CryptoNewsBreaks – HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSX.V: HIVE) (FSE: HBFA) Issues June 2022 Production Update
HIVE Blockchain Technologies (NASDAQ: HIVE) (TSX.V: HIVE) (FSE: HBFA) today announced production figures from the company’s global Bitcoin and Ethereum mining operations for the month of June 2022, with a BTC HODL balance of 3,239 Bitcoin and 7,667 Ethereum as of July 6, 2022. “HIVE is experienced in managing the recent volatility since we were the first digital asset mining company to go public in 2017 and have experienced both price surges and massive downdrafts or ‘crypto winters’ before and have strived to maintain a strong balance sheet of Bitcoin and Ethereum, which is completely unlevered. The company maintains its business as a cash flow positive enterprise, without any significant debt (aside from a long-term real estate mortgage from Canadian bank with less than 4% interest), and no equipment financing on any of our ASIC and GPU fleet. In June we produced an average of 14.0 Bitcoin equivalent per day, comprised of approximately 9.0 BTC per day and our Ethereum production,” said Frank Holmes, executive chairman of HIVE. “We are pleased to note that as of today, we are producing approximately 9.4 BTC a day in addition to approximately 90 Ethereum per day. We are seeing the ‘Great Unwind’ of highly leveraged Proof of Stake fin-tech companies that represented themselves as modern crypto lending platforms. This unwind is causing selling pressure in the crypto markets at large. We see how the abuse of leverage without regulation, which is endemic in Proof of Stake projects, causes volatility. We believe imprudent ‘crypto cowboys’ have created a situation akin to the Long Term Capital Management LP (‘LCTM’) crisis of 1998, yet this time without a Federal Reserve to bail them out. It reminds of 2017 during the ICO craze when tokens were being launched only to crash and burn in 2018 and the last crypto winter ended Feb 2019. These cycles are filled with new innovation and aggressive players. We are cautious, seeking out opportunities and remain firm in our belief that Bitcoin and Ethereum will survive to thrive again after all the over-leveraged players are forced out of business.”
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About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies 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, it is 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 it sources 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. The company’s 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, the company believes its shares offer investors an attractive way to gain exposure to the cryptocurrency space. For more information and to register to HIVE’s mailing list, please visit www.HIVEBlockchain.com.
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