VANCOUVER, BC / ACCESSWIRE / November 23, 2020 / HIVE Blockchain Technologies Ltd. (TSX.V: HIVE) (OTCQX: HVBTF) (FSE: HBF) (the “Company” or “HIVE”) is pleased to announce that it has entered into an exclusive and non-binding memorandum of understanding (” MOU “) with GPU.One Holding Inc. (” GPU.One “) to expand HIVE’s Canadian footprint through the potential purchase of GPU Atlantic Inc. (” GPU Atlantic “).
Under the MOU, HIVE will purchase 100% of the Atlantic GPU shares (the “Proposed Transaction”). Any purchase price depends on the negotiation of a final agreement, including a formal purchase agreement, and the completion of a satisfactory due diligence process.
“We are excited about this opportunity for HIVE to expand our Canadian presence through the acquisition of this data center campus that has access to 50 megawatts (” MW “) of low-cost green power in Grand Falls, New Brunswick,” he said. stated Frank Holmes, interim executive president of HIVE. Holmes added, “Also, and important in building our vision, is the GPU. A team of young, skilled and proven data center professionals with deep, high-density data center construction and maintenance experience who will assume executive positions at the inside the HIVE organization. “
In connection with this proposed Settlement, the Company has engaged Canaccord Genuity Corp. to act as an advisor and assist with due diligence.
GPU.One is one of the leading data center managers and operators in the industry. Winner of Bitmain’s “Top 10 Mining Farms in the World”, GPU.One is a venture capital and institutional backed private data center owner and operator. GPU.One has a current capacity of 70 MW, of which 50 MW are currently in full operation using renewable hydropower in Québec and Atlantic Canada. GPU.One’s internal software is ahead of the competition and provides seamless, remote control of its facilities, HVAC, as well as each individual managed server.
About GPU Atlantic Inc.
GPU Atlantic Inc. recently built a new, state-of-the-art 50 MW data center campus located in New Brunswick, Canada. The campus contains the GPU: a private 50 MW substation along with two data center facilities. The campus also provides space, electrical capacity and materials to continue to pursue growth within existing infrastructure.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. is a growth-oriented TSX.V listed company building a bridge from the blockchain industry to traditional capital markets. HIVE owns state-of-the-art green energy powered data center facilities in Canada, Sweden and Iceland that produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. Our implementations provide shareholders with exposure to the operating margins of digital currency mining and a cryptocurrency portfolio. This is another critical step in building our vision to have 1,000 petahashs of Bitcoin mining capacity in the next 12 months.
For more information and to register for the HIVE mailing list, please visit www.HIVEblockchain.com. Follow @HIVEblockchain on Twitter and subscribe to HIVE YouTube channel.
On behalf of HIVE Blockchain Technologies Ltd.
Interim Executive Chairman
For further information please contact:
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its regulatory service provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Except for statements of historical facts, this press release contains “forward-looking information” within the meaning of applicable Canadian securities law which is based on expectations, estimates and projections as of the date of this press release. “Forward-looking information” in this press release includes information on the proposed Transaction, achievement of aggregate operating hashpower of 1,000 PH / s within the next 12 months, potential further improvements to profitability and efficiency in mining operations, potential for the long-term growth of the Company and the business goals and objectives of the Company.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, a decrease in Ethereum prices, the volume of transaction activity or in general, profitability of Ethereum mining; further improvements in profitability and efficiency may not be realized; the Company may not be able to enter into a definitive agreement on terms that are either economic or wholly or close the Proposed Transaction; the ongoing functioning of the digital currency market; the Company’s ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of prices of digital currencies; and other related risks, as more fully disclosed in the dated Company Filing Statement and other documents disclosed as part of the Company documents on www.sedar.com.
The forward-looking information in this press release reflects the Company’s current expectations, assumptions and / or beliefs based on information currently available to the Company. In relation to the forward-looking information contained in this press release, the Company has formulated hypotheses on current profitability in Ethereum mining (including prices and current transaction volume); the ability to enter into a definitive agreement and close the Proposed Transaction on economic terms; profitable use of the Company’s assets in the future; the Company’s ability to profitably liquidate its digital currency inventory as required; historical prices of digital currencies and the Company’s ability to mine digital currencies will be consistent with historical prices; and there will be no regulations or laws that will prevent the Company from carrying out its business. The Company has also assumed that no significant events will occur outside the normal course of the Company’s business. Although the Company believes that forward-looking information assumptions are reasonable, forward-looking information is not a guarantee of future performance and therefore undue reliance should not be placed on such information due to the inherent uncertainty contained therein.
SOURCE: Hive Blockchain Technologies Ltd
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