Connect with us
Prague Gaming & TECH Summit 2025 (25-26 March)

Blockchain

HIVE Blockchain Updates on Anticipated Cost Reductions; Announces RSU and Option Grants

Published

on

 

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.

Advertisement

“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.

 

Advertisement

SOURCE HIVE Blockchain Technologies Ltd.

Wladimir P. is a Content Editor at European Gaming Media and at PICANTE Media and covers a large variety of industries.

Blockchain

Bybit Strengthens Partnerships and Explores Islamic Finance Innovation at Exclusive Forum

Published

on

bybit-strengthens-partnerships-and-explores-islamic-finance-innovation-at-exclusive-forum
Continue Reading

Blockchain

Automotive Finance Strategic Business Report 2024: Global Market to Reach $517.9 Billion by 2030, Fueled by Increasing Preference for Flexible Finance Options, Including Leasing & Subscription Models

Published

on

automotive-finance-strategic-business-report-2024:-global-market-to-reach-$517.9-billion-by-2030,-fueled-by-increasing-preference-for-flexible-finance-options,-including-leasing-&-subscription-models

Automotive Finance Market

Continue Reading

Blockchain

Co-branded Credit Card Market Trends and Industry Forecast, 2025-2030 – Untapped Sectors like E-Sports and Decentralized Platforms in the Crypto Space Present Business Opportunities

Published

on

co-branded-credit-card-market-trends-and-industry-forecast,-2025-2030-–-untapped-sectors-like-e-sports-and-decentralized-platforms-in-the-crypto-space-present-business-opportunities

Co-branded Credit Card Market

Continue Reading
Advertisement
 title=
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