Crypto Miner HIVE Blockchain Rebrands to Drive AI Expansion

HIVE Blockchain Technologies Ltd. has declared its plan to strategically rebrand, including a transition to the new name “HIVE Digital Technologies Ltd.” This rebranding initiative is designed to mirror the company’s progression into the realm of high-performance computing (HPC) data centres, utilizing Nvidia’s superior Graphics Processing Unit (GPU) chips to tap into the burgeoning trend of widespread adoption in the field of Artificial Intelligence (AI).

Established in 2017, HIVE has been an innovative leader in the domain of cryptocurrency mining. The upcoming name change signifies a major strategic shift to exploit the capabilities of green energy data centres and GPU Cloud computing technology, an indispensable resource in the sphere of AI, machine learning, and sophisticated data analysis.

At present, the company’s common shares are traded on the TSX Venture Exchange (TSXV) and the Nasdaq Capital Market under the ticker “HIVE”. The company has confirmed that there will be no changes to its trading symbols nor will there be any consolidation of share capital associated with the name change. The implementation of the name change is anticipated around July 12, 2023, pending receipt of all necessary regulatory approvals.

The rebranding will not impact the company’s share or warrant structure or the rights of its security holders. Existing security holders are not required to take any further action. All current share certificates or warrant certificates will continue to represent the shares or warrants of HIVE Digital Technologies Ltd. without the need for any additional action by holders post the name change.

In a separate announcement, the company has rectified an earlier understatement of the number of Bitcoin equivalent mined during the year by 792. The accurate figures for Bitcoin equivalent should have been 4,295, not the previously reported 3,503.

Furthermore, the company disclosed that its Board of Directors has sanctioned the grant of 620,000 incentive stock options, which can be exercised into an equivalent number of the company’s common shares at a price of C$6.86 per share for a duration of five years. These grants, made to the company’s employees, officers, and consultants, are subject to specific vesting requirements.

HIVE Blockchain Technologies Ltd. made its public debut in 2017 as the inaugural cryptocurrency mining company to be listed for trading on the TSX Venture Exchange, with a strong emphasis on sustainable green energy. The company operates advanced, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where it harnesses green energy to mine digital assets like Bitcoin on the cloud.


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Hive Blockchain on track to mine more Bitcoin, less Ether this quarter

Publicly traded crypto mining firm Hive Blockchain is expecting to produce 6,900 Ether (ETH) and 670 Bitcoin (BTC) for the fiscal quarter ending on Dec. 31, marking a respective drop and increase over that of the previous quarter.

In a Wednesday notice to shareholders, Hive said it had mined 6,280 Ether from Oct. 1 to Dec. 21, and was on track to mine more than 65 ETH daily for the remainder of 2021. This projected total — 6,900 ETH — would represent a decrease of more than 20% from the 8,688 ETH the company mined from July 1 to Sept. 30. However, Hive is expecting its Bitcoin production to increase by 2% quarterly, from roughly 656 BTC to 670 BTC.

“This increase [in Bitcoin] has been driven by the previously announced investments that have been made into new generation miners and the expansion of our Bitcoin mining facilities,” reported Hive. “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%.”

The Canadian crypto mining firm attributed the slowing of ETH mining due to the average difficulty increasing by more than 16% in the current quarter, including a peak on Dec. 7 as more projects entered the ecosystem. However, Hive also said the “strong” ETH price had helped the company support mining operations as the difficulty increased. According to data from Cointelegraph Markets Pro, the price of ETH rose more than 50% since Sept. 30 to reach an all-time high of more than $4,800 in November.

“HIVE has a healthy coin inventory of both Ether and Bitcoin and has a continuing strategy to build our inventory through calendar 2022,” said the mining firm. “We are no longer selling coins but banking them through the New Year.”

Related: Green energy-focused Bitcoin miner Hive joins North American mining pool

Known by many for its efforts to mine with a focus on green energy, Hive has facilities in Canada, Sweden and Iceland. In June, the firm announced it had received approval to list shares on the Nasdaq stock exchange. At the time of publication, shares are trading for $2.87, having risen more than 2% in the last 24 hours.