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HIVE Blockchain Provides Results from Shareholder Meeting, Review of 2021 Achievements and Corporate Update
This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated February 2, 2021 to its short form base shelf prospectus dated January 27, 2021.
Vancouver, British Columbia–(Newsfile Corp. – December 22, 2021) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: HBF) (the “Company” or “HIVE”) is pleased to announce that all resolutions considered at its 2021 annual meeting of shareholders on December 21, 2021 were approved overwhelmingly by its shareholders. The Company is also providing a corporate update for its fiscal third quarter ending December 31, 2021.
Shareholders Approve Resolutions
The resolutions approved by the shareholders present in person or represented by proxy at the meeting were:
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All director nominees were duly elected or re-elected to HIVE’s board of directors. HIVE’s Board of Directors consists of Frank Holmes, Marcus New, Dave Perrill, Ian Mann and Susan McGee. Each director will serve until HIVE’s next annual meeting of shareholders or until their respective successors are elected or appointed or they otherwise cease to hold office.
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Davidson & Company LLP was re-appointed as independent, external auditor of HIVE for the ensuing year or until its successor is appointed, and the Board was authorized to fix its remuneration.
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The Company’s Stock Option Plan and Restricted Share Unit Plan were re-approved.
The resolutions voted on at the meeting are described in more detail in HIVE’s Management Information Circular, dated November 9, 2021, which was mailed to shareholders and is available on SEDAR at www.sedar.com.
Corporate Update
The Company has thus far in its fiscal third quarter, from October 1 to December 21, 2021, mined more than 6,280 Ether and 600 Bitcoin, based on the Company’s preliminary unaudited results.
Bitcoin Production Increased
The Company is on track to have an increase in the number of Bitcoin mined thus far in its fiscal third quarter of approximately 600 Bitcoins mined from October 1 to December 21 and is mining over 7 Bitcoin per day on average, thus the Company is on track to have mined more Bitcoin in its fiscal third quarter compared to 656 Bitcoins mined for the prior quarter. This increase has been driven by the previously announced investments that have been made into new generation miners and the expansion of our Bitcoin mining facilities.
This drop in the production of Ether in the current quarter compared to the prior quarter will be offset partially by the average price of Ether increasing by 45%, and the higher Bitcoin mined in this quarter boosted by the increase in the price of Bitcoin in the quarter of over 35%.
As mentioned before HIVE has continued to be aggressively spending money on upgrading the efficiencies of our GPU chips to mine Ether in the cloud.
Ether Production Slowed
The Company is mining over 65 Ether per day and is on track to mine over 6,900 Ether by the third quarter end, which will represent a decrease from the approximately 8,688 Ether mined in HIVE’s second fiscal quarter ended September 30, 2021. Due to new participants’ entry into the Ethereum ecosystem, which was validated by the rise in the hashrate difficulty, the average difficulty increased by of over 16% compared to the prior quarter, including the highest difficulty ever experienced on December 7, 2021. However, a strong Ether price during the Company’s fiscal third quarter has helped to support strong overall mining economics, despite rising difficulty.
Ether and Bitcoin Inventory
HIVE has a healthy coin inventory of both Ether and Bitcoin and has a continuing strategy to build our inventory through calendar 2022. We are no longer selling coins but banking them through the New Year, to have more inventory than is reported today.
TSX.V Short Positions
On December 15, 2021, the Company had a short position of over 29.5 million shares. HIVE remains profitable and less expensive than many other technology stocks generating above average cash flow returns on invested capital as measured by FSA Valuation Service’s Matt Kacur.
Options Begin Trading
As a result of the strong interest in the stock of HIVE, the Company now has actively traded options listed on the Nasdaq.
Frank Holmes, Executive Chairman said, “I am very honored to see the support and encouragement from shareholders and our team in achieving so many milestones over the past year. From the GPU Atlantic acquisition, to hitting 1.5 Exahash and achieving record revenue per share and cash flow. Our balance sheet from mining and HODLing BTC and ETH hit an all time high, and we have exciting growth planned for the next 12 months mining both BTC and Ether with the latest high performing chips. As we said in our AGM presentation, we do not believe Proof-of-Stake is an imminent danger but rather FUD (fear, uncertainty, and doubt) we have endured about ETH mining for the past 4 years while we continue to generate low-cost high returns for our shareholders. We believe that Layer 2 technology will help facilitate the growth in adoption of ETH and mining to be sustainable. Our ETH HODL position has been a powerful addition to our financials results while we continue to be the only mining company focused on green energy and holding both BTC and ETH
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy.
HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we source only green energy to mine on the cloud and HODL both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC coin mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space. HIVE traded over 2 billion shares in 2020.
We encourage you to visit HIVE’s YouTube channel here to learn more about HIVE.
For more information and to register to HIVE’s mailing list, please visit www.HIVEblockchain.com. Follow @HIVEblockchain on Twitter and subscribe to HIVE’s YouTube channel.
On Behalf of HIVE Blockchain Technologies Ltd.
“Frank Holmes”
Executive Chairman
For further information please contact:
Frank Holmes
Tel: (604) 664-1078
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.
Forward-Looking Information
Except for the statements of historical fact, this news release contains “forward-looking information” within the meaning of the applicable Canadian and U.S. 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, the potential for the Company’s long-term growth, 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: the volatility 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 as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; continued effects of the COVID-19 pandemic may have a material adverse effect on the Company’s performance as supply chains are disrupted and prevent the Company from carrying out its expansion plans or operating its assets; and other related risks as more fully set out in the registration statement of the Company and other documents disclosed under the Company’s filings at www.sec.gov/EDGAR and 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 current profitability in mining cryptocurrency (including pricing and volume of current transaction activity); profitable use of the Company’s assets going forward; the Company’s ability to profitably liquidate its digital currency inventory as required; historical prices of digital currencies and the ability of the Company to mine digital currencies will be consistent with historical prices; and there will be no regulation or law that will prevent the Company from operating its business. 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 their inherent uncertainty.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108311
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Lydia, a prominent French fintech company known for its innovative financial solutions, has taken a significant leap forward with the launch of its new digital banking app, Sumeria. This development marks a strategic expansion for Lydia as it continues to redefine the financial landscape in Europe and beyond.
About Lydia
Since its inception, Lydia has been at the forefront of fintech innovation in France, providing users with seamless and user-friendly payment solutions. The company has built a strong reputation for its mobile payment app, which allows users to send and receive money, pay for goods and services, and manage their finances with ease. With millions of users and a robust platform, Lydia is well-positioned to venture into the digital banking space.
Introducing Sumeria
Sumeria is Lydia’s latest offering, designed to cater to the growing demand for comprehensive digital banking solutions. The app aims to provide users with a full suite of banking services, all accessible from their smartphones. Key features of Sumeria include:
- Personal and Business Accounts: Sumeria offers both personal and business accounts, enabling users to manage their finances efficiently. The app supports a range of functionalities tailored to meet the needs of individual users and small to medium-sized enterprises (SMEs).
- Intuitive Interface: True to Lydia’s commitment to user experience, Sumeria boasts an intuitive and easy-to-navigate interface. Users can quickly access account information, transaction history, and various banking services with just a few taps.
- Comprehensive Financial Tools: Sumeria provides a range of financial tools designed to help users better manage their money. Features such as budgeting, expense tracking, and personalized financial insights empower users to make informed financial decisions.
- Security and Privacy: Lydia places a high priority on security, and Sumeria is no exception. The app incorporates advanced security measures, including biometric authentication and end-to-end encryption, to ensure that users’ financial data is protected.
- Integrated Payments: Leveraging Lydia’s expertise in payments, Sumeria integrates seamless payment solutions, allowing users to send and receive money instantly, pay bills, and make purchases directly from the app.
Strategic Implications
The launch of Sumeria represents a strategic move for Lydia, positioning the company as a formidable player in the digital banking arena. By expanding its product offering, Lydia aims to capture a larger share of the market and meet the evolving needs of its users. This initiative also reflects a broader trend in the fintech industry, where traditional payment service providers are evolving into comprehensive financial service platforms.
Market Impact
Sumeria’s entry into the market is poised to have a significant impact. With its user-centric design and robust feature set, the app is likely to attract a diverse user base, from tech-savvy millennials to SMEs seeking efficient banking solutions. Moreover, Sumeria’s integration with Lydia’s existing payment infrastructure provides a seamless transition for current Lydia users, further boosting its adoption.
Future Prospects
Looking ahead, Lydia plans to continually enhance Sumeria by adding new features and expanding its services. The company’s focus on innovation and customer satisfaction will be key drivers of Sumeria’s growth. Additionally, Lydia’s potential to scale Sumeria across other European markets presents a substantial opportunity for further expansion.
Source: fintechfutures.com
The post French fintech Lydia launches digital banking app Sumeria appeared first on HIPTHER Alerts.
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