HIVE Expands and Innovates with 4x Bitcoin Development from the Quebec Acquisition in 2020 to Mine Bitcoin from Hydro-Electrical energy and Recycle the Power to Warmth Adjoining Manufacturing Constructing
This information launch constitutes a “designated information launch” for the needs of the Firm’s amended and restated prospectus complement dated August 17, 2023, to its quick kind base shelf prospectus dated Might 1, 2023.
Vancouver, British Columbia–(Newsfile Corp. – October 7, 2023) – HIVE Digital Applied sciences Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the “Firm” or “HIVE”) is happy to supply an replace on its enlargement technique main as much as the 2024 Bitcoin halving. In April of 2024, the Bitcoin halving will happen, slicing each day mining manufacturing to roughly 450 Bitcoin per day from 900 per day.
Government Chairman Frank Holmes said, “When the 2020 halving occurred, it precipitated important disruptions within the trade. HIVE seized the chance by buying massive Bitcoin mining operations at important reductions, as a result of a lot of the trade was overleveraged. We might see an analogous scenario unfold over the subsequent six months, and if it does, HIVE will likely be prepared.”
HIVE’s Lachute, Quebec, Bitcoin mining facility is a wonderful instance of HIVE’s strategic acquisitions across the 2020 halving. The Lachute operation was acquired within the spring of 2020. The property is situated in a cool local weather with plentiful and low-cost renewable vitality. Because the acquisition, HIVE has frequently upgraded the mining {hardware} and expanded the ability.
Rami Janashvili, who constructed Lachute from its origins in 2016, grew the ability to be the most important crypto-mine in Canada on the time, through the Bitmain S9 Antminer miner period, with 18,000 S9 miners working.
Rami is a former Israeli navy parachutist, and at present he nonetheless enjoys the examine and problem of aerodynamics along with his assortment of giant-scale distant management airplanes. Rami has developed an immersion mining system on the Lachute facility, along with this, his crew has constructed out the heat-recycling system, the place the warmth vitality from the Bitcoin mining operation is used to heat a neighboring facility, an roughly 200,000 sft swimming pool manufacturing constructing.
Rami expressed warmly “All the things is teamwork, and that’s the place the success comes from. I am very happy with my crew and we now have elevated Lachute from 500 PH/s earlier this yr to over 1 EH/s now”.
Aydin Kilic, President & CEO of HIVE, stated of the Lachute buy, “Within the month of September 2023 we hit a milestone, the place our facility in Lachute, Quebec surpassed 1 EH/s of Bitcoin mining capability. This can be a landmark achievement, as HIVE initially acquired this 30 MW facility in 2020, when it had a hashrate of roughly 250 PH/s. Due to this fact, we’re very proud to see Lachute quadruple its hashrate beneath HIVE’s possession, with the unique crew saved intact. This can be a testomony of our firm tradition of excellence, the place we try to seamlessly combine our operations globally permitting to be a top-performing Bitcoin miner. Moreover, that is now the second facility HIVE operates which is over 1 EH/s, the opposite being our facility in New Brunswick.”
HIVE’s Government Chairman Frank Holmes added, “Because the halving approaches HIVE will proceed to make opportunistic investments, such because the 1,000 Bitmain S19k Professional miners we introduced on October 6, 2023. However we’re solely shopping for at costs that we anticipate to have speedy ROI, ideally pre-halving. We have performed a very good job at sustaining self-discipline and can proceed that pattern.”
Determine 1: Warmth Recapture System at Lachute: warmth is transferred by the piping system
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https://images.newsfilecorp.com/files/5335/183261_e424a97b04d9aaa1_001full.jpg
Determine 2: Immersion Mining System at Lachute
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https://images.newsfilecorp.com/files/5335/183261_e424a97b04d9aaa1_002full.jpg
For extra info and to register to HIVE’s mailing record, please go to www.HIVEdigitaltechnologies.com. Observe @HIVEDigitalTech on Twitter and subscribe to HIVE’s YouTube channel.
On Behalf of HIVE Digital Applied sciences Ltd.
“Frank Holmes”
Government Chairman
For additional info please contact:
Frank Holmes
Tel: (604) 664-1078
Neither the TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Change) accepts duty for the adequacy or accuracy of this information launch
Ahead-Trying Info
Aside from the statements of historic reality, this information launch comprises “forward-looking info” inside the which means of the relevant Canadian and United States securities laws and rules that’s based mostly on expectations, estimates and projections as on the date of this information launch. “Ahead-looking info” on this information launch consists of however shouldn’t be restricted to: enterprise targets and goals of the Firm; the acquisition, deployment and optimization of the mining fleet and tools; the continued viability of its current Bitcoin mining operations; and different forward-looking info regarding the intentions, plans and future actions of the events to the transactions described herein and the phrases thereon.
Elements that would trigger precise outcomes to vary materially from these described in such ahead wanting info embody, however are usually not restricted to, the volatility of the digital foreign money market; the Firm’s means to efficiently mine digital foreign money; the Firm could not be capable of profitably liquidate its present digital foreign money stock as required, or in any respect; a cloth decline in digital foreign money costs could have a major destructive influence on the Firm’s operations; the regulatory surroundings for cryptocurrency in Canada, america and the international locations the place our mining services are situated; financial dependence on regulated phrases of service and electrical energy charges; the speculative and aggressive nature of the know-how sector; dependency on continued progress in blockchain and cryptocurrency utilization; lawsuits and different authorized proceedings and challenges; authorities rules; the worldwide financial local weather; dilution; future capital wants and uncertainty of extra financing, together with the Firm’s means to make the most of the Firm’s at-the-market fairness providing program (the “ATM Program”) and the costs at which the Firm could promote Widespread Shares within the ATM Program, in addition to capital market circumstances typically; dangers referring to the technique of sustaining and growing Bitcoin holdings and the influence of depreciating Bitcoin costs on working capital; the aggressive nature of the trade; foreign money change dangers; the necessity for the Firm to handle its deliberate progress and enlargement; the results of product growth and wish for continued know-how change; the power to keep up dependable and economical sources of energy to run its cryptocurrency mining property; the influence of vitality curtailment or regulatory adjustments within the vitality regimes within the jurisdictions by which the Firm operates; safety of proprietary rights; the impact of presidency regulation and compliance on the Firm and the trade; community safety dangers; the power of the Firm to keep up correctly working techniques; reliance on key personnel; international financial and monetary market deterioration impeding entry to capital or growing the price of capital; share dilution ensuing from the ATM Program and from different fairness issuances; the development and operation of services could not happen as presently deliberate, or in any respect; enlargement could not materialize as presently anticipated, or in any respect; the digital foreign money market; the power to efficiently mine digital foreign money; income could not improve as presently anticipated, or in any respect; it might not be doable to profitably liquidate the present digital foreign money stock, or in any respect; a decline in digital foreign money costs could have a major destructive influence on operations; a rise in community issue could have a major destructive influence on operations; the volatility of digital foreign money costs; the anticipated progress and sustainability of electrical energy for the needs of cryptocurrency mining within the relevant jurisdictions; the shortcoming to keep up dependable and economical sources of energy for the Firm to function cryptocurrency mining property; the dangers of a rise within the Firm’s electrical energy prices, value of pure gasoline, adjustments in foreign money change charges, vitality curtailment or regulatory adjustments within the vitality regimes within the jurisdictions by which the Firm operates and the adversarial influence on the Firm’s profitability; the power to finish present and future financings, any rules or legal guidelines that can stop the Firm from working its enterprise; historic costs of digital currencies and the power to mine digital currencies that will likely be in line with historic costs; an incapacity to foretell and counteract the results of COVID-19 on the enterprise of the Firm, together with however not restricted to the results of COVID-19 on the value of digital currencies, capital market circumstances, restriction on labour and worldwide journey and provide chains; and, the adoption or enlargement of any regulation or legislation that can stop the Firm from working its enterprise, or make it extra pricey to take action; and different associated dangers as extra totally set out within the Firm’s disclosure paperwork beneath the Firm’s filings at www.sec.gov/EDGAR and www.sedarplus.com.
The forward-looking info on this information launch displays the present expectations, assumptions and/or beliefs of the Firm based mostly on info presently obtainable to the Firm. In reference to the forward-looking info contained on this information launch, the Firm has made assumptions concerning the Firm’s goals, targets or future plans, the timing thereof and associated issues. The Firm has additionally assumed that no important occasions happen exterior of the Firm’s regular course of enterprise. Though the Firm believes that the assumptions inherent within the forward-looking info are cheap, forward-looking info shouldn’t be a assure of future efficiency and accordingly undue reliance shouldn’t be placed on such info because of its inherent uncertainty. The Firm disclaims any intention or obligation to replace or revise any forward-looking info, whether or not due to new info, future occasions or in any other case, apart from as required by legislation.
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