Vancouver, British Columbia – (Newsfile Corp. – August 16, 2022) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: HBFA) (the “Company” or “HIVE”) is pleased to announce its earnings report for the first quarter ended June 30, 2022 (all amounts in US dollars unless otherwise noted).

We achieved a strong gross mining margin of $27.0 million for the quarter, up 18% from the prior quarter’s $22.9 million. This fiscal success was fueled by our global Bitcoin and Ethereum mining operations, which saw significant hashrate growth during this period. In addition to the company’s expansions, HIVE maintains the best uptime among all its competitors, with HIVE repeatedly becoming the most efficient crypto miner based on digital assets mined per exahash (commonly measured as the amount of bitcoin mined per exahash of reported hashrate ). .

In addition, the Company’s gross mining margin of 61% during the period is also an increase from last quarter’s gross mining margin of 42%. HIVE has been able to consistently mine with strong profit margins during times of market volatility due to its globally diversified, enjoying low electricity costs in Sweden and Quebec, as well as higher profit margins from Ethereum mining business. The company notes that currently, at an Ethreum price of $1,900, the legacy GPU fleet of RX580 cards is generating approximately $0.30 per KWHR of revenue, and our new data center-grade Nvidia GPU cards are generating approximately $0 Generate $.40 to $0.50 per KWHR of revenue. While Bitcoin ASICs at a Bitcoin price of $24,000 and a difficulty of 28.1T generate approximately $0.11 to $0.15 per KWHR in revenue, for ASICs with an efficiency between 30 and 40 Joules per Terahash (J/ TH).

We generated $44.2 million in revenue this quarter as we mined 1,338 bitcoin equivalents, consisting of 821 green and clean bitcoin and 7,675 green and clean ethereum. It has sales of $49.8 million in…