ZUG, Switzerland and VANCOUVER, Nov. 7, 2019
/CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE)
(OTCQX:HVBTF) (the "Company" or "HIVE") is pleased to announce that
it has completed its announced transition of the Company's GPU
chips in Sweden to Blockbase Group
DWC-LLC ("Blockbase") from Genesis Mining ("Genesis"), pursuant to
the Company's strategic partnership with Blockbase signed in
August.
Frank Holmes, HIVE's Interim
Executive Chairman, said: "We have successfully taken full control
of our Ethereum-mining operations in Sweden with no significant shutdown of our
equipment or facility. We have seen improvements in the efficiency
and performance of our Swedish facility by leveraging Blockbase's
newer software. Additionally, we have identified opportunities to
reduce our mining energy costs – the most significant portion of
site operating costs - by entering into direct agreements with
local electricity suppliers. As we have previously noted, we expect
this new operational structure in Sweden to result in more efficient operations,
a lower cost structure, and greater flexibility in our
operations.
"With the transition in Sweden
complete, we are now focusing on a similar optimization program for
our other geographic operations," added Mr. Holmes. "Additionally,
with a strong balance sheet and healthy net cash position, we
continue to carefully assess expansion opportunities in
North America. We look forward to
providing further details on our operational progress later this
month when we report our financial results for the quarter ended
September 30. We expect to provide
conference call details for these results in the near future."
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. is a growth oriented,
TSX.V-listed company building a bridge from the blockchain sector
to traditional capital markets. HIVE owns state-of-the-art
GPU-based digital currency mining facilities in Iceland and Sweden, which produce newly minted digital
currencies like Ethereum continuously as well as cloud-based
ASIC-based capacity which produces newly minted digital currencies
like Bitcoin. Our deployments provide shareholders with exposure to
the operating margins of digital currency mining as well as a
growing portfolio of crypto-coins.
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"
Interim Executive Chairman
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, statements regarding anticipated
results from the Company's transition of GPU chips to Blockbase;
opportunities to reduce miming costs; expectations of more
efficient operations, a lower cost structure, and greater
flexibility in our operations; optimization programs for the
Company's other geographic operations; expansion opportunities in
North America; and, the Company's
future plans and growth opportunities.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, the anticipated results of the transition
of GPU chips to Blockbase may not be achieved; mining costs may not
be reduced; the Company may never realize more efficient
operations, a lower cost structure, or greater flexibility in
operations; no optimization programs may ever be implemented in the
Company's other geographic operations; the Company may never
complete expansion in North
America; and other related risks as more fully set out
in the Filing Statement of the Company dated September 13, 2017 and other documents disclosed
under the Company's filings at 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
ability to improve its operational efficiency and lower cost
structure and opportunities for expansion in North America. 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.
SOURCE HIVE Blockchain Technologies Ltd.