VANCOUVER, Oct. 23, 2017 /CNW/ - HIVE Blockchain
Technologies Ltd. (TSX.V:HIVE) (the "Company" or "HIVE") has
entered into a legally binding letter agreement dated October 23, 2017 with its largest shareholder
Genesis Mining Ltd. ("Genesis") under which the Company will
finance the construction of a cryptocurrency mining data centre in
Sweden (the "Sweden Data Centre").
The Sweden Data Centre will be a newly constructed GPU mining
facility with an anticipated completion date of December 2017. The Company's cryptocurrency
mining capacity or hashpower is expected to increase by
approximately 175% with the addition of the Sweden Data Centre.
The Sweden Data Centre will be constructed by Genesis for
consideration of an estimated US$22
million. Pursuant to a master services agreement between the
Company and Genesis (the "MSA"), Genesis will be responsible for
hosting, maintenance and related services for the Sweden Data
Centre for a monthly fee.
Completion of the acquisition is subject to a number of
conditions, including but not limited to, acceptance by the TSX
Venture Exchange as required. There can be no assurance that the
acquisition will be completed as proposed or at all.
Harry Pokrandt, CEO and President
of HIVE stated "With the help of Genesis, Sweden represents the next stage of growth for
HIVE as we continue to build our portfolio of mining
facilities. HIVE is acquiring a facility in a politically
stable country with access to excellent infrastructure and
complements our existing facilities in Iceland. We will
continue to evaluate other opportunities to ensure we provide our
shareholders the best exposure to the blockchain and
cryptocurrency."
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 is strategically partnered
with Genesis Mining Ltd. to build the next generation of blockchain
infrastructure. HIVE owns state-of-the-art GPU-based cryptocurrency
mining facilities in Iceland,
which produce mined cryptocurrency like Ethereum around the
clock.
For more information and to register to HIVE's mailing list,
please visit www.HIVEblockchain.com, which has recently been
updated. Follow @HIVEblockchain on Twitter and subscribe to HIVE's
YouTube channel.
On Behalf Of HIVE Blockchain Technologies Ltd.
"Harry Pokrandt"
President, CEO and Director
The TSX Venture Exchange (the "Exchange") has in no way
passed upon the merits of the acquisition and has neither approved
nor disapproved the contents of this news release. Neither the
Exchange nor its Regulation Services Provider (as that term is
defined in policies of the 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 information about the construction and acquisition of the
Sweden Data Centre; the quantum increase of hashpower as a result
of the acquisition of the Sweden Data Centre; the business goals
and objectives of the Company, and other forward-looking
information includes but is not limited to 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, risks related to the construction,
acquisition and operation of the Sweden Data Centre; the ongoing
partnership with Genesis; hashpower may not increase as currently
anticipated; the cryptocurrency market; the Company's ability to
successfully mine cryptocurrency; and other related risks as more
fully set out in the Filing Statement of the Company dated
September 13, 2017.
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
ongoing partnership with Genesis; historical prices of
cryptocurrencies and the ability of the Company to mine
cryptocurrencies will be consistent with historical prices; and
there will be no regulation or law that will prevent the Company
from operating its business. 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.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
SOURCE HIVE Blockchain Technologies Ltd.