Blockchain
RETRANSMISSION: HIVE Presents Record October 2021 Production Figures, HODL 1,350 Bitcoins as of October and Appointment of Luc Ouellette as VP of our New Brunswick Data Centre Campus
Vancouver, British Columbia–(Newsfile Corp. – November 22, 2021) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (Nasdaq: HIVE) (FSE: HBF) (the “Company” or “HIVE”) is pleased to announce the production figures from the Company’s global Bitcoin and Ethereum mining operations for the month of October 2021, our BTC HODL position of 1,350 coins and announcing a new team member from our local community in New Brunswick.
October 2021 Production Figures
Following a record Q2 2021 earnings report (period end September 30, 2021), HIVE is pleased to announce its October 2021 production figures. The Company notes it currently has:
- US$23.4M Revenue
- 234 BTC Produced
- 2,591 ETH Produced
Frank Holmes, Executive Chairman of HIVE stated, “We are proud of the growth and operational excellence exhibited from our global operations, which has HIVE generating US$280M in annual revenue on a run-rate basis using October figures, or approximately C$350M.”
Aydin Kilic, President & COO of HIVE noted, “We would like the investing public and crypto enthusiasts to understand the financial relationship between BTC and ETH mining. For example, currently 1,000 GH/s of ETH mining is equivalent in daily revenue from value of coins produced to approximately 215 PH/s of Bitcoin mining, using daily averages from the month of October. The Company believes it is in a unique position of having a large BTC and ETH mining footprint to provide investors a valuable value proposition. Mr Kilic continued, “Similarly, where one can equate hashrate on a revenue basis between BTC and ETH, you can also equate the value of the coins on a daily basis, as such the 2,591 ETH that HIVE produced is approximately equal in value to 171 BTC, in addition to the pure 234 BTC produced from our BTC operations.”
The Company’s total Bitcoin equivalent production in October 2021 was:
405 BTC Equivalent Produced
13.1 BTC Equivalent per day average Produced
BTC Coin Inventory (HODL)
On October 31, 2021 HIVE was Holder of 1,350 mined Bitcoin coins and has been banking them in secure wallets. Our continued strategy is one to continue holding coins, as we feel that it will benefit our shareholders.
This HODL strategy continues to led to the strengthening of our balance sheet and liquidity each and every month as we add to our BTC HODL position.
Appointment of Luc Ouellette as Vice President of New Brunswick Operations
Mr. Luc Ouellette has been in the IT services sector for many years and is a fixture of the local community in New Brunswick where HIVE’s state of the art 70MW data center campus is being constructed, which operates on green energy. Mr. Holmes noted, “We are pleased to welcome Mr. Ouellette to the HIVE family, as he has been an integral part of our operations in New Brunswick as a contractor since we acquired this site earlier this year. In addition to being 100% green energy focussed, we believe it is important to recognize talent in the communities where we invest, and we look forward to Luc growing with us as we expand our facility in New Brunswick as a HIVE team member.”
Currently HIVE’s New Brunswick facility is operating at 30MW of power capacity and generating approximately 650 PH/s of Bitcoin mining capacity. In December 2021 the Company expects the next 20MW phase of this campus to be complete, for which HIVE will have ASIC hardware ready to be installed immediately adding 500 PH/s of Bitcoin mining capacity.
Furthermore, the Company expects that the subsequent 20MW expansion phase will be completed in Q1 of calendar 2022, which will add an additional 500 PH/s of Bitcoin mining capacity and bring the campus to 70MW of total operating infrastructure. HIVE has ASIC hardware secured on delivery such that upon completion of the 70MW New Brunswick campus, this site will produce over 1.6 Exahash of Bitcoin mining capacity, which Mr. Ouellette will directly oversee the day-to-day operations of.
Mr. Kilic stated, “We are excited to have Mr. Ouellette oversee the on-site operation of what will be one of Canada’s largest single-site crypto mining campuses. I had the pleasure of meeting Luc when I travelled to the HIVE New Brunswick site earlier this year and was very impressed by his professionalism and resourcefulness.” Mr. Ouellette, a local resident in the community, will manage the logistics and installations of all incoming ASIC hardware, in addition to on-going maintenance and repairs to ensure optimal hashing uptime, as well will be HIVE’s regional representative in New Brunswick.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a 100% green energy focus and an ESG strategy.
HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we source only green energy to mine on the cloud and HODL both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC coin mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space. HIVE traded over 2 billion shares in 2020.
We encourage you to visit HIVE’s YouTube channel here to learn more about HIVE.
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.
“Frank Holmes”
Executive Chairman
For further information please contact:
Frank Holmes
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 and U.S. 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 but is not limited to, statements with respect to information about the potential increase in hashpower, the potential for the Company’s long-term growth, the Company’s HODL strategy being beneficial to shareholders; and the business goals and objectives of the Company.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: the volatility of 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 as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; continued effects of the COVID-19 pandemic may have a material adverse effect on the Company’s performance as supply chains are disrupted and prevent the Company from carrying out its expansion plans or operating its assets; and other related risks as more fully set out in the registration statement of the Company and other documents disclosed under the Company’s filings at www.sec.gov/EDGAR and 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 current profitability in mining cryptocurrency (including pricing and volume of current transaction activity); profitable use of the Company’s assets going forward; the Company’s ability to profitably liquidate its digital currency inventory as required; 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 their inherent uncertainty.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/104591
Blockchain
Supply Chain Finance Market Forecast to Reach $9.4 Billion by 2029: Increasing Emphasis on Sustainable Sourcing
Global Supply Chain Finance Market
Blockchain
Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest
Venture capital funding for cryptocurrency and blockchain projects has seen a notable resurgence in the first quarter of 2024, marking its first quarterly rise since 2021. Crunchbase data released today indicates that Web3 startups secured nearly $1.9 billion in funding across 346 deals during this period. This represents a substantial 58% increase from the previous quarter, offering a glimmer of hope amidst the ongoing downward trend in overall crypto VC interest.
The recent surge in funding can be attributed to investors adopting a more long-term perspective on Web3, as opposed to the hype-driven “tourist investors” predominant in recent years. Chris Metinko, the author of the report, notes that investors are shifting their focus to the AI sector, indicating a change in investment strategy. There is a growing interest in supporting the foundational infrastructure of the decentralized internet, rather than solely concentrating on crypto wallets and lending platforms, which attracted significant investments during the peak period of 2021 to 2022.
While large funding rounds were relatively uncommon in Q1, several notable investments stood out. Exohood Labs, a company integrating AI, quantum computing, and blockchain, secured a remarkable $112 million seed round at a valuation of $1.4 billion. EigenLabs, an Ether token “restaking” platform, raised $100 million in a Series B round led by a16z crypto. Additionally, Freechat, a decentralized social network leveraging blockchain technology, secured $80 million in a Series A round. These investments, among others, contributed to the increase in valuations and the emergence of four new Web3 unicorns in Q1.
Despite the recent progress, the future trajectory of Web3 remains uncertain. Metinko suggests that the next few quarters will be pivotal in determining the industry’s direction. While investors anticipate a rebound in investment as the decentralized internet evolves, it may take another year for venture capital activity to stabilize after the exuberance of 2021. Factors such as the approval of U.S. spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving could also influence the market, given the rising prices of Bitcoin and Ether.
A noteworthy example of significant funding in the Web3 space is Monad Labs’ recent successful funding round, which secured $225 million led by Paradigm. Monad Labs is a layer-1 blockchain compatible with Ethereum, offering faster transaction processing. This funding round harkens back to the golden era of crypto funding in 2021-2022, when L1 solutions attracted substantial investments.
Earlier this year, Balance, a digital asset custodian based in Canada, announced that it had once again reached $2 billion in assets under custody (AUC) amidst the recent market recovery. Similarly, Korea Digital Asset (KODA), the largest institutional crypto custody service in South Korea, has experienced remarkable growth in crypto assets under its custody, expanding by nearly 248% in the second half of 2023.
Analysts at Bernstein Research project that crypto funds could reach an impressive $500 billion to $650 billion within the next five years, representing a significant leap from the current valuation of approximately $50 billion. This forecast underscores the growing optimism and potential for substantial growth within the crypto industry in the coming years.
Source: cryptonews.com
The post Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest appeared first on HIPTHER Alerts.
Three blockchain mining companies – NGS Crypto, NGS Digital, and NGS Group – along with their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten, are facing legal action from the Australian Securities and Investments Commission (ASIC) for allegedly operating without a license, in violation of Australia’s Corporations Act. ASIC initiated legal proceedings against these entities on April 9, citing concerns about their non-compliance with financial regulations and their solicitation of Australian investors.
According to ASIC, the NGS companies promoted blockchain mining packages with fixed-rate returns to Australian investors, encouraging the transfer of funds from regulated superannuation funds to self-managed superannuation funds (SMSFs) for conversion into cryptocurrency. Approximately 450 Australians invested a total of around USD 41 million in these packages, raising concerns about potential financial losses.
The legal action filed by ASIC alleges that the companies violated section 911A of the Corporations Act, which prohibits companies from providing financial services without a valid Australian Financial Services Licence (AFSL). ASIC is seeking interim and final court orders to prohibit the NGS companies from offering financial services in Australia without an AFSL.
ASIC Chair Joe Longo emphasized the importance of investors carefully considering the risks before investing in crypto-related products through their SMSFs. Longo stated that ASIC’s actions send a message to the crypto industry about the regulator’s commitment to ensuring compliance with regulations and protecting consumers.
In a separate development, the Federal Court appointed receivers for the digital currency assets associated with the NGS companies and their directors to safeguard these assets amid concerns about the risk of dissipation. Mendham was also issued a travel restriction order, preventing him from leaving Australia.
While a court date for the proceedings has not been set, ASIC’s investigation is ongoing, with the regulator continuing to gather evidence and build its case. It is worth noting that the investigated companies share a similar name with NGS Super, a legitimate Australian pensions provider, leading to potential confusion among investors. NGS Super clarified that it is not involved in selling cryptocurrency or related products and has taken legal action to protect its trademark and members’ interests.
Source: iclg.com
The post ASIC cracks down on blockchain mining firms appeared first on HIPTHER Alerts.
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