ZUG, Switzerland and
VANCOUVER, July 29, 2019 /CNW/ - HIVE Blockchain
Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the "Company"
or "HIVE") is pleased to announce that it has reached 99%
utilization of capacity in Sweden
since rebooting operations on July 11,
2019. Additionally, performance has increased to 96%
efficiency with further optimization expected. Throughout the
transition period, Genesis Mining has been an invaluable partner
and Nicolás Chaparro, CEO of Genesis Mining Iceland ehf. and
Genesis Mining's Regional Manager - Nordics, has shown tremendous
leadership and technical expertise overseeing the continuous
performance improvements in Sweden. The Company intends to provide
operational updates on progress in Sweden.
"The operational improvements have been tremendous, and we are
seeing continuous increases in efficiency," said Frank Holmes, Interim Executive Chairman and
Interim CEO of HIVE. "Genesis Mining has been a great partner
and I would like to commend the hard work and expertise of Nicolás
Chaparro who I believe has showed outstanding leadership throughout
the transition period."
"With regards to our annual filings," added Frank Holmes. "As a result of guidance released
by the Canadian Public Accountability Board ("CPAB") in December,
delayed filings have impacted, to my knowledge, every Canadian
listed company involved in the cryptocurrency and blockchain
industry. An article published by the Globe and Mail earlier this
year titled 'Cryptocurrency companies rush to secure audits as
firms back away' highlighted the challenges faced by our peers that
we are currently undergoing. We are making great progress within
the business and I look forward to sharing our financial results as
we work expeditiously to complete our annual filings."
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. is a growth oriented,
TSX.V-listed company building a bridge from the blockchain sector
to traditional capital markets. HIVE owns state-of-the-art
GPU-based digital currency mining resources in Iceland and Sweden, which produce newly minted digital
currencies like Ethereum continuously as well as cloud-based
ASIC-based capacity which produces newly minted digital currencies
like Bitcoin. Its deployments provide shareholders with exposure to
the operating margins of digital currency mining as well as a
growing portfolio of crypto-coins.
For more information and to register to HIVE's mailing 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"
Interim Executive Chairman
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. "Forward-looking information" in this news release
includes, but is not limited to, statements regarding further
optimization of operations in Sweden; the completion and filing of the
Company's annual filings; business goals and objectives of the
Company, and other forward-looking information concerning the
intentions, plans and future actions of the parties to the
transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, no further optimization of operations in
Sweden may ne realized by the
Company; the Company may not complete its audit and file the
Annual Filings as currently anticipated, or at all; and other
related risks as more fully set out in the Filing Statement of the
Company dated September 13, 2017 and
other documents disclosed under the Company's filings at
www.sedar.com.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to continue and improve operations in Sweden; the Company's ability to complete and
file the Annual Filings. The Company has also assumed that no
significant events occur outside of the Company's normal course of
business. Although the Company believes that the assumptions
inherent in the forward-looking information are reasonable,
forward-looking information is not a guarantee of future
performance and accordingly undue reliance should not be put on
such information due to the inherent uncertainty therein.
SOURCE HIVE Blockchain Technologies Ltd.