HIVE Blockchain Provides July 2022 Production Update

This information launch constitutes a “designated information launch” for the needs of the Firm’s prospectus complement dated February 2, 2021 to its amended and restated brief kind base shelf prospectus dated January 4, 2022.

VANCOUVER, British Columbia, Aug. 05, 2022 (GLOBE NEWSWIRE) — HIVE Blockchain Applied sciences Ltd. (TSX.V:HIVE) (Nasdaq:HIVE) (FSE:HBFA.F) (the “Firm” or “HIVE”) is happy to announce the manufacturing figures from the Firm’s world Bitcoin and Ethereum mining operations for the month of July 2022, with a BTC HODL steadiness of three,091 Bitcoin and 6,820 Ethereum as of August 4, 2022.

July 2022 Manufacturing Figures 

HIVE is happy to announce its July 2022 manufacturing figures and mining capability:

• 279.9 BTC Produced
• 2.2 Exahash of Bitcoin mining capability at starting of July
• Elevated to 2.26 Exahash of Bitcoin mining capability throughout the month of July, with a median hashrate of two.03 Exahash of Bitcoin mining capability throughout the month of July
• 2,957 ETH Produced*
• 5.77 Terahash of Ethereum mining capability at starting of July, some miners had been taken offline briefly for format optimization attributable to increased summer time temperatures
• 6.49 Terahash of Ethereum mining capability at finish of July, with a median hashrate of 6.19 Terahash of Ethereum mining capability throughout the month of July

*The Firm’s manufacturing of ETH from GPU mining (together with selective optimizations of GPU hashrate) has yielded a complete ETH manufacturing of two,957 ETH.

Frank Holmes, Govt Chairman of HIVE acknowledged, “In July we produced a median of 15.0 Bitcoin Equal per day, comprised of roughly 9.0 BTC per day and our Ethereum manufacturing of roughly 95 Ethereum per day. We’re happy to notice that as of at this time, we’re producing roughly 10 BTC a day along with roughly 95 Ethereum per day.”

Aydin Kilic, President & COO of HIVE famous, “We proceed to attempt for operational excellence, making certain that as we scale our hashrate, we additionally optimize our uptime, to make sure preferrred Bitcoin and Ethereum output figures.” Mr. Kilic continued, “We additionally wish to present an replace on the BTC and ETH equivalency, the place one can equate worth of the cash produced each day. As such the ETH that HIVE produced throughout the month of July, equated each day, is roughly equal a month-to-month whole of 185.2 BTC, which we discuss with as Bitcoin Equal or BTC Equal. That is along with the 279.9 BTC produced from our Bitcoin mining operations throughout July, for a complete of 465.1 Bitcoin equal”

The Firm’s whole Bitcoin Equal manufacturing in July 2022 was:

• 465.1 BTC Equal Produced
• 15.0 BTC Equal produced per day on common
• 3.77 Exahash of BTC Equal Hashrate (BTC hashrate plus equal ETH hashrate) as of July 31), with common hashrate of three.36 Exahash of BTC Equal hashrate all through July

Ethereum Outlook and Technique

The Firm acknowledges there was latest discussions surrounding the potential Ethereum “Merge” to Proof of Stake (“PoS”).

With respect to a timeline to PoS, the Firm notes {that a} particular block for the Ethereum Merge has not been specified. Till a selected block has been recognized and universally accepted by the Ethereum Basis, the Firm believes it’s indeterminate if or when the Merge will occur. For comparability, each Bitcoin halving occasion is at a particularly prescribed block peak (notably, each 210,000 blocks).

HIVE acknowledges there may very well be execution danger in implementing a enterprise technique if Ethereum goes to PoS, and we imagine there might be continued demand for GPU primarily based Proof of Work (“PoW”) mining. As such, the Firm has a method within the occasion the Merge happens.

HIVE believes there may be intrinsic worth in a broadly decentralized PoW blockchain with Layer 2 sensible contracts, as the vast majority of such tasks exist on the Ethereum blockchain. If NFT and DeFi builders understand {that a} safe PoW Layer 1 blockchain is the perfect enjoying subject for his or her code-based tasks, there may very well be a rise in Layer 2 purposes on the Ethereum Basic blockchain, after the Merge.

The Firm has already commenced case research, analyzing hashrate economics of Ethereum Basic and different GPU mineable cash at an industrial scale. HIVE has additionally been performing GPU optimizations all through calendar 2022, that are proprietary and supply the Firm with a aggressive edge.

If the Merge happens, the Firm expects that there might be a aggressive edge required in technical proficiency as GPU mining is extra concerned than ASIC mining. It causes that firms or passion miners who’re the perfect at GPU optimizations, will prosper. We count on that there might be extra algorithmic pushed software of GPU mining, the place customers could mine a number of cash. This might be along with the aggressive edge miners usually search of getting the perfect power economics, in order that they have the bottom working value per hash generated. GPU miners might want to have a low value of hashing, whereas additionally being modern to drive the best yield (income) per hash, by way of optimizations.

GPUs which at the moment mine Ethereum are just one side of HIVE’s operations which enhances its fleet of Bitcoin mining ASICs. HIVE’s GPU fleet is comprised of two forms of playing cards, our legacy fleet comprised largely of RX580s, and may be repurposed for different GPU mineable cash. The second kind being our information heart grade playing cards, particularly our Nvidia fleet which we introduced final 12 months once we joined the Nvidia Associate Community; these playing cards produce other purposes in high-performance computing (HPC) purposes. HIVE has been creating a brand new platform for our information heart grade playing cards to create new streams of income. The Firm foresees the creation of latest streams of revenues from GPUs, comparable to offering HPC companies for rendering, AI, ML, molecular modelling, and so on. 

New Brunswick Energy Prices

HIVE has navigated a number of months of excessive power costs in New Brunswick (“NB”) at its information heart campus, which have affected all companies which are prospects with interruptible power contracts. Mr. Kilic famous “The interruptible power charges in New Brunswick have traditionally been between 3.5 to 4.5 cents USD per KWHR, primarily based on annual averages over the past decade.” HIVE additionally has a portion of the entire electrical load in NB as mounted energy at roughly 6 cents per KWHR USD. Within the Firm’s fiscal This autumn 2022 (January to March 2022), the ability charges in NB primarily based on the Firm’s utilization (blended mounted and interruptible energy) had been roughly 12 cents per KWHR for 46MW of capability. Mr. Kilic continued “A advantage of being globally diversified, with 6 information facilities in three nations, HIVE’s different amenities loved energy prices of roughly 3.5 cents per KWHR for roughly 54MW of working capability.” Taking into account the common of HIVE’s world working prices for electrical energy, information heart employees and upkeep for all amenities in This autumn 2022, the entire value was roughly 7.5 cents per KWHR USD, primarily based on a world common working footprint of 114MW, in comparison with income of $49.8M USD (as famous within the Firm’s audited fiscal 2022 monetary statements), which equates to roughly $0.20 per KWHR. The Firm notes that it was capable of profitably mine crypto currencies throughout these intervals, thus maximizing coin manufacturing.

Since then, the Firm’s common world working prices for electrical energy, information heart employees and upkeep, in New Brunswick have improved considerably, because the Firm has enacted methods to keep away from excessive interruptible energy costs in NB, which can embody infrequently, lowering consumption during times of peak interruptible energy. In fiscal Q1 2023 (April to June 2022), the Firm’s common energy prices in NB have been 7.4 cents per KWHR USD, using roughly 52MW on common, and globally working prices for electrical energy, information heart employees and upkeep for all amenities is roughly 5.5 cents per KWHR primarily based on a world common working footprint of roughly 126MW.

Community Mining Problem

The Bitcoin community issue decreased 6.5% throughout the month of July. The Ethereum community issue had a sudden issue lower of virtually 20% on the finish of June, which was adopted by a slight and gradual improve of 1.6% throughout the month of July. These elements influence our gross revenue margins.

About HIVE Blockchain Applied sciences Ltd.

HIVE Blockchain Applied sciences Ltd. went public in 2017 as the primary cryptocurrency mining firm with a inexperienced power and ESG technique.

HIVE is a growth-oriented expertise inventory within the emergent blockchain business. As an organization whose shares commerce on a serious inventory trade, we’re constructing a bridge between the digital forex and blockchain sector and conventional capital markets. HIVE owns state-of-the-art, inexperienced energy-powered information centre amenities in Canada, Sweden, and Iceland, the place we supply solely inexperienced power to mine on the cloud each Ethereum and Bitcoin. For the reason that starting of 2021, HIVE has held in safe storage the vast majority of its ETH and BTC coin mining rewards. Our shares present buyers with publicity to the working margins of digital forex mining, in addition to a portfolio of cryptocurrencies comparable to ETH and BTC. As a result of HIVE additionally owns exhausting property comparable to information facilities and superior multi-use servers, we imagine our shares provide buyers a lovely strategy to achieve publicity to the cryptocurrency area.

We encourage you to go to HIVE’s YouTube channel here to be taught extra about HIVE.

For extra info and to register to HIVE’s mailing listing, please go to www.HIVEblockchain.com. Observe @HIVEblockchain on Twitter and subscribe to HIVE’s YouTube channel.

On Behalf of HIVE Blockchain Applied sciences Ltd.
“Frank Holmes”
Govt Chairman

For additional info please contact:

Frank Holmes
Tel: (604) 664-1078

Neither the TSX Enterprise Change nor its Regulation Providers Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this information launch

Ahead-Wanting Info

Aside from the statements of historic truth, this information launch comprises “forward-looking info” throughout the which means of the relevant Canadian securities laws that’s primarily based on expectations, estimates and projections as on the date of this information launch. “Ahead-looking info” on this information launch consists of, however shouldn’t be restricted to, enterprise targets and targets of the Firm; and different forward-looking info regarding the intentions, plans and future actions of the events to the transactions described herein and the phrases thereon.

Elements that might trigger precise outcomes to vary materially from these described in such forward-looking info embody, however usually are not restricted to, the volatility of the digital forex market; the Firm’s capacity to efficiently mine digital forex; the Firm could not be capable of profitably liquidate its present digital forex stock as required, or in any respect; a cloth decline in digital forex costs could have a big adverse influence on the Firm’s operations; the volatility of digital forex costs; continued results of the COVID-19 pandemic could have a cloth adversarial impact on the Firm’s efficiency as provide chains are disrupted and stop the Firm from finishing up its growth plans or working its property; and different associated dangers as extra totally set out within the registration assertion of Firm and different paperwork disclosed below the Firm’s filings at www.sec.gov/EDGAR and www.sedar.com.

The forward-looking info on this information launch displays the present expectations, assumptions and/or beliefs of the Firm primarily based on info at the moment obtainable to the Firm. In reference to the forward-looking info contained on this information launch, the Firm has made assumptions concerning the Firm’s targets, targets or future plans, the timing thereof and associated issues. The Firm has additionally assumed that no important occasions happen outdoors of the Firm’s regular course of enterprise. Though the Firm believes that the assumptions inherent within the forward-looking info are cheap, forward-looking info shouldn’t be a assure of future efficiency and accordingly undue reliance shouldn’t be placed on such info because of the inherent uncertainty therein.