Blockchain
HIVE Blockchain Announces Commercial Deployment of the HIVE BuzzMiner powered by the Intel Blockscale ASIC
This news release constitutes a “designated news release” 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.
Vancouver, British Columbia–(Newsfile Corp. – January 13, 2023) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (Nasdaq: HIVE) (FSE: HBFA) (the “Company” or “HIVE”) is extremely pleased to announce its commercial deployment of the HIVE BuzzMiner powered by the Intel Blockscale ASIC, after months of planning, engineering development, implementing factory QA processes, field testing and global collaboration.
Frank Holmes, Executive Chairman, stated: “HIVE has always sought to innovate as a technology company. Being the first public crypto miner, the first to be green energy focused, the first to mine both Bitcoin & Ethereum, and the first to own and build data centers, we are now very pleased to be the first public crypto miner to deploy its own ASIC mining rig. I am very proud of the hard work of our team.”
Mr. Holmes continued, “Our strategy has always been to realize the best return on invested capital. By vertically integrating our supply chain of ASIC miners, we are executing on our strategy to be the most efficient and agile crypto mining company globally. Additionally, the HIVE BuzzMiner is our testament to Proof-of-Work being the most secure and robust consensus mechanism for digital assets, of which Bitcoin is the most secure. We are proud that our contributions to securing the Bitcoin network can now include the HIVE BuzzMiner.”
Aydin Kilic, President & COO of HIVE, added, “The HIVE BuzzMiner is a high quality and robust machine and we are very pleased with the finished product. Our strategy to vertically integrate our business to include the development and production of our own Bitcoin ASIC miner, represents a significant milestone in HIVE’s advancement of our green energy focused Proof-of-Work initiatives. In addition to having design input and visibility, we are able to optimize the function of the HIVE BuzzMiner to satisfy demand response programs, so we can participate in grid balancing initiatives, which is part of our global energy strategy. What is unique about the HIVE BuzzMiner is the dynamic range of operation. We are able to operate our machines from 110 TH/s to 130 TH/s, allowing us to optimize the profitability of our fleet, by varying the power consumption and machine efficiency. Accordingly, our initial build of 5,800 HIVE BuzzMiners, can produce between 638 PH/s to 754 PH/s.”
The Company is happy to announce the performance of the HIVE BuzzMiner, now that over 1,500 machines have been deployed globally in our data centers in Canada and Sweden, and we have seen the expected performance targets met. The Company notes that earlier projections of over 1 Exahash were based on total ASIC allocation of Blockscale chips with Intel to produce 13,000 HIVE BuzzMiners. To methodically scale the business during the crypto bear market, HIVE’s initial production run for 2022 was set to 5,800 units. Accordingly, this is reflected in the hashrate projections. HIVE retains the option to produce more HIVE BuzzMiners.
Mr. Kilic continued, “We use advanced multi-variate mathematical models to study ever changing hashrate economics, and carefully monitor the production cost of each Bitcoin at our various data centers, along with ROI of our investments, which vary with ASIC miner performance. This is key to navigating crypto bear markets successfully, and maximizing profits in bull markets. We can now modulate the ASIC miner performance with our HIVE BuzzMiners for optimal returns. I am very pleased with the tactical execution of HIVE and Intel, which has involved inter-disciplinary engineering expertise in hardware, software, firmware, thermodynamics, and quality assurance.”
William Gray, CTO of HIVE, stated: “I have been involved in crypto-mining since 2011. It is a dream come true to oversee the deployment of our own ASIC miner, and notably in collaboration with Intel, a Fortune 500 company. We have the ability to develop our own API calls, gather test data at the microchip level, and fine-tune the device to optimize its performance. This also sets the stage for future ASIC systems development. At HIVE we strive for optimal efficiency, we have a high-performance culture. In the last decade, I have seen many presumptive companies attempt to build their own Bitcoin ASIC miner. It is a technically complex feat, that requires inter-disciplinary expertise. We are fortunate to have such a skilled technical team at HIVE, that has been able to leverage the immense resources from Intel Corporation.”
Mr. Jose Rios, General Manager of Blockchain and Business Solutions in the Accelerated Computing and Graphics Group at Intel added, “We’re thrilled to see the world’s first Intel Blockscale ASIC-powered systems go live with the new HIVE BuzzMiner. Blockscale was designed to optimize both energy efficiency and hashrate throughput, enabling partner systems that can help mining companies achieve both sustainability and hashrate objectives. At Intel, we’re excited by the potential of HIVE’s BuzzMiner system developed in close collaboration with HIVE’s engineering team and we’re looking forward to continued deployment of these systems in the years ahead.”
Figure 1: HIVE BuzzMiner powered by Intel BlockScale ASIC
To view an enhanced version of this graphic, please visit:
Figure 2: HIVE BuzzMiners in action
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5335/151240_picture2.jpg
RSU Grant
The Company announced that the Board of Directors has approved the grant of an aggregate of 1,200,000 restricted share units (“RSUs”) to the Company’s directors and an officer, which vest over 12 months. Each vested RSU entitles the holder to receive one common share of the Company. The grant of RSUs are subject to the approval of the TSX Venture Exchange.
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 endeavour to source only green energy to mine digital assets such as Bitcoin on the cloud. Since the beginning of 2021, HIVE has held in secure storage the majority of its treasury of ETH and BTC derived from mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies, primarily 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; the ability of the HIVE BuzzMiners to operate at expected levels of performance, the merits of expanding the deployment of the HIVE BuzzMiners, the continued viability of its existing Bitcoin Mining operations, 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. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151240
Saakuru has recently achieved significant milestones in its development, positioning itself as a leader in the gasless blockchain revolution that is reshaping the industry. Within just nine months of its launch, the consumer-centric L2 protocol has entered the top 5 brands in its niche and records over 1.44 million weekly users, according to data from DappRadar.
The project is gearing up for the official launch of its Saakuru token ($SKR) by the end of April, supported by a successful private funding round that raised $2.4 million. Saakuru Protocol stands as a pioneering advocate of gasless technology, aiming to accelerate the adoption of Web3 into the mainstream by enhancing the user experience and reducing costs for both developers and end users.
Unlike traditional blockchain networks, which often suffer from high gas fees and security issues, Saakuru Protocol leverages Oasys High-Speed Optimistic Rollups to create a public-permission, gas-less L2 blockchain. This innovative approach eliminates gas fees, improves user experience, and introduces new tokenomics models, enabling the development of versatile decentralized applications with higher security standards, cost-effectiveness, and ease of use.
The Saakuru token serves as a multi-purpose token within the protocol, providing utility and governance. Its advanced burning mechanism gradually reduces the token supply while potentially increasing its value. The token is integrated into all operational layers of the Saakuru protocol:
1. Developer Layer (Saakuru Labs): Provides products and services with proprietary business models, burning 10% of profits.
2. DeFi Layer (Taffy DEX): Utilizes Taffy DEX technology, where 0.005% of transaction fees are converted to SKR tokens and burned.
3. Governance Layer: Enables token holders to participate in protocol governance, with 5% of tokens used for governance initiating the review process being burned.
4. Protection Layer: In the event of triggering the protection mechanism, SKR tokens are burned, with 3% of saved tokens being burned.
Through these innovative features and layers, the Saakuru token and protocol aim to drive adoption, enhance functionality, and provide sustainable value for users and stakeholders alike in the evolving blockchain landscape.
Source: finance.yahoo.com
The post Saakuru Leads the Gasless Blockchain Revolution, Disrupting the Industry appeared first on HIPTHER Alerts.
RFK Jr.’s innovative proposal seeks to revolutionize how the American public interacts with the national budget, leveraging blockchain technology to provide unprecedented levels of transparency and accountability.
Under this plan, every detail of the U.S. budget would be recorded on a blockchain ledger, accessible to the public 24/7. RFK Jr. highlighted the transformative potential of blockchain by emphasizing that “Every American can look at every budget item in the entire budget, anytime they want, 24 hours a day.” This approach aims to engage citizens in the fiscal management of the country, with the goal of ensuring that every dollar spent is visible and accountable.
The proposal promises several significant benefits. Firstly, it could substantially reduce corruption and misuse of funds by enabling real-time monitoring of budget allocations. Secondly, it could strengthen the relationship between citizens and their government, potentially fostering greater trust and civic engagement.
However, implementing such a system presents challenges. One major obstacle is the immense amount of data involved in transcribing the entire national budget onto a blockchain. This requires a highly robust and scalable blockchain infrastructure. Additionally, ensuring universal access and usability of this technology for all Americans may require extensive educational initiatives and improvements in digital infrastructure.
Moreover, there are concerns regarding privacy and security. While blockchain offers inherent security features, the continuous updating and review of vast amounts of data could pose vulnerabilities that need to be addressed to prevent breaches.
Nevertheless, the potential benefits of RFK Jr.’s proposal are compelling. If successful, it could serve as a model for other nations, demonstrating how blockchain can enhance transparency and public participation in government. Ultimately, this initiative has the potential to redefine the standards for accountability and transparency in government spending, marking a significant step forward in the management of public resources.
Source: altcoinbuzz.io
The post RFK Jr. Proposes U.S. Budget Transparency with Blockchain appeared first on HIPTHER Alerts.
Tether (USDT), the world’s largest stablecoin, has swiftly entered The Open Network (TON) with $60 million worth of USDT already deployed on the blockchain.
The collaboration between Tether and the TON Foundation was announced just two days earlier at the Token2049 conference in Dubai.
USDT’s Strong Start on TON
Within a short span, $60 million worth of USDT has been issued on The Open Network (TON), positioning the blockchain as the 11th largest out of 16 blockchains supporting USDT. This significant milestone follows Tether’s announcement of its partnership with the TON Foundation during the Token2049 conference. Tether’s CEO, Paolo Ardoino, expressed satisfaction with the collaboration, initially reporting $35 million worth of USDT issuance, which has since been updated to $60 million in the Tether Transparency Report.
This integration holds considerable implications for Telegram users, offering instant and free cross-border payments. With USDT now available on TON, users can seamlessly conduct transactions without requiring a blockchain address or downloading separate applications. Telegram emphasizes that this integration will streamline money transfers, likening it to sending a direct message.
Fully Integrated On-Ramps
USDT on TON will seamlessly integrate with major fiat currencies, ensuring convenient on-ramping for users. Additionally, plans for off-ramping functionalities are underway, enabling users to convert USDT back to their preferred fiat currency and withdraw it to their bank account or card. Despite TON’s recent addition, a significant portion of USDT’s $109.8 billion circulating supply remains on the Tron Network, accounting for around $57 billion, followed by Ethereum with approximately $51 billion in USDT. Ethereum’s share has decreased as Tether seeks to mitigate Ethereum’s high network fees. Meanwhile, Solana hosts $1.9 billion worth of USDT.
Market Dominance
USDT continues to dominate the stablecoin market, holding an impressive 69% share valued at approximately $159.5 billion. Its closest competitor, Circle’s USD Coin (USDC), commands around 21% of the market, with $33 billion in circulation. The announcement also sparked a positive reaction in the price of Toncoin (TON), witnessing a 22% increase initially, although it quickly reverted to previous levels. Currently, TON is trading at $6.16, representing a 1.59% decline over the past 24 hours.
Source: cryptodaily.co.uk
The post $60 Million USDT Already Issued On TON, Great Start, Says CEO appeared first on HIPTHER Alerts.
-
Blockchain7 days agoBlockchain Transforming Travel: Quantum Temple’s Innovative Venture
-
Blockchain4 days ago
Phoenix Group Engages BHM Capital as Liquidity Provider to Boost ADX Liquidity and Enhance Market Dynamics
-
Blockchain7 days ago
Bybit and World Leaders Forge Major Alliance to Direct Web3 for Social Good
-
Blockchain5 days ago
Quantum eMotion Files a Patent for Quantum-based Blockchain Wallet Under the Patent Cooperation Treaty (PCT)
-
Blockchain Press Releases5 days agoCanaan Shines at Blockchain Life 2024 in Dubai
-
Blockchain Press Releases5 days agoBybit Institutional Report 2024: Institutions Become Bullish and Eye Challenger Chains, while VC Funding Resurges for Infrastructure, Gaming, and AI
-
Blockchain5 days ago
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
-
Blockchain Press Releases6 days ago
Bybit and Franck Muller Partner with Sidus Heroes to Launch Cosmic Gears: A Pioneering Web3 Game with a $250,000 Prize Pool and Exclusive Watch Collection
