Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Blockchain

HIVE Blockchain Provides May 2022 Production Update

Published

on

This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated February 2, 2021 to its amended and restated short form base shelf prospectus dated January 4, 2022.

Vancouver, British Columbia–(Newsfile Corp. – June 6, 2022) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: HBFA) (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 May 2022, with a BTC HODL balance of 3,186 Bitcoin as of June 5, 2022.

May 2022 Production Figures

HIVE is pleased to announce its May 2022 production figures and mining capacity:

  • 273.4 BTC Produced
  • 2,694 ETH Produced*
  • 2.15 Exahash of Bitcoin mining capacity at beginning of May
  • Increased to 2.18 Exahash of Bitcoin mining capacity at end of May
  • 6.26 Terahash of Ethereum mining capacity at beginning of May
  • 6.26 Terahash of Ethereum mining capacity at end of May

*The Company’s production of ETH from GPU mining (including selective optimizations of GPU hashrate) has yielded a total ETH production of 2,694 ETH

Frank Holmes, Executive Chairman of HIVE stated, “We are pleased to report in May HIVE continued its strong momentum in expanding our hashrate, notably our Bitcoin mining hashrate grew by 8% this month, through installations and electrical upgrades. In May we produced an average of 8.8 BTC per day, and we are pleased to note that as of today, we are producing approximately 9.2 BTC a day even after the recent difficulty increase of 5.5%.”

Aydin Kilic, President & COO of HIVE noted, “Our operational team continuously strives for excellence, ensuring that as we scale our hashrate as a company we also optimize our uptime, to ensure maximized Bitcoin and Ethereum output figures. Mr. Kilic continued, “We also would like to provide an update on the BTC and ETH equivalency, where one can equate value of the coins produced daily. The ETH that HIVE produced during the month of May, equated on a daily basis, is approximately equal to a monthly total of 185.8 BTC, which we refer to as Bitcoin equivalent or BTC equivalent. This is in addition to the 273.4 BTC produced from our Bitcoin mining operations during May, for a total of 459.2 Bitcoin equivalent.”

The Company’s total Bitcoin equivalent production in May 2022 was:

  • 459.2 BTC Equivalent (ETH + BTC) Produced
  • 14.8 BTC Equivalent produced per day on average
  • 3.4 Exahash of BTC Equivalent Hashrate (BTC hashrate plus equivalent ETH Hashrate as of May 31)

Market Sentiment for Top 100 Technology Stocks and Bitcoin

The correlation between Bitcoin price trends and top 100 tech stocks is 93%. Further, the correlation between bitcoin miners and bitcoin prices is +90%. The trend has been harsh and down over the past year, especially year to date with rising inflation and rising interest rates fears. In fact, the negativity is very high as reported by our primary stock exchange that 25% of our total traded value is shorted1. Historically a large short position and a price reversal up from such an over sold level in Bitcoin prices are the ingredients for the HIVE stock outperforming digital assets such as Bitcoin and Ethereum.

We are frustrated like most loyal long-term shareholders that we are not enjoying a premium as measured in revenue, cash flow multiples for superior execution, green energy focus and ESG strategy. Important for our shareholders as we weather the Bitcoin winter together, is that management remains focused on basic business fundamentals. We are laser focused on increasing our revenue, cash flow and Bitcoin HODL position on our balance sheet. We have a solid plan to build our data center business globally as this infrastructure is key to rising Bitcoin production with a high degree of efficiency.

The stock reverse spilt has been completed and we urge shareholders to watch our latest corporate update here on YouTube to better understand that the stock price is not a fair and reasonable price relative to our track record, growth plans and negative sentiment towards Tech stocks, especially bitcoin miners.

1 Year Ahead Hashrate Growth Outlook

HIVE is pleased to update investors on the Company’s growth plans for the year ahead. The Company will be at 6.2 Exahash BTC equivalent hashrate in one year, based on contracted monthly deliveries of ASIC and GPU hardware (with deposits in place), up from 3.4 Exahash of BTC equivalent hashrate today.

HIVE’s treasury of Bitcoin and Ethereum mined with green energy is currently valued at approximately USD $122 million.

The Company has been consistently receiving these ASIC and GPU deliveries monthly and expects this to continue on schedule. HIVE has carefully endeavoured to balance sustainable growth of its data center infrastructure to optimize the incoming ASIC and GPU hardware orders, so that we have maximum operating hashrate, and the best efficiency in Bitcoin per Exahash amongst industry peers.

Our fourth building in New Brunswick has just been completed, which will bring our data center campus to a total of 75 MW, up from 50MW. The fourth building is in the process of being commissioned this week and will coincide with upcoming deliveries of new machines.

HIVE is also progressing in development of the Intel Blockscale ASIC miner, with functional test units expected this month, for the HIVE engineering team to operate and test in its facilities, with prototype production expected for late summer, and mass production scheduled to launch this fall.

As it pertains to rapidly scaling, HIVE has endeavoured to first find sources of low-cost green energy before buying large allocations of GPUs or ASIC miners to maximize our efficiencies and generate robust returns on invested capital. In our market intelligence, the Company has noticed supply disruptions for electrical equipment needed to make data centers, such as transformers and switch gear. Striving to scale large production has run into many roadblocks due to these supply line issues. New miners who only recently placed their orders may face severe delays.

Our research from China shows the lockdown of over 30 cities has created an epic traffic jam of empty ships waiting to pick up manufactured products in ports along the China coast. This is impacting their whole manufacturing sector, as well as other industries which rely on these suppliers. We are closely monitoring the trade off between risks of not receiving needed electrical and hardware for building data centers and Bitcoin mining machines

ETH Profits to Fund Intel Bitcoin Miners

Despite the recent fall in price, Ethereum has outperformed Bitcoin over the last year. We decided it was prudent to take some profits in ETH due to its higher volatility and have sold approximately 10,000 coins.

We significantly reduced our ETH holdings to fund our Intel strategic relationship and the building of new Bitcoin miners. However due to continued expansion of our ETH mining capacity, we will look to replace those coins in the near future.

We will continue to look to sell ETH at strategic times to fund our long-term Bitcoin mining goals. We see our ETH mining operations as a highly profitable and less competitive niche we can take advantage of for long enough to become a large player in the Bitcoin mining space. If for some reason, ETH never transitions to proof-of-stake, that will all be “gravy”, as they say.

Network Mining Difficulty

The Bitcoin network difficulty increased as much as 5% during the month of May, although corrected by -4% towards the end of the month; similarly, the Ethereum network difficulty increased by an average of 4.6% during the month of May. These factors negatively impact our gross profit margins.

About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and 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.

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 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, business goals and objectives of the Company; and other forward-looking 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 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 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 Company’s objectives, goals or future plans, the timing thereof and related matters. 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.


1 Shortdata.ca

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/126564

Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

Supply Chain Finance Market Forecast to Reach $9.4 Billion by 2029: Increasing Emphasis on Sustainable Sourcing

Published

on

supply-chain-finance-market-forecast-to-reach-$9.4-billion-by-2029:-increasing-emphasis-on-sustainable-sourcing

Global Supply Chain Finance Market

Continue Reading

Blockchain

Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest

Published

on

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.

Continue Reading

Blockchain

ASIC cracks down on blockchain mining firms

Published

on

asic-cracks-down-on-blockchain-mining-firms

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.

Continue Reading
Advertisement
Advertisement

Latest News

Recent Listings

  • Global Payout, Inc.

    Since the Company’s inception in 2009, Global Payout, Inc. has been a leading provider of compreh...

  • MTrac Tech Corp.

    MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Glo...

  • Net1

    Net1 is a leading provider of transaction processing services, financial inclusion products ...

  • uBUCK Technologies SEZC

    Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in digit...

  • LiteLink Technologies Inc.

      LiteLink is a major player in developing world-class enterprise platforms that utilize ar...

  • Good Gamer Corp.

      Good Gamer Corp. is a privately-held technology company focusing on gamers and streamers....

  • BitPay

      Founded in 2011, BitPay pioneered blockchain payment processing with the mission of trans...

  • About Net1

      Net1 is a leading provider of transaction processing services, financial inclusion produc...

  • Blockchain Foundry Inc.

    Headquartered in Toronto, Canada, Blockchain Foundry (CSE:BCFN)(FWB:8BF)(OTC:BLFDF) is a global b...

  • Sixgill

    Sixgill provides a full suite of universal data automation and authenticity products and services...

Trending on TBE