VANCOUVER, BC, June 23, 2020 /CNW/ - HIVE Blockchain
Technologies Ltd. (TSXV: HIVE) (OTCQX: HVBTF) (FSE: HBF) (the
"Company" or "HIVE") is pleased to announce that it has put into
operation its recently acquired 1,090 Bitmain Antminer T17+ 58
Terahash per second (TH/s) SHA 256 mining machines at its green
energy-powered bitcoin mining operation in Quebec.
Combined with the recently installed 750 Bitmain Antminer S17+
73 TH/s machines operational at its Quebec facility, HIVE's aggregate operating
hash rate from this next generation mining equipment is
approximately 118 PH/s and is estimated to be operating at a gross
mining margin above 40%i. These recent investments are
among several steps the Company is undertaking to maximize the
capacity and efficiency of its 30-megawatt (MW) facility.
In preparation for the halving of Bitcoin block rewards for
miners, which occurred in mid-May, HIVE acquired in April a Bitcoin
mining operation in Quebec with
access to low cost, renewable electricity, 30 MW of HVAC and
electrical infrastructure that is unique to cryptocurrency mining,
triple redundancy systems for power and internet connectivity and
operational staff. HIVE has subsequently been investing in next
generation mining equipment that can provide positive gross mining
margins post the recent halving of Bitcoin rewards; the next
halving is scheduled to occur in four years.
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 digital
currency mining facilities in Canada, Sweden, and Iceland which produce newly minted digital
currencies like Bitcoin and Ethereum continuously. Our 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. The information in this news release that are
forward-looking information include: the Company's estimated
aggregate operating hash rate and gross mining margin
profitability; and the intentions, plans and future actions of the
Company. This forward-looking information is based on reasonable
assumptions and estimates of management of the Company at the time
it was made, and involves known and unknown risks, uncertainties
and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking information. Such factors include, among
others: the COVID 19 crisis; the Company may not achieve operating
hash rate, efficiencies or profitability as currently anticipated,
or at all; the digital currency market; the ability to successfully
mine digital currency; revenue may not increase as currently
anticipated, or at all; it may not be possible to profitably
liquidate the current digital currency inventory, or at all; a
decline in digital currency prices may have a significant negative
impact on operations; the volatility of digital currency prices;
the Company may never realize more efficient operations, a lower
cost structure, or greater flexibility in operation; risks relating
to the global economic climate; dilution; and other related risks
as more fully set out in the Company's continuous disclosure record
filed at www.sedar.com. The Company has also assumed that operation
of recently delivered equipment will occur as expected, and no
significant events occur outside of the Company's normal course of
business. Although the Company has attempted to identify important
factors that could cause actual results to differ materially, there
may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such
statements will prove to be accurate as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking information. The Company undertakes no obligation
to revise or update any forward-looking information other than as
required by law.
___________________________
i Estimated based on current operating and
maintenance expenses, notably electricity, staffing and lease, of
approximately $0.04 per kWh, and
under current Bitcoin mining network factors, including Bitcoin
price of approximately $9,358,
difficulty of 15.78 trillion and a network hash rate of 105.88
exahashes per second (EH/s). Gross mining margin equates to income
from digital mining less operating and maintenance costs, and is
before depreciation, general and administrative, financial, income
tax, and other expenses or income; it is a non-IFRS
measure.
SOURCE HIVE Blockchain Technologies Ltd.