REPEAT -- HIVE Blockchain Provides June 2022 Production Update - Seite 2

It reminds of 2017 during the ICO craze when tokens were being launched only to crash and burn in 2018 and the last crypto winter ended Feb 2019. These cycles are filled with new innovation and aggressive players. We are cautious, seeking out opportunities and remain firm in our belief that Bitcoin and Ethereum will survive to thrive again after all the over-leveraged players are forced out of business.

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 June, equated on a daily basis, is approximately equal a monthly total of 142.3 BTC, which we refer to as Bitcoin equivalent or BTC equivalent. This is in addition to the 278.5 BTC produced from our Bitcoin mining operations during June, for a total of 420.8 Bitcoin equivalent.”

The Company’s total Bitcoin equivalent production in June 2022 was:

• 420.8 BTC Equivalent Produced
• 14.0 BTC Equivalent produced per day on average
• 3.2 Exahash of BTC Equivalent Hashrate (BTC hashrate plus equivalent ETH Hashrate) as of June 30), although the Company’s BTC equivalent hashrate peaked at 3.5 Exahash during the month, towards the end of the month some miners were taken offline for layout optimization
  

Coin Strategy

Over the past year we have been strategically selling some of our ETH holdings to fund the expansion of our BTC footprint, and brought our ETH position which was once at over 25,000 ETH to its current position of 7,667 ETH. We sold most of our ETH at much higher prices and made the wise choice to avoid lending-out our ETH to earn a yield because many of these lending schemes have gone bankrupt. During these challenging times in the market cycle that we are experiencing, we remain committed to our expansion plans. These plans will be funded through the selling of our current production of BTC and ETH, while striving to maintain our BTC inventory levels. Darcy Daubaras, CFO of HIVE stated, “We are able to undertake this strategy and maintain coin inventory levels as a result of keeping a strong balance sheet position and never having entered into any agreements whereby our coin holdings have been staked, put up as collateral, or otherwise put at risk of being called by another party to cover a position due to the current decline in the price of crypto currency.” Mr. Daubaras continued, “This conservatism has put us in a favourable position to be able to continue our strategic growth in a controlled and manageable manner.”