HIVE Blockchain Delivers Shareholder Meeting Results and Announces Opportunistic Acquisitions of Energy Efficient Bitmain S19j Pro Miners to Bring HIVE to Target 3 Exahash in the New Year

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. – December 22, 2022) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (Nasdaq: HIVE) (FSE: HBF) (the “Company” or “HIVE”) is pleased to announce that all resolutions considered at its 2022 annual meeting of shareholders on December 20, 2022 have been approved by its shareholders. The Company is also providing a corporate update for its third fiscal quarter ending December 31, 2022.

Shareholders approve the resolutions

The resolutions approved by the shareholders present or represented by proxy at the meeting are:

• All nominated directors have been duly elected or re-elected to the HIVE Board of Directors. HIVE’s Board of Directors consists of Frank Holmes, Marcus New, Dave Perrill, Ian Mann and Susan McGee. Each director will serve until the next annual meeting of shareholders of HIVE or until their respective successors are elected or appointed or otherwise cease to hold office.

• Davidson & Company LLP was reappointed as independent external auditor of HIVE for the following year or until his successor is appointed, and the board was authorized to set his remuneration.

• The company’s stock option plan has been reapproved.

The resolutions voted on at the Meeting are further described in HIVE’s Management Information Circular, dated November 10, 2022, which was mailed to shareholders and is available on SEDAR at www.sedar.com.

Corporate update

HIVE improves the energy efficiency of the ASIC mining fleet

HIVE is pleased to announce additional strategic acquisitions of Bitmain Antminer S19j Pro ASIC miners at opportunistic dollar prices by Terahash:

• purchase of 1,540 S19j Pro miners, at an average hash rate of 104 TH/s, which should yield over 159 PH/s

• buying 100 S19j Pro miners, at an average hashrate of 98 TH/s, which should yield over 9 PH/s

• The company notes that these purchases follow the 1,930 S19j Pro miners, which were recently announced to generate over 185 PH/s

• In total, HIVE’s recent strategic purchases of 3,570 S19j Pro miners are expected to add over 355 PH/s of high-efficiency Bitcoin mining hashrate, at a nominal efficiency of 29.5 J/TH

The story continues

Better energy efficiency in Joules per Terahash (J/TH) in Bitcoin mining reduces the amount of energy consumed per hash. By investing in machines with a low acquisition price in $ per TH, the company can realize a better cash flow return on invested capital, while improving the Bitcoin break even production price of its global fleet, to navigate in today’s crypto mining economy. .

HIVE also received 420 HIVE BuzzMiners in Sweden, which have been installed, in addition to the 262 HIVE BuzzMiners operating in New Brunswick, bringing the current operational total of 682 HIVE BuzzMiners, which have a rated production capacity of 75 PH/s. The total production of HIVE BuzzMiners will be 5,800 units, which are expected to produce 638 PH/s.

HIVE’s fleet of 9,370 next-generation Bitcoin ASIC miners, in the 30 J/TH range, are expected to produce over 990 PH/s of high-yield Bitcoin mining capacity. These machines will upgrade existing machines within HIVE’s global operating fleet, replacing older machines, some of which have been in operation since 2018 and 2020. The company expects these 9,370 machines to be delivered and deployed within existing operating infrastructure by the end of January 2023.

This upgrade is expected to increase HIVE’s overall bitcoin production capacity by approximately 20%, within the same power infrastructure operational footprint. In fact, this upgrade should therefore reduce the average production cost price by approximately 20%.

Proof of Work Industry Advancement

The company notes that with the advent of technological innovations in the Bitcoin proof-of-work ecosystem, we have seen power consumption decrease by 67% since the Bitmain Antminer S9 which was the most popular Bitcoin miner in the 2018/2019 era. The S9 had an efficiency of 90-98 J/TH, whereas today’s S19j Pro has an efficiency using 1/3 the average energy per terahash compared to an S9.

Where greater processing power secures the Bitcoin blockchain, which has stood the test of time as an immutable distributed ledger, the industry is working to make this process more energy efficient.

The 9,370 next-generation ASICs that HIVE is installing represent approximately 30MW of power, to strategically maximize the production yield of HIVE’s global bitcoin production.

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.

For more information and to subscribe to the HIVE mailing list, please visit www.HIVEblockchain.com. To follow @HIVEblockchain on Twitter and subscribe to HIVE YouTube Channel.

On behalf of HIVE Blockchain Technologies Ltd.
“Frank Holmes”
Executive Chairman

For more information, please contact:
Frank Holmes
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.

Forward-looking information

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: business goals and objectives of the company; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; and other forward-looking information regarding 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, 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; the risk of irrelevance of Bitcoin; 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; protection of property rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the Company’s ability to maintain systems in good working order; reliance on key personnel; an increase in network difficulty can have a significant negative impact on operations; the anticipated sustainability of energy or hydroelectricity for the purpose of cryptocurrency mining in applicable jurisdictions and the maintenance of the company’s electricity agreements; the inability to maintain reliable and economical power sources for the Company to operate cryptocurrency mining assets; the risks of increases in the Company’s electricity costs, the cost of natural gas, changes in foreign exchange rates, energy reductions or regulatory changes to energy regimes in the jurisdictions in which the Company operates and the negative impact on the Company’s profitability; future capital requirements and the uncertainty of additional financing, including the Company’s ability to utilize the Company’s at-the-market offering (the “ATM Program”), prices at which the Company may sell common stock under the GAB program and other equity issuances resulting in dilution, as well as general capital market conditions; the impact of energy reductions or regulatory changes to energy regimes in the jurisdictions in which the Company operates; 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.

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