Business
HIVE Blockchain Announces Growth Plan to 6 EH/S, Corporate Updates and Establishment of At-The-Market Equity Program
This news release constitutes a "designated news release" for the purposes of the Company's prosp...
About this update from Hive Digital Technologies Ltd
[{"type":"text","content":"HIVE Blockchain Announces Growth Plan to 6 EH/S, Corporate Updates and Establishment of At-The-Market Equity ProgramThis 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/sPurchased 1,169 Bitmain S19j Pro miners for a total of 117 PH/sPurchased 1,100 Bitmain S19 XP miners for a total of 154 PH/sLaunched production of 5,000 BuzzMiner Plus units, for a total of 550-650 PH/sStrategic 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. 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 OperationsHIVE 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 l...