This news release constitutes a “designated news release” for the purposes of 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 of Bitcoin, and no expensive borrowing against equipment like ASICs or GPU chips or digital assets.
- HIVE owns all of its ASICs and GPUs, with clear title; there are no debt servicing 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 operations, 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 approximately 80 PH/s have been 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 its October 2022 production figures and mining capacity:
- 262 Bitcoin Produced from ASIC mining operations;
- 2.38 Exahash of Bitcoin mining capacity at the end of October, with an average hashrate of 2.28 Exahash of Bitcoin mining capacity during the month of October from ASIC mining operations, with an average of 115 Bitcoin per Exahash;
- An additional 45 Bitcoin were mined by our GPUs in October.
Frank Holmes, Executive Chairman of HIVE stated, “We are very happy to be producing over 300 Bitcoin per month, which is about 1% of the global network, even when network difficulty is at an all-time high. We have sold all our Ethereum holdings. In October we produced an average of 9.9 Bitcoin per day.”
Mr. Holmes further stated, “I am very pleased with HIVE’s growth of Bitcoin ASIC hashrate over the last 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 sheet is encumbered, or the ASIC hardware they have purchased has expensive debt associated with it. The leveraging of assets during the bull market is causing great stress for our peers in the mining industry, as asset values have corrected to bear market conditions. HIVE has maintained a strong position and pursued a steady rate of growth as our Bitcoin mining footprint expands, without expensive high-risk debt and without encumbering or collateralizing any of our Bitcoin assets.”
Aydin Kilic, President & COO of HIVE noted, “We continue to…
