HIVE Blockchain Technologies (HVBT) Announces Long Term High Performance Computing Strategy Beyond Ethereum 2.0

HIVE Blockchain Technologies Ltd. (NASDAQ: HVBT) is pleased to announce its long term high performance computing strategy beyond Ethereum 2.0.

Ethereum and Bitcoin Growth Plans for 2021

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 our current Bitcoin production is 544 Petahash per second, which we 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 our revenue could be US$30 million per month when we have all our machines installed and mining.

Long Term ‘HPC' - High Performance Computing Strategy

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 our hash power to produce more virgin Ether and HODL these assets on our balance sheet. For the past year Ethereum is up 821% while Bitcoin has appreciated 270% and we believe 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. We believe 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 we may consider staking our virgin Ether for additional income.

Ethereum is the Backbone to the Blockchain Super Growth Wave

We believe 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 understands we are in the early days, and this industry can change rapidly. Therefore we are positioning ourselves with considerable optionality. We are ramping up Bitcoin mining on the cloud as well as our GPU operations. HIVE is currently working on the design for pilot HPC sites in both Canada and Sweden and then expect to ramp up our 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.

ESG Strategy

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

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