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.
On Behalf of HIVE Blockchain Technologies Ltd.
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.
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.
For further information: Frank Holmes, Tel: (604) 664-1078