This press release constitutes a “designated press 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 13, 2023) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (Nasdaq: HIVE) (FSE: HBFA) (the “Company” or “HIVE”) is extremely pleased to announce its commercial deployment of the HIVE BuzzMiner powered by Intel Blockscale ASIC, after months of planning, development engineering, implementation of factory quality assurance processes, field testing and global collaboration.
Frank Holmes, Executive Chairman, said, “HIVE has always sought to innovate as a technology company. To be the first public crypto-miner, the first to focus on green energy, the first to mine both Bitcoin and Ethereum, and the first to own and build data centers, we are now very happy to be the first public crypto-miner to deploy its own ASIC mining rig. I am very proud of the hard work of our team.
Mr. Holmes continued, “Our strategy has always been to achieve the best return on investment. By vertically integrating our supply chain of ASIC miners, we are executing our strategy to be the most efficient and reliable crypto mining company. most agile in the world.Furthermore, the HIVE BuzzMiner is our testimony that proof-of-work is the most secure and robust consensus mechanism for digital assets, of which Bitcoin is the most secure.We are proud that our contributions to securing the Bitcoin network can now include the HIVE BuzzMiner.”
Aydin Kilic, President and COO of HIVE, added, “The HIVE BuzzMiner is a high quality, robust machine and we are very pleased with the finished product. Our strategy of vertically integrating our business to include the development and producing our own Bitcoin ASIC miner, represents an important step in HIVE’s advancement of our green energy-focused proof-of-work initiatives.In addition to having design input and exposure, we are able to optimize the function of HIVE BuzzMiner to satisfy demand response programs, so that we can participate in grid balancing initiatives, which is part of our overall energy strategy.What is unique about the HIVE BuzzMiner , this is the dynamic range of operation.We are able to operate our machines from 110 TH/s to 130 TH/s, which allows us to optimize the profitability of our fleet. , by varying the energy consumption and efficiency of the machine. As a result, our initial build of 5,800 HIVE BuzzMiners can produce between 638 PH/s and 754 PH/s.
The company is pleased to report the performance of the HIVE BuzzMiner, now that over 1,500 machines have been deployed globally in our data centers in Canada and Sweden, and we have seen the expected performance targets met. The company notes that earlier projections of more than one Exahash were based on Blockscale’s total chip ASIC allocation with Intel to produce 13,000 HIVE BuzzMiners. To methodically scale the business during the crypto bear market, HIVE’s initial production for 2022 has been set at 5,800 units. As a result, this is reflected in the hashrate projections. HIVE retains the ability to produce more HIVE BuzzMiners.
Mr. Kilic continued, “We use advanced multivariate mathematical models to study the ever-changing hashrate economy and carefully monitor the cost of producing each bitcoin in our various data centers, as well as the return on investment of each bitcoin. our investments, which vary depending on the performance of the ASIC miner. This is essential for successfully navigating crypto bear markets and maximizing profits in bull markets. We can now modulate ASIC miner performance with our HIVE BuzzMiners for optimal returns. I am very pleased with the tactical execution of HIVE and Intel, which involved cross-disciplinary engineering expertise in hardware, software, firmware, thermodynamics, and quality assurance.”
William Gray, CTO of HIVE, said: “I have been involved in crypto-mining since 2011. It has been a dream come true to oversee the deployment of our own ASIC miner, and in particular in collaboration with Intel, a fortune company. 500. We have the ability to develop our own API calls, collect test data at the microchip level, and fine-tune the device to optimize its performance.This also sets the stage for the future development of ASIC systems. HIVE we strive for maximum efficiency, we have a high performance culture, over the past decade I have seen many presumptive companies attempt to build their own bitcoin ASIC miner, technically it is an achievement. complex, which requires interdisciplinary expertise. We are fortunate to have such a capable technical team at HIVE, which has been able to leverage the immense resources of Intel Corporation.”
Mr. Jose Rios, General Manager of Blockchain and Business Solutions in the Accelerated Computing and Graphics Group at Intel, added, “We are excited to see the world’s first Intel Blockscale ASIC systems go live. with the new HIVE BuzzMiner. Blockscale was designed to optimize both energy efficiency and hashrate throughput, enabling partner systems that can help mining companies achieve both sustainability and hashrate goals. At Intel, we are excited about the potential of the HIVE BuzzMiner system developed in close collaboration with the HIVE engineering team and look forward to continued deployment of these systems in the years to come.”
Figure 1: HIVE BuzzMiner powered by Intel BlockScale ASIC
To view an enhanced version of this graphic, please visit:
Figure 2: HIVE BuzzMiners in action
To view an enhanced version of this graphic, please visit:
The Company announced that the Board of Directors has approved the grant of a total of 1,200,000 Restricted Share Units (“RSUs”) to directors and one officer of the Company, which vest over 12 months . Each vested RSU entitles its holder to receive one ordinary share of the Company. The grant of PSUs is subject to the approval of the TSX Venture Exchange.
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 technology stock focused on growth 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 industry and traditional capital markets. HIVE has state-of-the-art data centers powered by green energy in Canada, Sweden and Iceland, where we strive to provide only green energy to operate digital assets such as Bitcoin on the cloud. Since the start of 2021, HIVE has kept the majority of its ETH and BTC cash flow from mining rewards in secure storage. Our stocks offer investors exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies, primarily BTC. Since HIVE also owns durable assets such as data centers and advanced multi-purpose servers, we believe our stocks offer investors an attractive way to gain exposure to the cryptocurrency space.
We encourage you to visit the HIVE YouTube channel here to learn more about HIVE.
On behalf of HIVE Blockchain Technologies Ltd.
For more information, please contact:
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Except for 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. . The “forward-looking information” contained in this press release includes, but is not limited to, the company’s business goals and objectives; the ability of HIVE BuzzMiners to operate at expected performance levels, the merits of expanding the deployment of HIVE BuzzMiners, the continued viability of its existing Bitcoin Mining operations, and other forward-looking information regarding 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, volatility in 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 inventory as required, or at all; a significant decline in digital currency prices could have a material adverse impact on the Company’s operations; digital currency price volatility; the continuing 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 carrying out its expansion plans or operating its assets; and other related risks, as more fully set forth in the Company’s registration statement and other documents disclosed in the Company’s filings at www.sec.gov/EDGAR and www.sedar.com.
The forward-looking information contained in this press release reflects the Company’s current expectations, assumptions and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this press release, the Company has made assumptions about the Company’s future objectives, goals or plans, the timing thereof and related matters. The Company has also assumed that no material events occur outside of the normal course of business for the Company. Although the Company believes that the assumptions inherent in forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and, accordingly, undue reliance should not be placed on such information due to the inherent uncertainty of such information. -this. 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, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151240