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HIVE Blockchain presents shareholder meeting results and announces opportunistic purchases of energy-efficient Bitmain S19j Pro miners to help HIVE reach its 3 Exahash target in the coming year.

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HIVE Blockchain presents shareholder meeting results and announces opportunistic purchases of energy-efficient Bitmain S19j Pro miners to help HIVE reach its 3 Exahash target in the coming year.



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, this news release qualifies as a "designated news release." 

British Columbia's Vancouver — (Newsfile Corp. - December 22, 2022) - The "Company" or "HIVE" is delighted to inform that all resolutions considered at its 2022 annual meeting of shareholders on December 20, 2022 were accepted by its shareholders. HIVE Blockchain Technologies Ltd. (TSXV: HIVE), (Nasdaq: HIVE), (FSE: HBF) is the "Company" or "HIVE". Additionally, the Company is releasing a corporate update for the third fiscal quarter that will finish on December 31, 2022.

Resolutions approved by shareholders

The following resolutions were approved by the shareholders in attendance in person or by proxy: 

  • The board of directors for HIVE duly elected or reelected all nominees for director. Frank Holmes, Marcus New, Dave Perrill, Ian Mann, and Susan McGee make up the board of directors for HIVE. Each director will hold office until the following annual meeting of HIVE's shareholders, the election or appointment of their respective successors, or until they otherwise resign from their positions.

  • For the next year or until a successor is selected, Davidson & Company LLP was re-appointed as HIVE's independent external auditor, and the Board was given authority to determine compensation. 

  • The Stock Option Plan of the Company was renewed. 

The HIVE Management Information Circular, dated November 10, 2022, which was distributed to shareholders and is accessible on SEDAR at www.sedar.com, provides more information on the resolutions that were voted on at the meeting.

Energy Efficiency of ASIC Mining Fleet is Improved by HIVE

HIVE is happy to announce further strategic purchases of Bitmain Antminer S19j Pro ASIC miners at competitive prices in US dollars per Terahash: 

  • The purchase of 1,540 S19j Pro miners, with an anticipated output of over 159 PH/s and an average hashrate of 104 TH/s. 

  • The acquisition of 100 S19j Pro miners, with a hashrate of 98 TH/s on average, which should generate more than 9 PH/s.

  • The business points out that these acquisitions come after the 1,930 S19j Pro miners, which were only announced to produce over 185 PH/s. 

  • The 3,570 S19j Pro miners HIVE just acquired strategically are expected to add over 355 PH/s of very efficient Bitcoin mining hashrate, with a rated efficiency of 29.5 J/TH.
Lower energy consumption per hash in Bitcoin mining results from improved Joules per Terahash (J/TH) efficiency. To navigate the present crypto mining market, the company can increase its global fleet's Bitcoin break-even output price while also realizing a greater cash flow return on invested capital by purchasing machines with low $ per TH acquisition prices. 

In addition to the 262 HIVE BuzzMiners working in New Brunswick, HIVE has also received and installed 420 HIVE BuzzMiners in Sweden, bringing the current operating total to 682 HIVE BuzzMiners, with a rated output capacity of 75 PH/s. 5,800 HIVE BuzzMiners will be produced in total, with a predicted 638 PH/s output.

Over 990 PH/s of high efficiency Bitcoin mining power is anticipated from HIVE's fleet of 9,370 new-generation 30 J/TH Bitcoin ASIC miners. These machines will replace outdated machines, some of which have been mining since 2018 and 2020, and improve existing units in HIVE's global operating fleet. By the end of January 2023, the company anticipates that these 9,370 machines will have been delivered and installed inside the operational infrastructure. 

Within the same operating footprint of electrical infrastructure, this update is anticipated to increase HIVE's overall global Bitcoin production capacity by about 20%. Therefore, it is anticipated that this modification will effectively lower the average breakeven production price by about 20%.

Industry Advancement Proof of Work

The company claims that since the Bitmain Antminer S9, which was the most common Bitcoin miner in the 2018/2019 era, energy usage has decreased 67% as a result of technological advancements in Bitcoin's proof of work environment. The S9's efficiency ranged from 90 to 98 J/TH, but the S19j Pro has an efficiency that uses only 1/3 of the S9's average energy per terahash. 

The industry works to make this process more energy-efficient because it takes more computing power to secure the Bitcoin blockchain, which has proven itself to be an irreproachable distributed ledger over time.

To strategically maximize the output of HIVE's global Bitcoin production, 9,370 new generation ASICs are being installed, which equates to about 30MW of electricity.

About HIVE Blockchain Technologies Ltd.

In 2017, HIVE Blockchain Technologies Ltd., the first cryptocurrency mining business with a green energy and ESG strategy, went public.

A growth-oriented technology stock in the burgeoning blockchain sector is HIVE. We are creating a link between the cryptocurrency and blockchain industries and conventional capital markets as a firm whose shares are traded on a significant stock exchange. HIVE has cutting-edge, green energy-powered data center facilities in Canada, Sweden, and Iceland, where we try to mine digital assets like Bitcoin in the cloud using solely green energy. The majority of HIVE's ETH and BTC mining rewards treasury has been kept in safe storage since the start of 2021. Our shares give investors access to a portfolio of cryptocurrencies, notably BTC, as well as the operational margins of the mining of digital currencies.

Article Credit: Yahoo! Finance

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