Today's News

Vancouver, BC, July 2, 2021--(T-Net)--HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (Nasdaq:HVBT) announced today its long term high performance computing strategy beyond Ethereum 2.0.

HIVE's current Ethereum production is over 3,000 Gigahash per second ("GH/s") and has the potential to almost double after card upgrades of over 5,500 GH/s by the end of December 2021, and their current Bitcoin production is 544 Petahash per second, which they expect to double by early September 2021 to 1.0 Exahash per second ("EH/s") and double again by Christmas 2021 to 2.3 EH/s.

Based on current ETH and BTC prices and difficulty in mining the company noted in a release that their revenue could be US$30 million per month when they have all their machines installed and mining.

High performance GPU cards are key to HIVE's long term strategy to build 'HPC' High Performance Data Centers which are growing in demand globally, while in the short term to be a more efficient Ethereum miner and to increase their hash power to produce more virgin Ether and HODL these assets on the company's balance sheet.

For the past year Ethereum is up 821% while Bitcoin has appreciated 270% and the company says it believes over the next 2 years Ethereum could continue to outperform Bitcoin. The Company is of the opinion that Ethereum 2.0 proof of stake will take at least another 2 years before Ethereum mining could become financially unattractive.

The company says it believes the new high performing GPU cards will remain robust, extensible technology that can be scaled and repurposed for the boom in gaming, AI and movie animation, thus flexible and profitable for a HPC (high performance computing) data business strategy for at least another 5 years. The Company HODLs its Ethereum in a cold wallet which results in a very liquid balance sheet asset. Later in the Ethereum life cycle the company may consider staking its virgin Ether for additional income.

The company believes Ethereum will continue to be the backbone of this new financial ecosystem. Many believe Ethereum has already won the race to become the foundation of Web 3.0 and Finance 3.0, with the explosion in smart contracts, stablecoins, DeFi generally and now NFT's for music, art and sports.

Ethereum has become the fundamental base layer to all these new applications and has the most developers building real-world applications on top of it. As a result the network has built a large lead over its competition. Most investors are not aware that Ethereum has substantially more developers building on it than any other blockchain platform.

HIVE said in their release that it understands we are in the early days, and this industry can change rapidly. Therefore they are positioning themselves with considerable optionality. The company is ramping up Bitcoin mining on the cloud as well as their GPU operations.

HIVE is currently working on the design for pilot HPC sites in both Canada and Sweden and then expect to ramp up their HPC capacity. Today, the revenue from HPC is both a high margin business like Ethereum mining yet it is much less volatile than cryptocurrency mining on a quarterly basis.

The company says it continues to review green energy opportunities and have turned down financially attractive mining deals because they are not using green energy. The company is focused on renewable sources of electricity such as hydroelectric, geothermal, wind and solar. So far they are only using hydroelectric and geothermal sources of electricity in Sweden, Iceland and Canada.

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. HIVE traded over 2 billion shares in 2020.

Visit HIVE's YouTube channel here to learn more about HIVE.

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.