HIVE Blockchain provides production update from June 2022

This press release constitutes a “designated news release” for the company’s prospectus supplement dated February 2, 2021 to its amended and revised short-form base shelf prospectus dated January 4, 2022.

VANCOUVER, British Columbia, July 7, 2022 (GLOBE NEWSWIRE) – HIVE Blockchain Technologies Ltd. (TSX.V: HIVE) (Nasdaq: HIVE) (FSE: HBFA.F) (“The Company” or “HIVE”) are pleased to announce the production figures from the company’s global Bitcoin and Ethereum mining operations for June 2022, with a BTC HODL balance of 3,239 Bitcoin and 7,667 Ethereum as of July 6, 2022.

June 2022 Production figures

HIVE is pleased to announce its production figures for June 2022 and mining capacity:

• 278.5 BTC Produced

• 2.17 Exahash of Bitcoin mining capacity in early June

• Increased to 2.24 Exahash of Bitcoin mining capacity during the month of June, and 2.0 Exahash at the end of June, some miners were temporarily taken disconnected and are about to be replaced with higher efficiency miners and layout optimization

• 2542 ETH Manufactured *

• 6.26 Terahash of Ethereum’s mining capacity in early June

• 6.0 Terahash of Ethereum mining capacity in late June, some miners were temporarily taken offline for layout optimization due to higher summer temperatures

* The company’s production of ETH from GPU mining (including selective optimizations of GPU hashrate) has resulted in a total ETH production of 2542 ETH

Frank Holmes, Chairman of the Board of HIVE stated “HIVE has experience in dealing with the recent volatility since we were the first digital asset mining company to be listed in 2017 and have experienced both price increases and massive declines or”cryptocurrencies”Before and has tried to maintain a strong balance of Bitcoin and Ethereum that is completely undelivered. The company maintains its business as a cash flow positive enterprise, with no significant debt (apart from a long-term mortgage from a Canadian bank with less than 4% interest), and no equipment financing on any of our ASIC and GPU fleets. In June, we produced an average of 14.0 Bitcoin equivalents per day, consisting of approximately 9.0 BTC per day and our Ethereum production. We are pleased to note that we currently produce approximately 9.4 BTC per day in addition to approximately 90 Ethereum per day. We see “Great Unwind” to highly leveraged Proof of Stake-fin-tech companies that represented themselves as modern crypto-lending platforms. This decoupling is causing sales pressure in the crypto markets in general. We see how abuse of influence without regulation, which is endemic in Proof of Stake projects, causes volatility. We believe careless ‘crypto-cowboys’ have created a situation similar to the Long Term Capital Management LP (LCTM) crisis in 1998, but this time without a Federal Reserve to rescue them. “

The story continues

It is reminiscent of 2017 during the ICO craze when tokens were launched just to crash and burn in 2018 and the last crypto winter ended in February 2019. These cycles are filled with new innovation and aggressive players. We are cautious, looking for opportunities and remain firm in our belief that Bitcoin and Ethereum will survive to thrive again after all the over-leveraged players are forced out of business.

Aydin Kilic, President and COO of HIVE noted “We continue to strive for operational capability, ensuring that as we scale our hash rate as a company, we also optimize our uptime, to ensure ideal Bitcoin and Ethereum production figures.” Mr. Kilic continued, “We also want to provide an update on the BTC and ETH equivalents, where one can equate the value of the coins produced daily. As such, ETH that HIVE produced during the month of June is equated on a daily basis. basis, approximately equal to a monthly total of 142.3 BTC, which we refer to as the Bitcoin equivalent or BTC equivalent, in addition to 278.5 BTC produced from our Bitcoin mining business in June, for a total of 420.8 Bitcoin equivalents. »

The company’s total Bitcoin equivalent production in June 2022 was:

• 420.8 BTC equivalent produced

• 14.0 BTC equivalent produced per day on average

• 3.2 Exahash of BTC-equivalent hashrate (BTC-hashrate plus equivalent ETH-hashrate) as of June 30), although the company’s BTC-equivalent hashrate peaked at 3.5 Exahash during the month, towards the end of the month some miners were taken offline for layout optimization

Currency strategy

Over the past year, we have strategically sold some of our ETH holdings to fund the expansion of our BTC footprint, bringing our ETH position, which was once over 25,000 ETH, to its current position of 7,667 ETH. We sold most of our ETH at much higher prices and made the wise choice to avoid lending our ETH to make money because many of these lending schemes have gone bankrupt. In these challenging times of the market cycle that we are experiencing, we remain committed to our expansion plans. These plans will be funded through the sale of our current production of BTC and ETH, while striving to maintain our BTC inventory levels. Darcy Daubaras, CFO of HIVE stated: “We are able to implement this strategy and maintain coin levels as a result of maintaining a strong balance sheet position and never entering into any agreements where our coin has been invested, pledged as collateral, or otherwise way put at risk of being called by another party to cover a position due to the current decline in the price of cryptocurrency. ” Mr. Daubaras continued, “This conservatism has put us in a favorable position to continue our strategic growth in a controlled and manageable way.”

Difficulties with network mining

The Bitcoin network difficulty increased by 1% during the month of June, but corrected by -2% towards the end of the month, and thus ended the month 1% lower than the beginning of the month. Problems with the Ethereum network both increased and decreased with margins of approximately 4% during the month of June. Although the average difficulty level was in line with the levels at the end of May. These factors affect our gross profit margins.

About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies Ltd. was listed on the stock exchange 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 company whose shares are traded on a major stock exchange, we build 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 only obtain green energy to extract on the cloud both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has kept in safe storage most of the ETH and BTC coin mining rewards. Our shares give investors 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 centers and advanced multi-purpose servers, we believe that our shares offer investors an attractive way to gain exposure to the cryptocurrency area.

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 email 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
Tel: (604) 664-1078

Neither the TSX Venture Exchange nor the regulatory service provider (as defined in the TSX Venture Exchange Guidelines) accepts responsibility for the adequacy or accuracy of this news release.

Future-oriented information

Apart from the statements of historical facts, this press release contains “forward-looking information” in accordance with applicable Canadian securities law based on expectations, estimates and estimates as of the date of this press release. “Forward-looking information” in this press release includes, but is not limited to, business goals and objectives of the Company; and other forward-looking information about the intentions, plans and future actions of the parties to the transactions described here and the terms of these.

Factors that may 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 extract digital currency; The company may not be able to profitably liquidate its current digital currency holdings as needed, or at all; a significant decline in digital currency prices could have a significant negative impact on the company’s operations; the volatility of digital currency prices; continued 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 operating its assets; and other related risks as more fully described in the registration statement to The company and other documents revealed below The company’s registrations at 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 future-oriented information in this press release, the company has made assumptions about the company’s goals, objectives or future plans, the time for these and related matters. The company has also assumed that no significant incidents 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 consequently one should not rely on such information due to the inherent uncertainty in it.