Phase 1 completed on budget and will scale
significantly throughout 2018
BODEN, Sweden and VANCOUVER, Jan. 15,
2018 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE)
(OTC:HVBTF) (the "Company" or "HIVE") is pleased to announce the
completion of the first phase ("Sweden Phase 1") of a multi-phase
build-out of a large-scale GPU-based mining complex in
Sweden. HIVE's Sweden Phase 1 operation commenced mining
Ethereum on January 15, 2018 and
increases the Company's energy consumption dedicated to
cryptocurrency mining by over 175% to 10.6MW. HIVE is fully
financed to add an additional 13.6MW of GPU mining capacity in
Sweden by April 2018 and a further 20.0MW of ASIC mining
capacity, facilities capable of mining Bitcoin and Bitcoin Cash, by
September 2018. HIVE's expansion into
Sweden diversifies the Company's
existing operations located in Iceland, where it has been producing newly
mined digital currency continuously since September 2017.
"I am delighted to launch HIVE's largest and most advanced
mining facility to date in Sweden,
another stable, cold climate jurisdiction with access to abundant
green energy, to further capitalize on rising cryptocurrency
prices," said Harry Pokrandt, CEO
and Director of HIVE.
Sweden Phase 1 is the first digital currency mining facility
jointly constructed by HIVE and Genesis Mining Ltd. ("Genesis"),
the world's largest digital currency mining hashpower provider.
Sweden Phase 1 was completed on budget and utilizes custom
Genesis-designed A2 mining rigs that are more efficient than prior
generations. Genesis is HIVE's strategic partner and major
shareholder and operates the Company's facilities under a master
services agreement.
"HIVE and Genesis are building the backbone infrastructure for
the blockchain sector," said Marco
Streng, Co-Founder and CEO of Genesis Group. "Sweden Phase 1
leverages Genesis' years of experience and knowledge gained by
creating the leading cryptocurrency mining company, and is highly
scalable for future growth. More than twenty Genesis personnel are
dedicated to HIVE's multi-phase Sweden expansion. I would like to congratulate
the team and stakeholders on the successful launch of our first new
facility together, and look forward to capitalizing on the rapid
growth of HIVE and the blockchain sector."
Sweden Phase 1 has commenced mining Ethereum and is capable of
mining all other GPU-based digital currencies, including Ethereum
Classic, ZCash, and Monero. Since HIVE acquired its first
large-scale digital currency mine in September 2017, the price of Ethereum has
increased by more than 400% with the global market for
cryptocurrencies growing from approximately US$120 billion to over US$700 billion.
The Company has raised over C$200
million since September 2017.
After financing HIVE's planned expansions, the Company will retain
approximately C$55 million in working
capital, providing flexibility for future growth opportunities and
investments.
OTC Ticker Symbol Change to HVBTF
HIVE announces that FINRA approved a change in the Company's
stock symbol trading on the OTC Markets. On January 12, 2018, the Company's common shares
traded on the OTC Markets under the new symbol "HVBTF" (OTC:HVBTF).
The previous trading symbol was "PRELF". There is no action
required by current shareholders in connection with this
change.
HIVE continues to trade on the TSX Venture Exchange under the
symbol "HIVE".
Appointment of Renmark Financial Communications Inc.
HIVE is also pleased to announce that it has retained Renmark
Financial Communications Inc. ("Renmark") for strategic investor
relations. Under the terms of the agreement, HIVE will pay
Renmark a monthly fee of up to C$8,000 starting January
1, 2018 for a period of six months ending on May 31, 2018 and monthly thereafter. Neither
Renmark nor any of its executives have an ownership interest,
directly or indirectly, in HIVE or its securities.
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 digital
currency mining facilities in Iceland and Sweden, which produce newly minted digital
currencies like Ethereum continuously, and provides 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.
"Harry Pokrandt"
President, CEO and Director
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 information about the Company's build-out and expansion of
digital currency operations into Sweden and expected timing thereon; the
expected electrical and mining capacity in Sweden; 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, the construction and operation of the
digital currency mining centre in Sweden may not occur as currently planned, or
at all; the ongoing partnership with Genesis; the quantum of
electrical consumption and mining capacity at the digital currency
mining centres in Sweden may not
materialize as currently anticipated, or at all; the digital
currency market; the Company's ability to successfully mine digital
currency; revenue of the Company may not increase as currently
anticipated, or at all; the Company may not be able to profitably
liquidate its current digital currency inventory, or at all; a
decline in digital currency prices may have a significant negative
impact on the Company's operations; the volatility of digital
currency prices; 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
ability to complete the construction of digital currency operations
in Sweden; the Company will be
able to profitably liquidate its digital currency inventory as
required; the Company's ongoing partnership with Genesis;
historical prices of digital currencies and the ability of the
Company to mine digital currencies 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.