HIVE Blockchain provides production update from April 2023 with 9% increase in monthly hashrate

Vancouver, British Columbia–(Newsfile Corp. – May 4, 2023) – 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 April 2023, with 273 Bitcoins produced in April, and a current BTC HODL balance of approximately 2,284 (as of May 1, 2023). (all amounts in US dollars, unless otherwise stated).

Summary overview:

• HIVE produced 273 Bitcoin in the month of April, from ASIC and GPU mining, representing an average of 81 Bitcoin Per Exahash, with an average hash rate of 3.38 Exahash per second (“EH/s”) for the month of April 2023, a 9% month over month increase in average hashrate;

• HIVE produced an average of 9.1 BTC per day in April 2023;

• HIVE has produced, tested, received and installed 5,750 BuzzMiners in its data centers, all of which are operational as of today;

• HIVE ended the month with 3.38 EH/s mining capacity, including ASIC and GPU BTC hashrate;

• HIVE sold all Bitcoin earned from our GPU mining hashrate payouts.

April 2023 Production figures

Frank Holmes, Executive Chairman of HIVE stated, “We are very pleased to produce 273 Bitcoin while the difficulty has reached an all-time high. In addition, our monthly HPC revenue has increased by 24% month over month, from March to April.”

Aydin Kilic, President and CEO of HIVE noted, “We continue to optimize our ASIC operations, managing the efficiency of our machines to operate for best profit on a $/MWHR basis, this may involve downclocking the firmware for some miners in our fleet to achieve a better J/TH efficiency figure, thus a better $/MWHR profit figure We strive to optimize for profitable mining, where the analytics of HIVE’s technical team provide a competitive edge in our approach to digital asset mining I Additionally, our GPU fleet generated approximately $109/MWHR in the month of April, which is higher than many ASICs on the Bitcoin network earned in April.Code-based optimizations are just one tool we use to optimize our gross mining margins and deliver shareholder value. “

The story continues

The company’s total Bitcoin production in April 2023 was:

• 273 BTC produced;

• 9.1 BTC produced per day on average;

• 3.3 Exahash of BTC hashrate as of April 30, consisting of 3.14 EH/s of ASIC BTC hashrate and 0.16 EH/s of GPU BTC equivalent hashrate;

• Monthly average of 3.38 EH/s, which is equal to 81 Bitcoin per Exahash, consisting of an average of 3.15 EH/s ASIC mining capacity and an average of 230 PH/s Bitcoin GPU mining capacity during the month;

• This represents a 9% month-over-month increase in average hashrate (March was 3.09 EH/s average hashrate).

The difficulty of mining the Bitcoin Global Network is volatile

Network difficulty factors are a significant variable in the company’s gross profit margins. Bitcoin network difficulty was 46.84T as of April 1, and increased to 48.71T as of April 30, reaching an all-time high. Consequently, Bitcoin mining difficulty ended the month about 4% higher than the beginning of the month.

Bitcoin Network Difficulty is a publicly available statistic, which reflects the total number of Bitcoin miners online and is important for analyzing a company’s gross profit margins and the number of Bitcoins produced. This data is available on many sites, here is one quote: https://www.blockchain.com/explorer/charts/difficulty.

As more people mine Bitcoin (difficulty increases), the daily Bitcoin block reward currently set at 900 Bitcoin per day is split between more miners; thus each miner receives a smaller portion of the block reward. Conversely, when Bitcoin prices fall, many miners may lose money and shut down, thus removing their hashrate from the network, leading to a reduction in network difficulty.

Those miners with the lowest production costs; by virtue of having more efficient machinery and/or lower energy costs, are able to continue their production during these volatile cycles. Not all miners will mine continuously during the month, as a result some miners will produce less Bitcoin than expected, relative to their advertised hashrate. For the foregoing reasons, HIVE will self-limit parts of its operations if the unsecured spot energy prices are uneconomical, thereby leaving parts of its total gross hash rate unused.

All Bitcoin miners strive to use the most efficient Bitcoin ASIC chips and we are pleased that we have been able to upgrade our global fleet during this downturn in the crypto market.

Sweden’s data centers help stabilize the electrical grid during major blackouts

On 26 April, Sweden’s capital, Stockholm, was hit by a serious power outage. The consequences were great for several industries and subway and commuter train traffic came to a standstill. Hive’s data centers in northern Sweden helped with more than 20 MW of on demand response, able to switch off, thereby helping to quickly stabilize the power grid and helping to mitigate the consequences for the utility provider.

About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies Ltd. was listed in 2017 as the first publicly traded cryptocurrency mining company with a focus on green energy.

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 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. Our shares give investors exposure to the operating margins of digital currency mining, as well as a portfolio of Bitcoin. 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 April 2023; 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 successfully 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; and other related risks as more fully described in the registration statement of the Company and other documents disclosed during the Company’s filings 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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