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. – January 9, 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 December 2022 and the calendar year 2022, with 213.8 Bitcoin produced in December, plus USD $3.15 million of income from our energy price hedging and grid balancing strategy. Additionally, the Company produced crypto assets with a value of 4,752 Bitcoin (based on daily average price of Bitcoin) in 2022, which is an 18% increase from the prior year.
- HIVE produced 213.8 Bitcoin in the month of December, from ASIC and GPU mining operations, representing an average of 113.2 Bitcoin Per Exahash.
- HIVE earned USD $3.15 million in income from our energy price hedging and grid balancing strategy, in addition to Bitcoin produced in December. Based on the daily Bitcoin prices during the month of December, the income from grid balancing could equate to a mined value of approximately 184 Bitcoin.
- HIVE’s strategy to improve its global efficiency was achieved by the agile acquisition of 3,570 Bitmain S19j Pro at prices steeply discounted from the previous year. In addition, HIVE is pleased to deploy its own ASIC Bitcoin miner system for Proof of Work, the ‘HIVE BuzzMiner’, in partnership with Intel.
- As a tactical update, in the last two weeks HIVE has received and installed over 3,400 new generation Bitcoin ASIC miners in the 100 TH/s to 110 TH/s range, which is a massive efficiency upgrade which will lower the Company’s average cost of producing Bitcoin and improve gross mining margins.
- HIVE has installed approximately 2,050 of the 3,570 Bitmain S19j Pro miners announced on December 22, 2022. These machines arrived in the last week of December, and HIVE’s team expects all 3,570 S19j Pro miners to be installed on or around January 13, 2023. The installation of these machines includes an optimization process to ensure HIVE has distributed and installed the most efficient machines across its global operating fleet, thus increasing the Company’s overall average Bitcoin mining efficiency and lowering the average Bitcoin cost of production.
- Additionally, HIVE has received and installed 1,423 of its HIVE BuzzMiner Bitcoin miners, powered by Intel Blockscale, out of the total production quantity of 5,800 HIVE BuzzMiners. These new generation ASIC miners, will replace older legacy ASIC and GPU mining equipment, to increase Bitcoin mining efficiency.
December 2022 Production Figures
HIVE is pleased to announce its December 2022 production figures and mining capacity:
- 212 Bitcoin Produced from ASIC mining operations;
- 2.06 Exahash of Bitcoin mining capacity at the…