s goals, objectives or future plans, the timing of these and related matters. The company has also assumed that no significant events occur outside the company’s normal operations. Although the Company believes that the assumptions contained in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and, accordingly, such information should not be relied upon due to the inherent uncertainty therein. 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, other than as required by law.

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