Blockchain
HIVE Blockchain Updates on Anticipated Cost Reductions; Announces RSU and Option Grants
HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the “Company” or “HIVE”) is pleased to announce that it now anticipates an approximately 40% reduction in the Company’s operating and maintenance costs at its GPU mining facility in Sweden, compared to such costs under its previous service provider agreement which it ended in November, 2019.
The updated cost reduction figure is higher than the approximately 25% that the Company had previously anticipated, as announced in its December 2, 2019 press release. This improvement is the result of locking in a lower than anticipated electricity rate, stemming from an unusually warm winter in Sweden, for a majority of the Company’s electricity costs via hedging agreements that will continue through 2020. Electricity, which is provided through green energy, comprises the majority of the Company’s operating and maintenance costs.
“We’re extremely pleased to have locked in advantageous electricity prices in Sweden through our direct agreements with local suppliers, the result of HIVE assuming full control of its Sweden operations in November,” said Frank Holmes, Interim Executive Chairman of HIVE. “This provides cost certainty and allows us to plan for our next stage of growth. It is another successful step in our efforts to increase our underlying mining profitability in 2020.”
HIVE is one of the world’s largest public miners on the Ethereum blockchain. The Company’s Sweden facility comprises the bulk of HIVE’s current mining operations, along with a significantly smaller GPU mining facility in Iceland. The Company has previously announced it is reviewing opportunities to improve profitability at its Iceland facility or relocate its GPU mining equipment there to a lower cost jurisdiction.
“For the past two years, HIVE’s share price has been relatively correlated to the price of Ethereum, in part due to traders using our publicly listed and relatively liquid shares as a proxy for holding the cryptocurrency,” noted Mr. Holmes. “That correlation unfortunately became decoupled last spring following our proxy battle. However, we are pleased that thus far in 2020, our efforts through 2019 to assume control of and improve our mining operations combined with the increasing adoption of the Ethereum blockchain and increasing investor interest in cryptocurrencies and blockchain technology, has resulted in similar investor interest in HIVE.”
The Company also announced that the Board of Directors has approved the grant of 3,000,000 incentive stock options; 500,000 options each were granted to the Company’s directors and certain officers which vest over 24 months. The options are exercisable into the equivalent amount of common shares of the Company at a price of C$0.29 per share. The grants are subject to the approval and rules of the TSX Venture Exchange and the Company’s incentive stock option plan. All options will expire on February 10, 2030. The Company’s Board has also approved the grant of an aggregate of 3,100,000 restricted share units (“RSUs”); 500,000 RSUs each were granted to the Company’s directors and certain officers, and 100,000 to a consultant to the Company which vest over 24 months. Each vested RSU entitles the holder to receive one common share of the Company.
Prior to the grants, the Company had approximately 327 million issued and outstanding common shares and approximately 18 million stock options.
The Company’s Stock Option Plan and Restricted Share Unit Plan were re-approved by shareholders at HIVE’s 2019 annual meeting of shareholders on December 18, 2019.
SOURCE HIVE Blockchain Technologies Ltd.
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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Blockchain
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Blockchain
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