Vancouver, British Columbia–(Newsfile Corp. – September 6, 2022) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (ESF: HBFA) (the “Company” or “HIVE”) will announce the production figures of the Company’s global Bitcoin and Ethereum mining operations for the month of August 2022, with a HODL balance of 3258 Bitcoin and 5100 Ethereum as of August 31, 2022.
August 2022 figures
HIVE will announce its production and extraction capacity by August 2022:
*The company’s ETH production from GPU mining (including selective GPU hash rate optimizations) resulted in a total ETH production of 3010 ETH,” said Frank Holmes, EXECUTIVE CHAIRMAN of HIVEArray. consisting of around 9. 4 BTC per day and our Ethereum production of around 97 Ethereum per day. We are pleased to note that to date we are generating more than nine BTC, even with Bitcoin’s difficulty expanding by about 10% in the last week. »
Aydin Kilic, President and Chief Operating Officer of HIVE, said, “We continue to strive for operational excellence, ensuring that as we build our hash rate as a company, we also optimize our availability to ensure ideal Bitcoin and Ethereum production. Kilic continued: “We would also like to provide an update on the equivalence of BTC and ETH, where one can assimilate the price of the coins produced daily. Therefore, the ETH that HIVE produced in the month of August, assimilated daily, is roughly equivalent to a monthly total of 228. 4 BTC, what we call the equivalent of Bitcoin or the equivalent of BTC. This is in addition to the 290. 4 BTC produced through our Bitcoin mining operations in August, for a total of 518. 8 Bitcoin equivalents. “
The company’s total Bitcoin production as of August 2022 was:
HIVE Relative Market
As of September 1, 2022, HIVE currently has 2. 3 Exahash of Bitcoin’s active mining capacity, producing more than nine Bitcoin a day, even after Bitcoin’s recent difficulty accumulation. HIVE has orders for more than one Exahash of Block-scale Bitcoin Mining Intel ASIC miners through December 2022. The company expects to get the initial business sets by the end of September. In addition, the company has around 370 PH/s of MicroBT ASIC miners according to monthly orders expected to arrive through December. 2022. Therefore, HIVE expects Bitcoin’s hash strength to increase to more than 3. 5 Exahash during the first quarter of 2023, an accumulation of more than 50% of our existing Bitcoin mining hash rate. We have been systematic and effective in executing our expansion in BTC Production, as identified through Anthony Powers’ research.
The company notes that in the last 8 operational months of 2022 (calendar year to date), it produced 2178 Bitcoins from ASIC mining operations (without adding Ethereum mining), which equates to around $71 million in revenue. On an annualized basis, the company’s existing bitcoin production to date represents revenues in excess of 100 million US dollars, adding up to recent mining under market conditions.
The firm believes that a reduction in HIVE’s market valuation has already been implemented in the 12 months prior to the Ethereum “merger”, relative to industry peers, as HIVE shares have traded against some of the lowest price/earnings ratios in its industry. peers. Array despite the constant functionality and savings in the crypto mining industry. The company also notes that HIVE’s consistent Ethereum mining operations have traditionally generated 3-4 times more cash per megawatt than Bitcoin mining. Many industry analysts exclude the company’s Ethereum Bitcoin equivalent production from their monthly production reports. As a result, the company believes that no reward for being the most effective Bitcoin miner has been implemented on a monthly Exahash-consistent Bitcoin, which HIVE has led among its peers since early 2022. In addition, no bonuses were given. implemented for HIVE to be the first public company for crypto mining and, to date, green renewable energy. The company sold Ethereum, which has been a very profitable business venture, to finance the expansion of the HIVE bitcoin mining program with state-of-the-art ASICs. As a result, this suggests that a reduction in HIVE valuation has been implemented, where other crypto mining companies with lower profit density relative to megawatts and less efficient at mining bitcoins commensurate with rates have noted lower ratios. low. consistent with price/earnings.
Ethereum Perspectives and Strategy
The company acknowledges the possible “merger” of Ethereum with evidence of involvement. Current projections from the Ethereum Foundation’s blog imply that the Consensus layer will be updated to Bellatrix on September 6, 2022, with estimates that the merger to evidence of participation will be to take office between September 10 and 20, 2022.
HIVE has already begun analyzing the extraction of other actionable portions of GPUs with its GPU fleet and is rolling out beta testing this week, ahead of the merger. on the occasion of a transition from Ethereum to Proof of Stake, in other GPU-usable currencies. HIVE sees a competitive landscape where GPU miners with the most effective device (in Joules to Megahash) and the lowest electric power load ($/KWHR) will prevail. The company notes that its Boden facility is one of the largest single-site Ethereum mines on the planet, and with a force set at around $0. 03 consistent with KWHR, HIVE is well placed to navigate the market.
HIVE’s GPU fleet contains approximately 21. 5 MW, or 16% of the company’s global portfolio of 130 MW of average green energy knowledge capacity (hydro and geothermal).
Of the 21. 5 MW, around 14. 8 MW are made up of legacy GPU cards (at most, AMD Radeon RX580 cards), most of which have been running since 2018 and have been amortized several times, marking a successful venture in Ethereum mining. The GPU cards come with around 3. 7 Terahash of the company’s Ethereum hashrate. If you switch to Bitcoin ASICs to mine next-generation ASICs, the company could mine an additional 400 to 440 PH/s of Bitcoin mining in this 14. 8 MW capacity.
The rest of the 21. 5 MW of GPU strength capacity is made up of 6. 7 MW of next-generation NVIDIA GPUs, degree of knowledge and professional grade, which constitute approximately 2. 8 Terahash of the company’s Ethereum hashrate. The company recently owns around 38,000 knowledge centers. Nvidia grade cards, adding the A4000, A5000, A6000 and A40 models.
Nvidia cites the NVIDIA RTX™ A6000 as “the world’s most rugged visual computing GPU for desktops. “
NVIDIA cites the NVIDIA RTX ™ A4000 as “the most rugged single-location GPU for professionals, providing real-time ray tracing, AI-accelerated computing, and high-performance graphics on your desktop. “
NVIDIA cites the A40 as “the world’s most resilient knowledge intermediate GPU for visual computing. . . The NVIDIA A40 GPU is a scalable leap in intermediate knowledge functionality and multi-workload capabilities, combining best-in-class professional graphics with rugged computing and AI acceleration to address today’s design, authoring, and science challenges. “
These forums can be used for cloud computing and AI applications, and rendering for engineering applications, in addition to clinical fluid dynamics modeling. HIVE has a pilot assignment for cloud computing in a Level 3 knowledge center, where some of the A40 GPU cards are located. implemented for cloud computing.
The company notes the difference between other Nvidia GPU models. NVIDIA also produces the CMP series of GPUs, which are intended for cryptocurrency mining, and are more limited in their applications, compared to the Force RTX and A40 series that HIVE owns. HIVE does hace. no has any CMP series GPUs. Our peers using Nvidia GPU chips have the sole purpose of leveraging ETH alone, while our chips offer many more features to generate profit or HPC liquidity in the event of a sale.
Difficulty in the network
The difficulty of the Bitcoin network was practically constant throughout the month of August and ended the month with an accumulation of 9. 4%. The difficulty of the Ethereum network increased by 4. 4% during the month of August. These points had a marginal increase an effect on our gross profit margins.
HIVE Blockchain Announces Appointment of Gabriel Ibghy as General Counsel
HIVE is pleased to announce that the Company has appointed Mr. Gabriel Ibghy as General Counsel. Gabe will report to the Executive Chairman, Mr. Frank Holmes.
“Gabe has been a synergistic addition to the HIVE team over the past year since leaving GPU. Uno. Su addition to HIVE as general counsel is an addition to HIVE’s leadership team to move forward,” said Mr. Holmes.
Gabriel Ibghy joined HIVE in 2021 as General Counsel following the acquisition of GPU Atlantic’s 50 MW knowledge center in New Brunswick, Canada.
Originally from Montreal, Quebec, Mr. Ibghy is a practicing attorney who holds a law degree from the Université de Montréal and is an intelligent member of the Barreau du Québec. In addition, Mr. Ibghy is fluent in English, French and Hebrew. and is fluent in Spanish. He also holds a Global MBA from Reichman University in Tel Aviv, Israel, as well as an International MBA Certificate from IE Business School in Madrid, Spain. Before entering the world of knowledge media and virtual asset mining, Frank Holmes said, “It is wonderful that Mr. Ibghy has legal experience in corporate and advertising litigation before all grades of the Provincial Courts of Quebec, the Court of Appeal of Quebec and appeals to the Supreme Courts of Canada. In addition, Mr. Ibghy has extensive experience in cryptocurrency mining, knowledge in construction, operation and control and has gained foreign experience in complex and challenging environments. In addition, Mr. Ibghy has unique legal qualifications and in. c. experience that fits well with Hive’s overall strategy. “
Aydin Kilic says, “Mr. Ibghy will move us forward as we continue to increase our overseas presence.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. se made public in 2017 as the first cryptocurrency mining company with a power and ESG strategy.
HIVE is a growth-oriented generation inventory in the emerging blockchain industry. As a company whose inventories are traded on a giant exchange, we are building a bridge between virtual currency and the blockchain industry and classic capital markets. HIVE has green energy knowledge centers in Canada, Sweden, and Iceland, where we try to get only green energy to mine in the Ethereum and Bitcoin cloud. Since the beginning of 2021, HIVE has kept most of its ETH and BTC coin mining rewards in secure storage. offering investors exposure to the operating margins of virtual currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC. Since HIVE also has durable assets like knowledge centers and complex multipurpose servers, we believe our inventories will be offering investors a way to gain exposure to the cryptocurrency space.
We invite you to HIVE’s YouTube channel here to learn more about HIVE.
For more information and to subscribe to the HIVE mailing list, visit www. HIVEblockchain. com. Follow @HIVEblockchain on Twitter and subscribe to HIVE’s YouTube channel.
On behalf of HIVE Blockchain Technologies Ltd. ” Frank Holmes”Executive Chairman
For information, please contact: Frank Holmes Tel: (604) 664-1078
Neither tsx Venture Exchange nor its Regulatory Service Provider (as that term is in TSX Venture Exchange’s policies) accepts responsibility for the adequacy or accuracy of this press release.
Forward-looking information
Except for statements of old facts, this press release “forward-looking data” within the meaning of the applicable Canadian securities law which is based on expectations, estimates and projections as of the date of this press release. The “forward-looking data” contained in this press release includes, but is not limited to, the Company’s business purposes and objectives; and other prospective data relating to the long-term intentions, plans and movements of the parts of the movements described herein and the terms thereof.
Factors that may also cause actual effects to differ slightly from those described in such forward-looking data include, but are not limited to, volatility of the virtual currency market; the Company’s ability to effectively exploit virtual currency; the Company may not be able to profitably liquidate its existing virtual currency stock as needed, or may not be able to liquidate at all; a significant decrease in the values of the virtual currency may also have a significant negative effect on the Company’s operations; value of volatility of virtual currencies; the continued effects of the COVID-19 pandemic may also have an adverse effect on the Company’s functionality, as supply chains are disrupted and prevent the Company from exhausting its expansion plans or operating its assets; and other similar hazards that are further described in the Company’s record and other documents disclosed in the Company’s filings in www. sec. gov/EDGAR and www. sedar. com.
The forward-looking data contained in this press release reflect the Company’s existing expectations, assumptions and/or ideals based on the data already available to the Company. In connection with the forward-looking data contained in this press release, the Company has made assumptions about the Company’s long-term objectives, purposes or plans, its timeliness and similar matters. prospective data are reasonable, prospective data do not guarantee long-term functionality, and therefore such data should not be unduly relied upon due to the uncertainty inherent in such data.
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