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RETRANSMISSION: Blockchain Announces Growth Plan to 6 EH/S, Corporate Updates and Establishment of At-The-Market Equity Program

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This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated May 10, 2023 to its short form base shelf prospectus dated May 1, 2023.

Vancouver, British Columbia–(Newsfile Corp. – May 12, 2023) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: HBFA) (the “Company” or “HIVE”) is pleased to announce its updated growth target to 6 Exahash per second (“EH/s”) (all amounts in US dollars, unless otherwise indicated).

HIVE’s near-term target is 4 Exahash for calendar Q2 2023 through the secured orders of 1.26 Exahash of new generation Bitcoin mining ASICs, to grow our target hashrate by 33%. HIVE’s management team has been carefully evaluating ASIC purchase opportunities, deploying capital for orders that would allow for optimum cash flow return on invested capital, while also introducing more efficient machines to our global fleet.

Immediate Growth Overview:

  • Over 1.26 Exahash of new generation Bitcoin ASIC miners at very attractive $/TH prices:
    • Purchased 3,600 Bitmain S19j Pro+ miners for a total of 439 PH/s
    • Purchased 1,169 Bitmain S19j Pro miners for a total of 117 PH/s
    • Purchased 1,100 Bitmain S19 XP miners for a total of 154 PH/s
    • Launched production of 5,000 BuzzMiner Plus units, for a total of 550-650 PH/s

Strategic Insight:

HIVE has successfully utilized and continues to optimize its hybrid strategy for expansion, to opportunistically sell Bitcoin when it is accretive to do so, or issue shares to grow our Bitcoin HODL position. HIVE’s approach to maximize cashflow return on invested capital has allowed us to minimize shareholder dilution, while also keeping a strong Bitcoin HODL balance.

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The Company notes that other publicly traded Bitcoin miners may only issue shares to fund their business and expansions, in order to HODL all their Bitcoin. Whereas other miners may sell all their Bitcoin HODL to fund their business or expansions.

Appointment of Luke Rossy to Vice President of Operations

HIVE is pleased to announce the appointment of Luke Rossy to the position of Vice President of Operations. Luke has been with HIVE for the last two years, as our Senior Developer & Operations Manager, where he has been a tremendous resource, and eager to learn.

Luke has demonstrated an aptitude for problem solving in the technical realm, alongside his expert level analysis skills. By expanding his horizons and taking on more executive level tasks, we are excited to see Luke grow with the Company.

Aydin Kilic, CEO of HIVE Blockchain stated, “I have worked very closely with Luke for the last 2 years, he has been an exceptional team member, with incredible focus and a tireless work ethic. I believe he will make a great executive and as we have a lean management team at HIVE, his diverse skillset helps us navigate day to day hurdles as we strive for excellence.”

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ATM Financing to Fast Track Growth Strategy and Build HODL Position

The Company is also pleased to announce that it has entered into an equity distribution (the “Equity Distribution Agreement“) with Stifel GMP (“Stifel“) and Canaccord Genuity Corp. (“Canaccord” and together with Stifel, the “Agents“) to establish an at-the-market offering of common shares (“Common Shares“) in the capital of the Company on the facilities of the TSX Venture Exchange (“TSXV“).

Frank Holmes, Executive Chairman of HIVE commented, “I am thrilled this is the first time two large independent brokers in Canada are in partnership with us on an ATM financing. This financing will allow us to grow our Bitcoin HODL and Exahash mining capacity.”

The Company estimates that with each additional 30MW of infrastructure, utilizing ASICs with an efficiency of 30 J/TH, it will be able to add 1 Exahash of Bitcoin mining capacity, at an approximate cost of $30,000,000. Therefore, with the right opportunities, proceeds from the ATM financing could potentially allow the Company to add an additional 3 Exahash to its operating footprint, including infrastructure and ASICs. This would represent approximately a 100% growth to the Company’s current ASIC operating capacity of 3.15 Exahash, to achieve its growth target of 6 Exahash.

By introducing machines with better joules per Terahash (“J/TH”) efficiency, while also procuring these machines at attractive $/TH price, we strive to optimize near-term repayment of our investments from cashflow operating these machines. Furthermore, we analyze possible scenarios where mining revenues may drop in the time periods surrounding the halving event, and thus we strive to ensure that the machines we purchase will have positive gross mining margins for as long as possible after the initial investment has been paid off. Therefore, an optimal balance between J/TH efficiency realized and $/TH price paid must be sought. Our goal is that these investments become free cash flow generating assets, to get the best cash flow return on invested capital as publicly traded Bitcoin miner.

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Pursuant to the Equity Distribution Agreement, the Company may, from time to time, sell up to $100 million of Common Shares (the “ATM Equity Program“). The Company intends to use the net proceeds of the ATM Equity Program, if any, principally for general corporate and working capital requirements, funding ongoing operations, to repay indebtedness outstanding from time to time, to complete future acquisitions, or for other corporate purposes.

The Common Shares will be distributed at trading prices prevailing at the time of the sale, prices may vary between purchasers and during the period of distribution. The volume and timing of sales, if any, will be determined at the sole discretion of the Company’s management and in accordance with the terms of the Equity Distribution Agreement. To date, no Common Shares have been distributed by the Company pursuant to the Equity Distribution Agreement. Sales of Common Shares, if any, under the ATM Equity Program are anticipated to be made in transactions that are deemed to be “at-the-market distributions” as defined in National Instrument 44-102 – Shelf Distributions, as sales made directly on the TSXV or any other recognized Canadian “marketplace” within the meaning of National Instrument 21-101 – Marketplace Operation. The ATM Equity Program is being made pursuant to a prospectus supplement dated May 10, 2023 (the “Prospectus Supplement“) to the Company’s short form base shelf prospectus dated May 1, 2023 (the “Base Shelf Prospectus“), filed with the securities regulatory authorities in each of the provinces and territories of Canada.

The Prospectus Supplement (as well as the related Base Shelf Prospectus) is available at the Company’s profile on the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or in any jurisdiction where the offer, sale or solicitation would be unlawful. The Common Shares referred to in this news release may not be offered or sold in the United States absent registration or an applicable exemption from registration.

About HIVE Blockchain Technologies Ltd.

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HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company listed for trading on the TSX Venture Exchange with a green energy focus.

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 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 Bitcoin. 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.

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“Frank Holmes”

Executive Chairman

For further information please contact:

Frank Holmes

Tel: (604) 664-1078

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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 ATM Equity Program; the HODL strategy adopted by the Company; the acquisition, deployment and optimization of the mining fleet and equipment; 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.

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NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/165845

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

YOM expands its cloud gaming DePIN from Solana to peaq to run its NFT node sale

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peaq, the layer-1 blockchain for DePIN and Machine RWAs, announces the expansion of its ecosystem as YOM, the cloud gaming and interactive experience DePIN, unveils its plan to expand to peaq from Solana. YOM enables gamers to earn crypto from their advanced rigs by lending their idle computational power to its DePIN. As the first step toward integrating peaq, YOM will launch its recently-unveiled Genesis Series as the first NFT Node Mint on the peaq blockchain. It will also explore further venues for more collaborations and integrations in the future.

Projected to grow to $312 billion in total revenue by 2027, the video game industry is a powerhouse in the wider entertainment segment, leaving both Hollywood and the music industry far behind. Cloud gaming services, which stream games to the user’s devices such as a smart TV or even a smartphone, are a promising sector in this industry, as they deliver AAA-tier gaming experiences without having to purchase a high-end PC or a console. However, in Web2, such services have to rely on massive data centers, which invokes environmental concerns and further strains the GPU market amid soaring demand from the AI industry. Besides, such data centers are costly to build and operate and often struggle to deliver the content at a comfortable latency.

YOM changes the game by ditching Web2 data centers. Instead, it taps idle personal gaming rigs, leveraging their powerful hardware to remotely run games and interactive experiences and stream them to any devices via their web browsers. The rigs’ owners earn rewards in crypto for every game hour they stream. YOM’s platform currently supports Unreal Engine 5 — one of the industry’s most popular options both among AAA studios and indie developers. The DePIN makes for a more sustainable approach to cloud gaming, with lower hosting costs and low latency, all while enabling gamers to earn revenue from their advanced hardware.

YOM’s strategic integration of peaq will begin with a node sale, where the community will be able to buy YOM’s Genesis Node Licenses as NFTs minted on peaq. The NFTs will be necessary to join YOM’s DePIN as a node. Full details, including the dates and the eligibility criteria, can be found on the YOM site. The mechanism for the node sale will-be open-sourced, enabling other DePINs building on peaq to conduct similar events. After the node sale, YOM is excited to explore more prospective directions for the integration into the peaq ecosystem.

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“We are very excited to be working with a Layer-1 chain that has the ability to support us and other DePIN projects on both the ecosystem and technical front,” remarks Jeff Outlaw, CXO at YOM. “Their support frees up the time for our tech team to work on the cloud gaming network. We are working to bring AAA games and immersive experiences to a wider top-of-funnel market as fast as possible, and building with peaq means we can skip a few crucial steps by leveraging its Modular DePIN Functions. All of our focus is now on bringing games to gamers!”

“The gaming industry is a staple of today’s digital entertainment market,” says Leonard Dorlöchter, co-founder of peaq. “Web3 has already tried to take it on with play-to-earn games, but YOM’s approach is a lot more creative — and it truly gives gamers ownership over something they’re so passionate about while earning rewards from their expensive rigs. We are thrilled to see YOM join the peaq ecosystem and look forward to the change it brings about in the gaming world, working as the true Web3 gateway for the mainstream gaming community.”

YOM is the second DePIN to expand to peaq from Solana even before the former’s mainnet launch, which is slated to take place in the coming months. In April this year, MapMetrics, another project originally based on Solana, unveiled its plan to migrate to peaq after the initial announcement of a more limited integration. Also in April, dTelecom, originally building on Arbitrum, announced joining peaq as well.

The post YOM expands its cloud gaming DePIN from Solana to peaq to run its NFT node sale appeared first on HIPTHER Alerts.

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Blockchain

CoinW Continues Expedition Trek And Double Down On Presence At ETH-Native Events

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Blockchain

Binance Cleared to Invest Customer Assets in US Treasury Bills: What It Means for Crypto and Dollar Dominance

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Binance has been granted court approval to invest customer funds in US Treasury Bills (T-bills), a move authorized by the United States District Court for the District of Columbia. This development signifies a significant intersection between traditional financial instruments and the digital asset sector.

Court Approval and Investment Details

On July 19, 2024, the court permitted Binance to use customer funds, currently held with BitGo, for purchasing US Treasury Bills. The order mandates that these investments be managed by a third-party investment manager. Importantly, the funds cannot be reinvested into Binance or its affiliates, ensuring transparency and mitigating conflicts of interest.

Binance is also required to provide detailed reports on the costs associated with managing these T-bill investments, which will be included in its monthly business expense disclosures, enhancing both accountability and regulatory compliance.

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Implications for the Crypto Industry

This court decision illustrates a growing convergence between the cryptocurrency and traditional financial markets. By investing in US Treasury Bills, Binance not only diversifies its asset management approach but also contributes to stability and credibility in the financial sector.

From a regulatory standpoint, this approval establishes a precedent for how digital asset exchanges can responsibly manage and utilize customer funds, aligning with traditional financial practices while addressing the unique challenges of the cryptocurrency space.

Stable Coins and Dollar Dominanc

The ruling also draws a parallel to stable coins, especially those pegged to the US dollar, such as Tether (USDT). Stable coins act as a bridge between traditional fiat currencies and cryptocurrencies, providing stability and liquidity in a volatile market.

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Tether, for instance, holds substantial amounts of US Treasuries as part of its overcollateralization strategy to ensure that each USDT token remains pegged to the US dollar. This practice supports the global dominance of the dollar and mitigates risks associated with inflation and fiscal policies.

Global Financial Impact

In the context of global finance, both stable coins and US Treasury Bill investments reinforce the US dollar’s position amid challenges like de-dollarization by emerging markets. By holding US debt instruments, stable coins help manage inflation risks and support the dollar’s role in international trade and finance.

Former US Speaker Paul Ryan has noted the role of stable coins in sustaining demand for US dollars and government securities, contributing to economic stability and supporting the value of dollar-pegged stable coins.

Diverse Views on Stable Coins

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Despite their benefits, stable coins face varied opinions within the financial and crypto communities. Critics like Alex Gladstein of the Human Rights Foundation argue that stable coins perpetuate the fiat-centric system that decentralized cryptocurrencies aimed to disrupt. Gladstein advocates for alternative digital assets that promote financial inclusion and economic freedom, challenging the dominance of stable coins tied to traditional fiat currencies.

Binance’s court-approved investment in US Treasury Bills marks a significant step toward integrating traditional financial instruments with the digital asset landscape. This decision not only enhances Binance’s transparency and regulatory compliance but also underscores the increasing legitimacy of cryptocurrencies in mainstream finance.

The synergy between stable coins and US Treasury investments further highlights their role in sustaining dollar dominance and addressing global economic uncertainties. As regulatory frameworks evolve and market dynamics shift, the interplay between cryptocurrencies and traditional finance will continue to shape the future of global monetary systems.

Source: thecurrencyanalytics.com

The post Binance Cleared to Invest Customer Assets in US Treasury Bills: What It Means for Crypto and Dollar Dominance appeared first on HIPTHER Alerts.

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