VANCOUVER, BC / ACCESSWIRE / August 27, 2021 / HIVE Blockchain Technologies Ltd. (TSX.V:HIVE)(NASDAQ:HVBT)(FSE:HBF) (the "Company" or "HIVE") is pleased to announce that today it will achieve its previously announced target of 1 Exahash per second (EX/s) of Bitcoin mining hashrate.

1 Exahash Bitcoin Production Target Achieved

HIVE is proud to announce that our global hash rate from Bitcoin mining will exceed 1 EX/s today. Over the past 24 hours in Canada the Company has received deliveries of 1,845 Bitcoin miners with a total hashrate of 172 Petahash per second. These miners will be deployed between our 2 Canadian data centres. 945 miners will be located in Lachute, Quebec and 900 miners Grand Falls, New Brunswick.

"This is a monumental achievement for us as we continue to our goal of over 3 EX/s by the end of fiscal 2022, including the conversion of ETH, a goal which is greatly supported by today's announcement of new miner deliveries," Frank Holmes, Executive Chairman of HIVE continued, "This achievement has been challenging because of the global shortages in chips and logistics delays in shipping equipment from Asia due to Covid 19."

These recent miner deliveries are a result of our strategy to increase our bitcoin mining capacity which includes the sourcing of mining equipment from leading industry manufacturers. HIVE intends to continue to utilize cash flow to make opportunistic investments and upgrade our fleet of BTC and ETH mining equipment on a regular monthly basis.

Our strong hashrate from both Bitcoin and Ethereum is resulting in a daily income of over $600,000, or an annual run rate of $220 million, based on the current difficulty, global hash rates, and Bitcoin and Ethereum prices, with estimated annual expenses of $25 million. As expansion continues to ramp up this number will increase. As always, we caution our investors that Bitcoin and Ethereum continue to have a high daily volatility of plus or minus 6% and investors need to be aware of this volatility. Our current inventory of coins invested in Bitcoin and Ethereum are valued at $116 million.

BTC Production Trend and HODL Update

Presently we hold 946 Bitcoin in cold wallet custody. The Company is pleased to provide the following update on its global BTC growth in production for the current 2022 fiscal year:

April 2021 64 BTC

May 2021 73 BTC

June 2021 86 BTC

July 2021 200 BTC

We will report on our August 2021 Bitcoin production in an upcoming press release after the month has ended.

Biweekly Status Update

HIVE is also announcing that it expects to file its annual financial statements and accompanying management's discussion and analysis for the financial year ended March 31, 2021 (collectively, the "Annual Filings"), on or before September 16, 2021. As a result of the delayed Annual Filings the Company will have a delay in the filing of its interim financial statements, management's discussion and analysis, and the related certifications for the period ended June 30, 2021 ("Interim Filings"), which have a filing deadline of August 30, 2021. HIVE will continue to provide biweekly status updates on the delay of filing its Annual Filings and Interim Filings. This means the board and management are in a black out period and can not trade in the shares until the Annual Filings and the Interim Filings have been filed. "Like most shareholders I am very disappointed and dissatisfied with the time delays and promise this will not happen again. I will undertake to change processes to fast track more timely audits for all financial reporting periods once the year end and interim results are filed." said Frank Holmes. "We will work to reconfigure the financial reporting process with all the different jurisdictions that we operate in" stated Darcy Daubaras, CFO of HIVE.

Forward-Looking Information

Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes, but is not limited to, statements with respect to information about the proposed purchase of equipment from Bitmain technologies Ltd., including the potential increase in hashpower, the potential for the Company's long-term growth, statements regarding the timing, review, completion and filing of the Annual Filings, and duration of the MCTO; business goals and objectives of the Company, and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.

Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the timely delivery of equipment from Bitmain Technologies Ltd. and the Company's ability to operate the equipment on an economic basis or at all; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the volatility of digital currency prices; continued effects of the COVID-19 pandemic may have a material adverse effect on the Company's performance as supply chains are disrupted and prevent the Company from carrying out its expansion plans or operating its assets; the Company may not complete its audit and file the Annual Filings as currently anticipated, or at all; the Company will be subject to a general cease trade order in the event that the Annual Filings are not completed and filed; and other related risks as more fully set out in the registration statement of Company and other documents disclosed under the Company's filings at www.sec.gov/EDGAR and www.sedar.com.

The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to complete and file the Annual Filings. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

SOURCE: Hive Blockchain Technologies Ltd