Sweden Phase 3 completed on budget as HIVE
executes its development pipeline, increasing power capacity
by 39%
BODEN, SWEDEN and VANCOUVER, May 1,
2018 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE)
(OTC:HVBTF) (the "Company" or "HIVE") is pleased to announce the
further expansion of its GPU-based digital currency mining complex
with the completion of the third phase ("Sweden Phase 3"), which
commenced mining at the end of April
2018. This is the second expansion brought online in the
past month and the precise execution of the Company's mining
roadmap has resulted in on-time completion of the facility. Sweden
Phase 3 increases HIVE's energy consumption dedicated to
cryptocurrency mining by 6.8 megawatts ("MW") to 24.2 MW, an
increase of 39%.
![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/684893/HIVE_Blockchain_Technologies_Ltd__HIVE_Blockchain_Increases_Powe.jpg)
HIVE continues to pursue profitable growth at its mining
facilities, as evidenced by the completion of Sweden Phase 3, and
the fully financed 20.0 MW ASIC-based mining expansion planned by
September 2018 which will result in
total capacity of 44.2 MW. Upon completion, the Company will be
capable of mining Bitcoin and Bitcoin Cash in addition to its
current GPU-based facilities which currently mine Ethereum,
Ethereum Classic, and Z-Cash which contribute to the Company's
digital currency inventory. Ongoing growth is aided by
implementation of custom Genesis-designed and built A2 mining rigs
to realize a more than 25% improvement in efficiency over prior
generations.
The Company is proceeding with the closing of its recently
announced acquisition of Kolos Norway AS and expects to provide an
update on the acquisition in the coming weeks.
"HIVE is well positioned as an industrial-scale digital currency
mining operator in stable jurisdictions with low-cost power and
operating profiles. We continue to exhibit healthy gross mining
margins and have a growing inventory of cryptocurrency. We are
committed to achieving profitable growth and evaluating
opportunities for the deployment of capital to further enhance
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 20 MW ASIC-based mining
expansion planned by September 2018,
and expected total mining capacity of 44.2 MW; expected capability
of mining Bitcoin and Bitcoin Cash; closing of the Company's
recently announced acquisition of Kolos; 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 closing of the Kolos acquisition 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; 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's ability to close the Kolos acquisition; 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.