ZUG, Switzerland and VANCOUVER, July 29, 2019 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE.V - News) (OTCQX:HVBTF - News) (the "Company" or "HIVE") is pleased to announce that it has reached 99% utilization of capacity in Sweden since rebooting operations on July 11, 2019. Additionally, performance has increased to 96% efficiency with further optimization expected. Throughout the transition period, Genesis Mining has been an invaluable partner and Nicolás Chaparro, CEO of Genesis Mining Iceland ehf. and Genesis Mining's Regional Manager - Nordics, has shown tremendous leadership and technical expertise overseeing the continuous performance improvements in Sweden. The Company intends to provide operational updates on progress in Sweden.
"The operational improvements have been tremendous, and we are seeing continuous increases in efficiency," said Frank Holmes, Interim Executive Chairman and Interim CEO of HIVE. "Genesis Mining has been a great partner and I would like to commend the hard work and expertise of Nicolás Chaparro who I believe has showed outstanding leadership throughout the transition period."
"With regards to our annual filings," added Frank Holmes. "As a result of guidance released by the Canadian Public Accountability Board ("CPAB") in December, delayed filings have impacted, to my knowledge, every Canadian listed company involved in the cryptocurrency and blockchain industry. An article published by the Globe and Mail earlier this year titled 'Cryptocurrency companies rush to secure audits as firms back away' highlighted the challenges faced by our peers that we are currently undergoing. We are making great progress within the business and I look forward to sharing our financial results as we work expeditiously to complete our annual filings."
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 resources 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. Its 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 further optimization of operations in Sweden; the completion and filing of the Company's annual filings; 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, no further optimization of operations in Sweden may ne realized by the Company; the Company may not complete its audit and file the Annual Filings as currently anticipated, or at all; 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 continue and improve operations in Sweden; the Company's ability to complete and file the Annual Filings. 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.
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