Phase 2 of Sweden Expansion puts HIVE on track
to Reach 44.2MW by September 2018;
Growth Strategy Sustains Profitability
BODEN, Sweden and VANCOUVER, April 3,
2018 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE)
(OTC:HVBTF) (the "Company" or "HIVE") is pleased to announce the
completion of the second phase ("Sweden Phase 2") of a multi-phase
build-out of a large-scale GPU-based mining complex in
Sweden. The Sweden Phase 2 operation commenced mining at the
end of March 2018 and increases the
Company's run-rate energy consumption dedicated to cryptocurrency
mining by 6.8 megawatts ("MW") to 17.4 MW, an increase of 65%.
![HIVE Blockchain Technologies Ltd. (CNW Group/HIVE Blockchain Technologies Ltd.) HIVE Blockchain Technologies Ltd. (CNW Group/HIVE Blockchain Technologies Ltd.)](https://mma.prnewswire.com/media/661931/HIVE_Blockchain_Technologies_Ltd__HIVE_Blockchain_Increases_Powe.jpg)
Sweden Phase 2 expands 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 2 utilizes custom Genesis-designed A2 mining
rigs that are over 25% more efficient than prior generations. Going
forward, HIVE is fully financed to add a further 6.8 MW of
GPU-based mining capacity in Sweden in April
2018, and an additional 20.0 MW of ASIC-based mining
capacity, capable of mining Bitcoin and Bitcoin Cash, by
September 2018, being total capacity
of 44.2 MW.
"The completion of Sweden Phase 2 represents an important
milestone for the Company as HIVE continues to grow operations and
execute its 2018 development pipeline. Despite recent crypto market
conditions, HIVE's current run-rate gross mining margins continue
to be very healthy, and our operating costs on the first phase of
Sweden to date have been
materially lower than expected. This growth in our assets and
sustained profits combined with our excess cash on hand has us well
positioned to continue creating growth and shareholder value" said
Harry Pokrandt, CEO and Director of
HIVE.
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 ongoing build-out and
expansion of digital currency operations into Sweden and expected timing thereon; the
expected electrical and mining capacity of built-out facilities in
Sweden; continued growth and
shareholder value; 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, operation and electricity
consumption of the built-out digital currency mining centres 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 ongoing partnership with Genesis; 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, 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 and other documents disclosed
under the Company's filings at http://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 complete the construction of the built-out digital
currency operations in Sweden; the
quantum of electricity consumption at built-out facilities; 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. Additionally, gross mining
margins referred to in this news release are also based on
assumptions set out herein and are based upon management's best
estimates but are inherently speculative and there is no guarantee
that such assumptions and estimates will prove to be correct.
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.