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Form 6-K HIVE Blockchain Technolo For: Apr 06

May 13, 2022 3:55 PM EDT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2022

Commission File Number: 001-40398

HIVE Blockchain Technologies Ltd.
(Translation of registrant's name into English)

British Columbia, Canada
(Jurisdiction of incorporation or organization)

Suite  855 -789 West Pender Street

Vancouver, BC

V6C 1H2

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

[  ] Form 20-F      [X] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ]


EXHIBIT INDEX

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

99.1

News Release dated April 6, 2022

99.2

Material Change Report dated April 8, 2022

99.3

News Release dated May 4, 2022

99.4

Material Change Report dated May 4, 2022

99.5

News Release dated May 10, 2022

99.6

Material Change Report dated May 11, 2022


  SIGNATURES
     
  HIVE BLOCKCHAIN TECHNOLOGIES LTD.
     
     
  By: /s/ Darcy Daubaras
   

Name: Darcy Daubaras

Title: Chief Financial Officer


Date: May 12, 2022



HIVE Blockchain Provides March 2022 Production and Intel Update

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 2, 2021 to its amended and restated short form base shelf prospectus dated January 4, 2022.

Vancouver, British Columbia--(Newsfile Corp. - April 6, 2022) - HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (Nasdaq: HIVE) (FSE: HBF) (the "Company" or "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.


About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies Ltd. 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, we are 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 we source 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. Our 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, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.

We encourage you to visit HIVE's YouTube channel here to learn more about HIVE.

For more information and to register to HIVE's mailing list, please visit www.HIVEblockchain.com.
Follow @HIVEblockchain on Twitter and subscribe to HIVE's YouTube channel.

On Behalf of HIVE Blockchain Technologies Ltd.

"Frank Holmes"

Executive Chairman

For further information please contact:

Frank Holmes

Tel: (604) 664-1078

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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, 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 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; 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 objectives, goals or future plans, the timing thereof and related matters. 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.

To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/119464



FORM 51-102F3

Material Change Report

Item 1 Name and Address of Company

HIVE Blockchain Technologies Ltd. ("HIVE" or the "Company")

# 855 - 789 West Pender Street Vancouver, BC V6C 1H2

Item 2 Date of Material Change

April 6, 2022.

Item 3 News Release

The press release attached as Schedule "A" was disseminated through a newswire company in Canada on April 6, 2022.

Item 4 Summary of Material Change

The material change is described in the press release attached as Schedule "A".

Item 5 Full Description of Material Change

The material change is described in the press release attached as Schedule "A".

Item 6 Reliance on subsection 7.1(2) of National Instrument 51-102

Not applicable.

Item 7 Omitted Information

Not applicable.

Item 8 Executive Officer

Darcy Daubaras, Chief Financial Officer

T: 604-664-1078

Item 9 Date of Report

April 8, 2022.


Schedule "A"

HIVE Blockchain Provides March 2022 Production and Intel Update

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 2, 2021 to its amended and restated short form base shelf prospectus dated January 4, 2022.

Vancouver, British Columbia--(Newsfile Corp. - April 6, 2022) - HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (Nasdaq: HIVE) (FSE: HBF) (the "Company" or "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.


About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies Ltd. 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, we are 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 we source 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. Our 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, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.

We encourage you to visit HIVE's YouTube channel here to learn more about HIVE.

For more information and to register to HIVE's mailing list, please visit www.HIVEblockchain.com.
Follow @HIVEblockchain on Twitter and subscribe to HIVE's YouTube channel.

On Behalf of HIVE Blockchain Technologies Ltd.

"Frank Holmes"

Executive Chairman

For further information please contact:

Frank Holmes

Tel: (604) 664-1078

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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, 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 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; 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 objectives, goals or future plans, the timing thereof and related matters. 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.

To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/119464



HIVE Blockchain Provides April 2022 Production Update

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 2, 2021 to its amended and restated short form base shelf prospectus dated January 4, 2022.

Vancouver, British Columbia--(Newsfile Corp. - May 4, 2022) - HIVE Blockchain Technologies Ltd. (TSX.V: HIVE) (Nasdaq: HIVE) (FSE:HBF) (the "Company" or "HIVE") is pleased to announce the production figures from the Company's global Bitcoin and Ethereum mining operations for the month of April 2022, with a BTC HODL balance of 2,832 Bitcoin and 15,914 Ethereum as of May 2, 2022. In addition, the Company is providing an update on our continued operational scaling with renewable green energy.

April 2022 Production Figures

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

  • 268.8 BTC Produced
  • 2.0 Exahash of Bitcoin mining capacity at beginning of April
  • Increased to 2.15 Exahash of Bitcoin mining capacity at end of April
  • 2,537 ETH Produced*
  • 6.1 Terahash of Ethereum mining capacity at beginning of April
  • Increased to 6.26 Terahash of Ethereum mining capacity at end of April

*The Company's production of ETH from GPU mining (including selective optimizations of GPU hashrate) has yielded a total ETH production of 2,537 ETH.

Frank Holmes, Executive Chairman of HIVE stated "We are very pleased to report HIVE has continued its strong momentum in hashing power expansion, notably our Bitcoin mining hash power grew by 8% this month, through ongoing optimizations and electrical upgrades. In April we produced an average of 9.0 BTC per day, and we are pleased to note that as of today, we are producing approximately 9.2 BTC a day even after the recent difficulty increase of 5.5%."

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 April, calculated on a daily basis, is approximately equal a monthly total of 189.5 BTC, which we refer to as Bitcoin equivalent or BTC equivalent. This is in addition to the 268.8 BTC produced from our Bitcoin mining operations during April, for a total of 458.3 Bitcoin equivalent"

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

  • 458.3 BTC Equivalent Produced
  • 15.3 BTC Equivalent produced per day on average
  • 3.4 Exahash of BTC Equivalent Hashrate (BTC hashrate plus equivalent ETH Hashrate as of April 30)

Successful Green Energy Scaling Through Supply Disruptions

HIVE is pleased to provide a market update on the Company's growth plans for the year ahead. The Company will be at 6.2 Exahash BTC equivalent hashrate in one year, based on contracted monthly deliveries of ASIC and GPU hardware (with deposits in place), up from 3.4 Exahash of BTC equivalent hashrate today.


The Company has been consistently receiving ASIC and GPU deliveries monthly and is hopeful this to continue on schedule. However the supply chain challenges that have faced the world for the past 2 years has not ended, with lockdowns continuing to take place in China which is a source of a great deal of the world's manufacturing. HIVE has carefully endeavoured to balance sustainable growth of its data center infrastructure to optimize the incoming ASIC and GPU hardware orders, so that we have maximum operating hashrate, and the best efficiency in Bitcoin per Exahash amongst industry peers.

The crypto mining industry in general appears to find itself at a crossroads with a supply of very expensive ASIC chips and no few places to plug them in. Moreover, new market entrants racing to secure a position in the Bitcoin mining ecosystem contend with a current payback of buying ASIC chips at current retail prices from Chinese manufacturers with close to a 2-year ROI. Only a year ago, the experience was one where it was only a 6 to 9 month payback on capital. This is a result of the disproportionately high $ per Terahash ($/TH) retail prices from Chinese manufacturers, relative to current hashrate economics. Securing hardware at an attractive $/TH price, is key to generating a strong return on invested capital (ROIC). Whereas HIVE's deal with Intel is much more attractive in ROIC, which the Company has studied in comparison to market offers from other Bitcoin ASIC miner suppliers.

HIVE is resolute in cautiously and strategically building our BTC production to generate the highest ROIC for our shareholders. Over the past year our production of BTC has grown substantially and we are now at 1% of the global network while our profitable ETH production has increased over the past 4 months. The current daily revenue generated from coin production is approximately US$600.000 per day.

As it pertains to rapidly scaling, HIVE has endeavoured to first find sources of renewable green energy before buying large allocations of GPUs or ASIC miners in an effort to maximize our efficiencies and generate robust returns on invested capital. In our market intelligence, the Company has noticed significant supply disruptions for electrical equipment needed to make data centers, such as transformers and switch gear. Striving to scale large production has run into many roadblocks due to these supply line issues. Our research from China with over 30 cities locked down has created an epic traffic jam of empty ships waiting to pick up manufactured products in ports along the China coast. This is impacting their whole manufacturing sector, as well as other industries which rely on these suppliers. We are closely monitoring the trade off between risks of not receiving needed electrical and hardware for building data centers and Bitcoin mining machines. Our treasury of Bitcoin and Ethereum mined with green energy is currently valued at approximately US$150 million.

Network Mining Difficulty

The Bitcoin network difficulty increased as much as 5.5% and similarly the Ethereum network difficulty increased as much as 5% during the month of April. These factors impact our gross profit margins.

About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies Ltd. 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, we are 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 we source 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. Our 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, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.


We encourage you to visit HIVE's YouTube channel here to learn more about HIVE.

For more information and to register to HIVE's mailing list, please visit www.HIVEblockchain.com.
Follow @HIVEblockchain on Twitter and subscribe to HIVE's YouTube channel.

On Behalf of HIVE Blockchain Technologies Ltd.

"Frank Holmes"

Executive Chairman

For further information please contact:

Frank Holmes

Tel: (604) 664-1078

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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, 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 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; 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 objectives, goals or future plans, the timing thereof and related matters. 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.



To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/122740




Form 51-102F3
Material Change Report

Item 1 Name and Address of Company

HIVE Blockchain Technologies Inc. ("HIVE" or the "Company")
Suite 855, 789 West Pender Street
Vancouver, BC V6C 1H2

Item 2 Date of Material Change

May 4, 2022

Item 3 News Release

The news release reporting the material change was issued by HIVE and disseminated through a newswire company in Canada on May 4, 2022 and subsequently filed on SEDAR at www.sedar.com.

Item 4 Summary of Material Change

On May 4, 2022, the Company announced the production figures from the Company's global Bitcoin and Ethereum mining operations for the month of April 2022, with a BTC HODL balance of 2,832 Bitcoin and 15,914 Ethereum as of May 2, 2022. In addition, the Company is provided an update on our continued operational scaling with renewable green energy.

Item 5 Full Description of Material Change

Item 5.1 Full Description of Material Change

Please see the attached news release dated May 4, 2022.

Item 5.2 Disclosure for Restructuring Transactions

Not applicable.

Item 6 Reliance on subsection 7.1(2) of National Instrument 51-102

Not applicable.

Item 7 Omitted Information

Not applicable.

Item 8 Executive Officer

Darcy Daubaras Chief Financial Officer
Telephone: 604-664-1078

Item 9 Date of Report May 4, 2022



HIVE BLOCKCHAIN TECHNOLOGIES LTD.

May 4, 2022

HIVE Blockchain Provides April 2022 Production Update

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 2, 2021 to its amended and restated short form base shelf prospectus dated January 4, 2022.

Vancouver, Canada - HIVE Blockchain Technologies Ltd. (TSX.V: HIVE) (Nasdaq: HIVE) (FSE:HBF) (the "Company" or "HIVE") is pleased to announce the production figures from the Company's global Bitcoin and Ethereum mining operations for the month of April 2022, with a BTC HODL balance of 2,832 Bitcoin and 15,914 Ethereum as of May 2, 2022. In addition, the Company is providing an update on our continued operational scaling with renewable green energy.

April 2022 Production Figures

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

 268.8 BTC Produced

 2.0 Exahash of Bitcoin mining capacity at beginning of April

 Increased to 2.15 Exahash of Bitcoin mining capacity at end of April

 2,537 ETH Produced*

 6.1 Terahash of Ethereum mining capacity at beginning of April

 Increased to 6.26 Terahash of Ethereum mining capacity at end of April

*The Company's production of ETH from GPU mining (including selective optimizations of GPU hashrate) has yielded a total ETH production of 2,537 ETH

Frank Holmes, Executive Chairman of HIVE stated "We are very pleased to report HIVE has continued its strong momentum in hashing power expansion, notably our Bitcoin mining hash power grew by 8% this month, through ongoing optimizations and electrical upgrades. In April we produced an average of 9.0 BTC per day, and we are pleased to note that as of today, we are producing approximately 9.2 BTC a day even after the recent difficulty increase of 5.5%."

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 April, calculated on a daily basis, is approximately equal a monthly total of 189.5 BTC, which we refer to as Bitcoin equivalent or BTC equivalent. This is in addition to the 268.8 BTC produced from our Bitcoin mining operations during April, for a total of 458.3 Bitcoin equivalent"

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

 458.3 BTC Equivalent Produced

 15.3 BTC Equivalent produced per day on average

 3.4 Exahash of BTC Equivalent Hashrate (BTC hashrate plus equivalent ETH Hashrate as of April 30)


Successful Green Energy Scaling Through Supply Disruptions

HIVE is pleased to provide a market update on the Company's growth plans for the year ahead. The Company will be at 6.2 Exahash BTC equivalent hashrate in one year, based on contracted monthly deliveries of ASIC and GPU hardware (with deposits in place), up from 3.4 Exahash of BTC equivalent hashrate today.

The Company has been consistently receiving ASIC and GPU deliveries monthly and is hopeful this to continue on schedule. However the supply chain challenges that have faced the world for the past 2 years has not ended, with lockdowns continuing to take place in China which is a source of a great deal of the world's manufacturing. HIVE has carefully endeavoured to balance sustainable growth of its data center infrastructure to optimize the incoming ASIC and GPU hardware orders, so that we have maximum operating hashrate, and the best efficiency in Bitcoin per Exahash amongst industry peers.

The crypto mining industry in general appears to find itself at a crossroads with a supply of very expensive ASIC chips and no few places to plug them in. Moreover, new market entrants racing to secure a position in the Bitcoin mining ecosystem contend with a current payback of buying ASIC chips at current retail prices from Chinese manufacturers with close to a 2-year ROI. Only a year ago, the experience was one where it was only a 6 to 9 month payback on capital. This is a result of the disproportionately high $ per Terahash ($/TH) retail prices from Chinese manufacturers, relative to current hashrate economics. Securing hardware at an attractive $/TH price, is key to generating a strong return on invested capital (ROIC). Whereas HIVE's deal with Intel is much more attractive in ROIC, which the Company has studied in comparison to market offers from other Bitcoin ASIC miner suppliers.

HIVE is resolute in cautiously and strategically building our BTC production to generate the highest ROIC for our shareholders. Over the past year our production of BTC has grown substantially and we are now at 1% of the global network while our profitable ETH production has increased over the past 4 months. The current daily revenue generated from coin production is approximately US$600.000 per day.

As it pertains to rapidly scaling, HIVE has endeavoured to first find sources of renewable green energy before buying large allocations of GPUs or ASIC miners in an effort to maximize our efficiencies and generate robust returns on invested capital. In our market intelligence, the Company has noticed significant supply disruptions for electrical equipment needed to make data centers, such as transformers and switch gear. Striving to scale large production has run into many roadblocks due to these supply line issues. Our research from China with over 30 cities locked down has created an epic traffic jam of empty ships waiting to pick up manufactured products in ports along the China coast. This is impacting their whole manufacturing sector, as well as other industries which rely on these suppliers. We are closely monitoring the trade off between risks of not receiving needed electrical and hardware for building data centers and Bitcoin mining machines. Our treasury of Bitcoin and Ethereum mined with green energy is currently valued at approximately US$150 million.

Network Mining Difficulty

The Bitcoin network difficulty increased as much as 5.5% and similarly the Ethereum network difficulty increased as much as 5% during the month of April. These factors impact our gross profit margins.

About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies Ltd. 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, we are 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 we source 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. Our 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, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.


We encourage you to visit HIVE's YouTube channel here to learn more about HIVE.

For more information and to register to HIVE's mailing list, please visit www.HIVEblockchain.com. Follow @HIVEblockchain on Twitter and subscribe to HIVE's YouTube channel.

On Behalf of HIVE Blockchain Technologies Ltd.

"Frank Holmes"

Executive Chairman

For further information please contact:

Frank Holmes

Tel: (604) 664-1078

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release

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, 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 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; 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 objectives, goals or future plans, the timing thereof and related matters. 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.



HIVE Blockchain Announces Proposed 5 to 1 Share Consolidation

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 2, 2021 to its amended and restated short form base shelf prospectus dated January 4, 2022.

Vancouver, British Columbia--(Newsfile Corp. - May 10, 2022) - HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: HBF) (the "Company" or "HIVE") announces that it intends to complete a consolidation (the "Consolidation") of its common shares ("Common Shares") on the basis of five (5) pre-Consolidation Common Shares for one (1) post-Consolidation Common Shares. As of the date hereof, there are 411,209,923 Common Shares issued and outstanding. On a post-Consolidation basis, the Company shall have approximately 82,241,984 Common Shares issued and outstanding. It is expected that the Common Shares reflecting the Consolidation will commence trading on the TSX Venture Exchange and the Nasdaq on or around May 20, 2022. The Company will not be changing its name in connection with the Consolidation. Completion of the Consolidation is subject to the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange. Pursuant to the Business Corporations Act (British Columbia) and the articles of the Company, shareholder approval of Consolidation is not required.

Frank Holmes, Executive Chairman of HIVE stated, "In speaking to shareholders at the numerous conferences I have attended in the past 60 days, it is apparent that some shareholders are finding it challenging to compare HIVE to its industry peers as we have many more shares outstanding." Mr. Holmes continued, "Even though HIVE has a higher market capitalization than many of our peers, and stronger fundamentals as measured by Price/Earnings ratios, revenue per employee and debt to equity ratios, the increased share price creates more institutional visibility because many of their fundamental screens exclude stocks under $5 a share. Hive has very attractive fundamentals when compared to other tech stocks and trading at a higher share price can make it much more appealing.

Many institutional investors, mutual funds in particular, have policies against taking positions in a stock priced under a minimum share price, regardless of the market capitalization. HIVE's share price will increase; however, its market capitalization is not expected to change, outside of the effect of market forces. We believe the profile of HIVE could expand because of this stock consolidation as those minimum share prices will no longer be a barrier to investment. After the bear market in 2009 many stocks with great fundamentals like Citi Group rolled back their stocks to be more attractive to a broader audience of investors."

Darcy Daubaras, CFO of HIVE said, "We believe that an increased share price arising from the share consolidation, on the TSX-V and especially the Nasdaq, will enable us to attract a broader range of shareholders, gain increased liquidity and deliver long-term value to investors. After the share consolidation has taken effect, we will have a more comparable number of shares to our peers, and hope to expand our institutional reach." Mr. Daubaras continued, "The purpose here is to add shareholder value. HIVE continues to be one of the most profitable crypto mining companies in the industry, and we are laser-focused on sustainably expanding and optimizing our mining operations."

About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy. We mine Bitcoin and Ethereum using primarily clean, cheap hydroelectric power in Canada, Sweden, and Iceland.


HIVE is a growth-oriented technology stock in the emergent blockchain industry. We are 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 we source 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. Our 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, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.

We encourage you to visit HIVE's YouTube channel here to learn more about HIVE.

For more information and to register to HIVE's mailing list, please visit www.HIVEblockchain.com.
Follow @HIVEblockchain on Twitter and subscribe to HIVE's YouTube channel.

On Behalf of HIVE Blockchain Technologies Ltd.

"Frank Holmes"

Executive Chairman

For further information please contact:

Frank Holmes

Tel: (604) 664-1078

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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, business goals and objectives of the Company; statements and information regarding: (i) the completion and potential benefits of the Consolidation; (ii) the expected number of common shares issued and outstanding following the Consolidation; (iv) the timing and anticipated effective date of the Consolidation; and (v) TSX Venture Exchange approval, 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 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; 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 objectives, goals or future plans, the timing thereof and related matters. 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.

To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/123523




Form 51-102F3
Material Change Report

Item 1 Name and Address of Company

HIVE Blockchain Technologies Inc. ("HIVE" or the "Company")
Suite 855, 789 West Pender Street
Vancouver, BC V6C 1H2

Item 2 Date of Material Change

May 10, 2022

Item 3 News Release

The news release reporting the material change was issued by HIVE and disseminated through a newswire company in Canada on May 10, 2022 and subsequently filed on SEDAR at www.sedar.com.

Item 4 Summary of Material Change

On May 10, 2022, the Company announced that it intends to complete a consolidation of its common shares ("Common Shares") on the basis of five (5) pre-Consolidation Common Shares for one (1) post-Consolidation Common Share.

Item 5 Full Description of Material Change

Item 5.1 Full Description of Material Change

Please see the attached news release dated May 10, 2022.

Item 5.2 Disclosure for Restructuring Transactions

Not applicable.

Item 6 Reliance on subsection 7.1(2) of National Instrument 51-102

Not applicable.

Item 7 Omitted Information

Not applicable.

Item 8 Executive Officer

Darcy Daubaras Chief Financial Officer
Telephone: 604-664-1078

Item 9 Date of Report

May 11, 2022



HIVE BLOCKCHAIN TECHNOLOGIES LTD.

May 10, 2022

HIVE Blockchain Announces Proposed 5 to 1 Share Consolidation

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 2, 2021 to its amended and restated short form base shelf prospectus dated January 4, 2022.

Vancouver, Canada - HIVE Blockchain Technologies Ltd. (TSX.V: HIVE) (Nasdaq: HIVE) (FSE:HBF) (the "Company" or "HIVE") announces that it intends to complete a consolidation (the "Consolidation") of its common shares ("Common Shares") on the basis of five (5) pre-Consolidation Common Shares for one (1) post-Consolidation Common Shares. As of the date hereof, there are 411,209,923 Common Shares issued and outstanding. On a post-Consolidation basis, the Company shall have approximately 82,241,984 Common Shares issued and outstanding. It is expected that the Common Shares reflecting the Consolidation will commence trading on the TSX Venture Exchange and the Nasdaq on or around May 20, 2022. The Company will not be changing its name in connection with the Consolidation. Completion of the Consolidation is subject to the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange. Pursuant to the Business Corporations Act (British Columbia) and the articles of the Company, shareholder approval of Consolidation is not required.

Frank Holmes, Executive Chairman of HIVE stated, "In speaking to shareholders at the numerous conferences I have attended in the past 60 days, it is apparent that some shareholders are finding it challenging to compare HIVE to its industry peers as we have many more shares outstanding." Mr. Holmes continued, "Even though HIVE has a higher market capitalization than many of our peers, and stronger fundamentals as measured by Price/Earnings ratios, revenue per employee and debt to equity ratios, the increased share price creates more institutional visibility because many of their fundamental screens exclude stocks under $5 a share. Hive has very attractive fundamentals when compared to other tech stocks and trading at a higher share price can make it much more appealing.

Many institutional investors, mutual funds in particular, have policies against taking positions in a stock priced under a minimum share price, regardless of the market capitalization. HIVE's share price will increase; however, its market capitalization is not expected to change, outside of the effect of market forces. We believe the profile of HIVE could expand because of this stock consolidation as those minimum share prices will no longer be a barrier to investment. After the bear market in 2009 many stocks with great fundamentals like Citi Group rolled back their stocks to be more attractive to a broader audience of investors."

Darcy Daubaras, CFO of HIVE said, "We believe that an increased share price arising from the share consolidation, on the TSX-V and especially the Nasdaq, will enable us to attract a broader range of shareholders, gain increased liquidity and deliver long-term value to investors. After the share consolidation has taken effect, we will have a more comparable number of shares to our peers, and hope to expand our institutional reach." Mr. Daubaras continued, "The purpose here is to add shareholder value. HIVE continues to be one of the most profitable crypto mining companies in the industry, and we are laser-focused on sustainably expanding and optimizing our mining operations."


About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy. We mine Bitcoin and Ethereum using primarily clean, cheap hydroelectric power in Canada, Sweden, and Iceland.

HIVE is a growth-oriented technology stock in the emergent blockchain industry. We are 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 we source 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. Our 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, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.

We encourage you to visit HIVE's YouTube channel here to learn more about HIVE.

For more information and to register to HIVE's mailing list, please visit www.HIVEblockchain.com. Follow @HIVEblockchain on Twitter and subscribe to HIVE's YouTube channel.

On Behalf of HIVE Blockchain Technologies Ltd.

"Frank Holmes"

Executive Chairman

For further information please contact:

Frank Holmes

Tel: (604) 664-1078

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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, business goals and objectives of the Company; statements and information regarding: (i) the completion and potential benefits of the Consolidation; (ii) the expected number of common shares issued and outstanding following the Consolidation; (iv) the timing and anticipated effective date of the Consolidation; and (v) TSX Venture Exchange approval, 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 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; 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 objectives, goals or future plans, the timing thereof and related matters. 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.




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