This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated September 2, 2022 to its amended and restated short form base shelf prospectus dated January 4, 2022.
Vancouver, British Columbia--(Newsfile Corp. - October 12, 2022) - HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: HBFA) (the "Company" or "HIVE") is pleased to provide a corporate post Ethereum Merge update, and announce the production figures from the Company's global Bitcoin and Ethereum mining operations for the month of September 2022, with a BTC HODL balance of 3,350 Bitcoin and 356 Ethereum as of September 30, 2022.
Summary Overview:
HIVE has been pivoting its business, as well as its digital asset treasury, into a central focus on Bitcoin and Bitcoin mining.
HIVE's Bitcoin ASIC hashrate has grown over 200% since July 2021 from 700 Petahash to 2.3 Exahash today.
HIVE has over 1 Exahash of Bitcoin ASIC projected growth in the next 3-4 months with scheduled deliveries.
Historically, HIVE's Ethereum GPU mining was generating 3x to 4x more revenue per MW of capacity than ASIC Bitcoin mining.
Since the Merge, HIVE revenues from its GPU mining were dramatically reduced (for illustrative purposes using ETH/USD values, from nearly 7 Bitcoin per day down to 1.6 Bitcoin per day.
HIVE plans on making up this revenue starting with its upcoming deployments of incoming ASIC mining equipment, which in the short term are expected to produce...
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