HIVE Blockchain Targets Growth with Strategic Initiatives

Growth Target and Strategic Investments

HIVE Blockchain Technologies Ltd. has set an ambitious growth target of 6 Exahash per second (EH/s) for its Bitcoin mining operations. The company aims to reach 4 EH/s by Q2 2023 through the acquisition of 1.26 Exahash of advanced Bitcoin mining ASICs. This significant investment will boost HIVE's hashrate by 33%. The strategic procurement of these ASICs involves capital deployment aimed at maximizing cash flow returns while integrating more efficient machines into their global fleet.

Immediate Growth Initiatives

HIVE has purchased a substantial number of Bitcoin mining units, including 3,600 Bitmain S19j Pro+ miners, 1,169 Bitmain S19j Pro miners, and 1,100 Bitmain S19 XP miners, alongside 5,000 BuzzMiner Plus units. These acquisitions are part of HIVE’s strategy to enhance operational efficiency and maintain a robust Bitcoin HODL balance by selling Bitcoin when advantageous or issuing shares.

New Leadership Appointment

The company has appointed Luke Rossy as Vice President of Operations. With a proven track record as Senior Developer & Operations Manager, Rossy brings a wealth of problem-solving skills and technical expertise. His promotion reflects HIVE's commitment to leveraging internal talent for operational excellence.

ATM Financing for Expansion

HIVE has initiated an at-the-market (ATM) equity program in collaboration with Stifel GMP and Canaccord Genuity Corp. This program aims to raise up to $100 million to fund its growth strategy, which includes enhancing its Bitcoin HODL and mining capacity. The financing will support the addition of up to 3 Exahash of mining capacity by leveraging 30MW infrastructure increments, improving operational efficiency with new ASICs.

By optimizing machine efficiency and securing competitive pricing, HIVE strives to ensure long-term profitability even amidst potential revenue fluctuations. This proactive financial strategy is designed to deliver robust cash flow returns and sustain growth in the evolving Bitcoin mining landscape.