HIVE Blockchain Technologies (HVBT) Buys 3,019 High Performance Miners for Cash and Warrants

HIVE Blockchain Technologies Ltd. (NASDAQ: HVBT) is excited to announce the purchase and immediate hashing of 3,019 MicroBT WhatsMiner M30S dedicated mining computers, or "miners".

These new machines have an aggregate hash power of 264 Petahash per second (PH/s). The integration of these miners into HIVE's systems will be immediate upon closing and will increase HIVE's overall Bitcoin operating hashrate by approximately 46%.

Next Generation Miner Expansion

With the addition of these 3,019 MicroBT M30S miners, HIVE's aggregate operating hash rate increases from approximately 566 PH/s to 830 PH/s. At the current difficulty and Bitcoin price these purchased miners will generate an additional US$80,000 in daily income. Bitcoin continues to have a daily volatility of plus or minus 6% and investors need to be aware of this volatility.

The miners to be acquired in the transaction are already located onsite at HIVE's facilities in Lachute, Quebec and Grand Falls, New Brunswick. The miners are being purchased from Foundry Digital LLC ("Foundry"), a wholly owned subsidiary of the Digital Currency Group (DCG) focussed on digital assets' mining and staking. As part of the partnership, HIVE will contribute its Bitcoin hashpower to Foundry USA Pool going forward, whose other major customers include Blockcap, Hut8, Bitfarms and Foundry itself, among others.

Frank Holmes, Executive Chairman of HIVE stated "We are pleased to be executing on a transaction that dramatically increases our mining capacity without any logistics delays. Our entry into a North American mining pool furthers our goal of increased transparency and accountability with our partners. Mining power is shifting from east to West, and we're excited to be involved."

Mike Colyer, CEO of Foundry said, "We are excited to have HIVE as a partner for the Foundry USA Pool as we continue playing our part in securing the global bitcoin mining network."

As consideration for the sale of the miners, Foundry will be issued cash and 1.5 million warrants of the Company, subject to regulatory approval. Each full warrant will entitle the holder to acquire one common share for C$3.11 for a period of 2 years. Mr. Holmes said "Foundry is one of the most well-respected firms in the mining space, and we're pleased to have them as investors in HIVE, the only publicly traded pure 100% green, low-cost energy miner."

HODL Strategy

This new production will quickly accelerate building up our Bitcoin reserves. Presently we hold 605 Bitcoin in cold wallets. Our goal to get to one Exahash of Bitcoin mining by the end of August is now much closer with this addition of 3,019 high performance machines.

New Mining Pool

We will be joining Foundry's mining pool which we believe is the best option for our investors. Foundry USA Pool is based in the US, where we should see better transparency, accountability and competitive costs.

A mining pool is a collective that allows Bitcoin miners to combine their hashing power, and achieve a steadier stream of coins.

Nasdaq Bell

The team of HIVE is pleased that we are in New York City today to ring the closing bell for HIVE's new listing on the Nasdaq.

About Foundry Digital LLC

A subsidiary of DCG, Foundry Digital LLC is a financing and advisory company focused on digital asset mining and staking. With the mission of empowering decentralized infrastructure for a digital world, Foundry provides North American digital asset mining businesses with capital and intelligence. Foundry is based in Rochester, NY. For more information, please visit foundrydigital.com

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