It has been just two short months since our trading debut on the TSX.V, but a lot has happened since then. The blockchain and cryptocurrency economy continues to grow at a furious pace, with the aggregate market cap of all cryptocurrencies surpassing US$225 billion this past week. Recent developments include the decision of CME Group — the operator of the world's largest options and futures exchange — to launch Bitcoin futures; the third annual Ethereum developer conference (devcon3) — the largest ever — held in Cancun, Mexico; mainstream payment platforms like Square dipping their toes into crypto; the announcement by Coinbase of a new company — Coinbase Custody — which will help institutional investors securely store digital assets; and the Ethereum Classic Summit held in Hong Kong, sponsored by HIVE.
The consensus algorithms leading these decentralized economies — like Proof-of-Work, Ethash, and Equihash — continue to power the security underpinning and legitimizing the leading blockchain networks. HIVE is quickly scaling to become a global leader in blockchain infrastructure as the world we know becomes decentralized.
Since our launch, we have raised C$88 million in three financing rounds, including two bought deals led by GMP Securities. These financings have included the re-investment of more than C$12 million by our largest shareholder and strategic partner, Genesis Mining, the world’s leading cryptocurrency mining company. The raised capital was used to grow our Iceland mining operation to 3.8 MW in electricity consumption, and is now being deployed in our massive expansion into Sweden, which will increase the total electricity consumption of our global mining operations to 17.4 MW.
We are also pleased to have been included as one of five select holdings — along with SAP, Overstock, Hitachi, and Accenture — in the Reality Shares Nasdaq Blockchain Economy Index, which is designed to measure the returns of global companies committed to blockchain innovation.
We will continue to provide community and company insights through our corporate blog in the coming weeks and months. Stay tuned.
The HIVE team
RECENT MEDIA COVERAGE
Except for the statements of historical fact, this communication 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 communication. “Forward-looking information” in this communication includes information about construction and acquisition of the Sweden Data Centre; the expected electrical consumption at the Sweden Data Centre; 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, acquisition and operation of the Sweden Data Centre; the ongoing partnership with Genesis; the quantum of electrical consumption at the Sweden Data Centre may not materialize as currently anticipated; the digital currency market; the Company’s ability to successfully mine digital currency; and other related risks as more fully set out in the Filing Statement of the Company dated September 13, 2017.
The forward-looking information in this communication 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 communication, the Company has made assumptions about the Company’s ability to complete the construction and acquisition of the Sweden Data Centre; 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. 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.