HIVE Blockchain Technologies (HIVE) Produced 278.6 BTC and 2,459 ETH in March 2022

HIVE Blockchain Technologies Ltd. (Nasdaq: HIVE) is pleased to announce the production figures from the Company's global Bitcoin and Ethereum mining operations for the month of March 2022, with a BTC HODL balance of 2,568 Bitcoin and 16,196 Ethereum as of April 3, 2022. In addition to this the Company is pleased to announce two milestone accomplishments of reaching 2 Exahash of Bitcoin mining and 6 Terahash of Ethereum mining this month.

March 2022 Production Figures

HIVE is pleased to announce its March 2022 production figures and mining capacity:

• 278.6 BTC Produced
• 2.0 Exahash of Bitcoin mining capacity
• 2,459 ETH Produced*
• 4.58 Terahash of Ethereum mining capacity at beginning of March
• Increased to 6.1 Terahash of Ethereum mining capacity at end of March

*The Company's production of ETH from GPU mining (including selective optimizations of GPU hashrate) has yielded a total ETH production of 2,549 ETH.

Frank Holmes, Executive Chairman of HIVE stated "We are very pleased to report HIVE has continued its extremely strong momentum in expanding our hashing power, notably our Ethereum mining hash power grew by 33% this month. In March we produced an average of 9.0 BTC per day, and we are pleased to note that as of today, we are producing approximately 9.0 BTC a day even after the recent difficulty increase of 4%. Our Bitcoin hashing power increased in March and at the calendar month-end our hashrate was 2.0 Exahash, which translated into a 6% increase in BTC mining on a month over month basis, while BTC prices corrected."

Aydin Kilic, President & COO of HIVE noted "We continue to strive for operational excellence, ensuring that as we scale our hashrate as a company we also optimize our uptime, to ensure ideal Bitcoin and Ethereum output figures." Mr. Kilic continued, "We also would like to provide an update on the BTC and ETH equivalency, where one can equate value of the coins produced daily. As such the ETH that HIVE produced during the month of March, equated daily, is approximately equal to a monthly total of 168.8 BTC, which we refer to as Bitcoin equivalent or BTC equivalent. This is in addition to the 278.6 BTC produced from our Bitcoin mining operations during March, for a total of 447.4 Bitcoin equivalent".

The Company's total Bitcoin equivalent production in March 2022 was:

• 447.4 BTC Equivalent Produced
• 14.4 BTC Equivalent produced per day on average
• 3.3 Exahash of BTC Equivalent Hashrate (BTC hashrate plus equivalent ETH Hashrate as of March 31, 2022)

1 Year Ahead Hashrate Growth Outlook

HIVE is pleased to update the market on the Company's growth plans for the year ahead, as a result of strategic initiatives to secure ASIC and GPU hardware. The graph below presents the hashrate for all contracted ASIC and GPU hardware (with deposits in place), with the dark blue bars representing BTC hashrate, and the light blue bars representing the additional BTC equivalent hashrate from the ETH GPU hashrate. The numbers at the top are the combined total BTC equivalent hashrate expressed in Exahash. The Company will be at 6.2 Exahash of BTC equivalent hashrate in one year, up from 3.3 Exahash of BTC equivalent hashrate today.

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5335/119464_1f6873f4843f0af0_001full.jpg

Ethereum HODL to Fund Intel New Chips to Mine BTC

Over the past year our Ethereum HODL position outperformed our Bitcoin HODL. ETH is much more volatile than BTC and once again we have used the volatility to generate capital to expand our operations. We have sold down our ETH holdings to fund our Intel strategic relationship and the building of our rigs. We are very thrilled about the Intel deal for several reasons and due to the greater volatility of ETH we have traded out approximately 10,000 ETH coins to fund the expansion in our BTC channel. Further we have expanded our daily ETH production to replace coins we have sold. Our long-term strategy is grow our BTC footprint while using our ETH to help with this ambition. Our ETH production is allowing us to generate the highest margins from proof of work in the business. We are not concerned about the 6 year narrative that ETH will become only proof of stake in the immediate future, as evidenced by the robust and secure proof of work consensus mechanism has helped ETH process more transactions in USD volume at $11.4 trillion US, where Visa has done $10.4 trillion US in 2021. Our strategy to mine both BTC and ETH has allowed HIVE to generate some of the highest returns on invested capital for our shareholders while expanding our revenue and coin production.

Intel Update

Recently Intel has published more specifics on introduction of the Intel Blockscale ASIC, a game changing event for BTC miners. Intel has only made this chip available to select customers, of which Hive Blockchain is one of four customers globally. The Intel Blockscale will advance energy efficient hashing for proof of work consensus using green energy. Further their US designed high performing chips are up to 26 J/TH power efficiency at a very competitive and attractive price that fits into our strategy to generate high returns on invested capital for our shareholders. Hive Blockchain shares in the sustainability goals that are important to both Intel and ESG focused investors.

Network Mining Difficulty

The Bitcoin network difficulty increased as much as 4% and similarly the Ethereum network difficulty increased as much as 2% during the month of March. These factors impact our gross profit margins.

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