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HIVE Blockchain Technologies Ltd. has signed a non-binding MOU with GPU.One Holding Inc. to explore the acquisition of GPU Atlantic Inc. for 100% of its shares. This potential purchase aims to enhance HIVE's presence in Canada by utilizing 50 MW of low-cost green power in Grand Falls, New Brunswick. HIVE has retained Canaccord Genuity Corp. as an advisor for due diligence. The company envisions reaching 1,000 petahashes of Bitcoin mining capacity within 12 months, leveraging the skilled GPU.One team for operational growth.
HIVE Blockchain Technologies reported Q1 results for the period ending June 30, 2020. The company generated $6.6 million from digital currency mining, a 28% decrease year-over-year. Despite operational improvements, net income fell to $1.8 million, down from $5.6 million in the prior year. Gross mining margin remained stable at 39%. Ethereum production increased, while Bitcoin production declined due to the suspension of unprofitable cloud mining agreements. Challenges in supply chain logistics due to COVID-19 were noted for future operational expansion.
HIVE Blockchain Technologies Ltd. reported a record production of over 32,000 Ethereum in Q3 2020, reflecting a more than 50% increase year-over-year. This surge is attributed to high demand for Ethereum transactions driven by decentralized finance (DeFi) applications, resulting in increased transaction fees. The company also noted a rise in cash flows from Ethereum mining due to lower operating costs and higher Ethereum prices, averaging US$343 during the quarter. HIVE expects to file its Q1 financial statements by October 15, 2020, following a brief extension related to COVID-19.