This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 2, 2021, to its amended and restated short form base shelf prospectus dated January 4, 2022.
Vancouver, British Columbia--(Newsfile Corp. - June 6, 2022) - HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: HBFA) (the "Company" or "HIVE") is pleased to announce the production figures from the Company's global Bitcoin and Ethereum mining operations for the month of May 2022, with a BTC HODL balance of 3,186 Bitcoin as of June 5, 2022.
HIVE is pleased to announce its May 2022 production figures and mining capacity:
The Company's production of ETH from GPU mining (including selective optimizations of GPU hashrate) has yielded a total ETH production of 2,694 ETH
Frank Holmes, Executive Chairman of HIVE stated, "We are pleased to report in May HIVE continued its strong momentum in expanding our hashrate, notably our Bitcoin mining hashrate grew by 8% this month, through installations and electrical upgrades.
In May we produced an average of 8.8 BTC per day, and we are pleased to note that as of today, we are producing approximately 9.2 BTC a day even after the recent difficulty increase of 5.5%."
Aydin Kilic, President & COO of HIVE noted, "Our operational team continuously strives for excellence, ensuring that as we scale our hashrate as a company we also optimize our uptime, to ensure maximized Bitcoin and Ethereum output figures.
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Mr. Kilic continued, "We also would like to provide an update on the BTC and ETH equivalency, where one can equate the value of the coins produced daily. The ETH that HIVE produced during the month of May, equated on a daily basis, is approximately equal to a monthly total of 185.8 BTC
Which we refer to as Bitcoin equivalent or BTC equivalent. This is in addition to the 273.4 BTC produced from our Bitcoin mining operations during May, for a total of 459.2 Bitcoin equivalent."
The Company's total Bitcoin equivalent production in May 2022 was:
The correlation between Bitcoin price trends and top 100 tech stocks is 93%. Further, the correlation between bitcoin miners and bitcoin prices is +90%. The trend has been harsh and down over the past year, especially year to date with rising inflation and rising interest rates fears.
In fact, the negativity is very high as reported by our primary stock exchange that 25% of our total traded value is shorted1. Historically a large short position and a price reversal up from such an oversold level in Bitcoin prices are the ingredients for the HIVE stock outperforming digital assets such as Bitcoin and Ethereum.
We are frustrated like most loyal long-term shareholders that we are not enjoying a premium as measured in revenue, cash flow multiples for superior execution, green energy focus, and ESG strategy.
Important for our shareholders as we weather the Bitcoin winter together, is that management remains focused on basic business fundamentals. We are laser focused on increasing our revenue, cash flow, and Bitcoin HODL position on our balance sheet.
We have a solid plan to build our data center business globally as this infrastructure is key to rising Bitcoin production with a high degree of efficiency.
The stock reverse spilled has been completed and we urge shareholders to watch our latest corporate update here on YouTube to better understand that the stock price is not a fair and reasonable price relative to our track record, growth plans, and negative sentiment towards Tech stocks, especially bitcoin miners. Source: Yahoo Finance...