Sweden Phase 3 completed on budget as HIVE executes its development pipeline, increasing power capacity by 39%
Boden, Sweden and Vancouver, Canada – HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTC:HVBTF) (the “Company” or “HIVE”) is pleased to announce the further expansion of its GPU-based digital currency mining complex with the completion of the third phase (“Sweden Phase 3”), which commenced mining at the end of April 2018. This is the second expansion brought online in the past month and the precise execution of the Company’s mining roadmap has resulted in on-time completion of the facility. Sweden Phase 3 increases HIVE’s energy consumption dedicated to cryptocurrency mining by 6.8 megawatts (“MW”) to 24.2 MW, an increase of 39%.
HIVE continues to pursue profitable growth at its mining facilities, as evidenced by the completion of Sweden Phase 3, and the fully financed 20.0 MW ASIC-based mining expansion planned by September 2018 which will result in total capacity of 44.2 MW. Upon completion, the Company will be capable of mining Bitcoin and Bitcoin Cash in addition to its current GPU-based facilities which currently mine Ethereum, Ethereum Classic, and Z-Cash which contribute to the Company’s digital currency inventory. Ongoing growth is aided by implementation of custom Genesis-designed and built A2 mining rigs to realize a more than 25% improvement in efficiency over prior generations.
The Company is proceeding with the closing of its recently announced acquisition of Kolos Norway AS and expects to provide an update on the acquisition in the coming weeks.
"HIVE is well positioned as an industrial-scale digital currency mining operator in stable jurisdictions with low-cost power and operating profiles. We continue to exhibit healthy gross mining margins and have a growing inventory of cryptocurrency. We are committed to achieving profitable growth and evaluating opportunities for the deployment of capital to further enhance shareholder value." said Harry Pokrandt, CEO and Director of HIVE.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. is a growth oriented, TSX.V-listed company building a bridge from the blockchain sector to traditional capital markets. HIVE is strategically partnered with Genesis Mining Ltd. to build the next generation of blockchain infrastructure. HIVE owns state-of-the-art GPU-based digital currency mining facilities in Iceland and Sweden, which produce newly minted digital currencies like Ethereum continuously, and provides shareholders with exposure to the operating margins of digital currency mining as well as a growing portfolio of crypto-coins.
For more information and to register to HIVE’s mailing list, please visit www.HIVEblockchain.com. Follow @HIVEblockchain on Twitter and subscribe to HIVE’s YouTube channel.
On behalf of HIVE Blockchain Technologies Ltd.
President, CEO and Director
HIVE Investor Relations Contact:
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Forward-Looking Information Except for the statements of historical fact, this news release 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 news release. “Forward-looking information” in this news release includes information about the Company’s 20 MW ASIC-based mining expansion planned by September 2018, and expected total mining capacity of 44.2 MW; expected capability of mining Bitcoin and Bitcoin Cash; closing of the Company’s recently announced acquisition of Kolos; continued growth and shareholder value; 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, operation and electricity consumption of the built-out digital currency mining centres in Sweden may not occur as currently planned, or at all; the closing of the Kolos acquisition may not occur as currently planned, or at all; the ongoing partnership with Genesis; the quantum of electrical consumption and mining capacity at the digital currency mining centres in Sweden may not materialize as currently anticipated, or at all; the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company's operations; the volatility of digital currency prices; and other related risks as more fully set out in the Filing Statement of the Company dated September 13, 2017 and other documents disclosed under the Company's filings at http://www.sedar.com. The forward-looking information in this news release 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 news release, the Company has made assumptions about the Company’s ability to complete the construction of the built-out digital currency operations in Sweden; the quantum of electricity consumption at built-out facilities; the Company’s ability to close the Kolos acquisition; the Company will be able to profitably liquidate its digital currency inventory as required; 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. Additionally, gross mining margins referred to in this news release are also based on assumptions set out herein and are based upon management's best estimates but are inherently speculative and there is no guarantee that such assumptions and estimates will prove to be correct. 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.