HiveHive HIVE news

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Genesis Mining attempts to take over HIVE Board in reaction to demand for return of $50M

CryptoNinjas HIVE Blockchain Technologies Ltd., a cryptocurrency mining operator notified its shareholders that on April 19th, 2019 Genesis Mining, the largest shareholder of HIVE, holding approximately 26.3% of the company’s outstanding shares, requisitioned a meeting of shareholders for the purpose of removing directors independent... Genesis Mining attempts to take over HIVE Board in reaction to demand for return of $50M

Genesis Mining attempts to take over HIVE Blockchain Board in reaction to Demand for Return of US$50 Million From Genesis and Resolution of Material Breaches of the Master Service Agreement

ZUG, Switzerland and VANCOUVER, April 22, 2019 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF)  (the "Company" or "HIVE") advises that on April 19, 2019 Genesis Mining ("Genesis"), the largest shareholder of the Company, holding approximately 26.3% of the Company's outstanding shares, has requisitioned a meeting of shareholders for the purpose of removing directors independent of Genesis and electing a board of directors, the majority of whom would be senior officers and employees of Genesis. On April 20, 2019, the HIVE Board met and appointed an independent Special Committee of the Board to deal with the requisition and related contractual disputes between Genesis and HIVE which gave rise to the requisition. The Special Committee will act in the interests of all HIVE shareholders and the Special Committee will set a date for the requisitioned meeting to be held within four months of proper delivery of the requisition notice. The meeting requisition is in reaction to a formal notice which HIVE provided on April 2, 2019 to Genesis regarding material breaches of the Master Service Agreement ("MSA") between the parties.  Initially following that notice, the Genesis representatives on HIVE's Board convened a Board Meeting to remove Frank Holmes as interim Chairman and Chief Executive Officer, but were unsuccessful. Discussions have been ongoing between HIVE and Genesis regarding the MSA for several months and the formal notice was issued after it became apparent to HIVE that the matters could not be solved through good-faith negotiation.  HIVE estimates that the various breaches are valued at approximately US$50 million to HIVE.  Under the MSA, unless such material breaches are cured, HIVE will have the right to terminate the MSA and applicable services orders for cause, which will lead to the right for HIVE to require Genesis to repurchase the mining equipment. "Discussions with Genesis for full disclosure of all costs for all mining operations have been ongoing since September 2018," said Frank Holmes, Interim Executive Chairman and Interim CEO. "We are frustrated that Genesis unilaterally gave notice of increased costs in Sweden and services under the MSA have not been 'performed in a professional and workmanlike manner in accordance with the highest industry standards' as required ...Full story available on

HIVE Blockchain Announces Change of Auditor

ZUG, Switzerland and VANCOUVER, April 11, 2019 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the "Company" or "HIVE") announces that it has changed its auditors from Grant Thornton LLP ("Former Auditor") to Davidson & Company LLP ("Successor Auditor"). The Former Auditor resigned as the auditor of the Company effective April 5, 2019 and the board of directors of the Company appointed the Successor Auditor as the Company's auditor effective April 10, 2019, until the next Annual General Meeting of the Company. "We would like to thank Grant Thornton LLP for their guidance and expertise and we are pleased to announce that Davidson & Company LLP, which has specific expertise in blockchain and cryptocurrency, will be an important part of the next phase of HIVE's growth," said Frank Holmes, Interim Executive Chairman and Interim CEO. There were no reservations in the Former Auditor's audit reports for the relevant period, being the financial year ended March 31, 2018 and any period subsequent to the most recently completed financial year for which an audit report was issued and preceding the resignation of the Former Auditor. In accordance with National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102"), the Company has filed a Change of Auditor Notice (the "Notice") on SEDAR together with ...Full story available on

HIVE Blockchain Releases Third Quarter 2019 Financial Results

ZUG, Switzerland and VANCOUVER, March 1, 2019 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the "Company" or "HIVE") today announced its results for the third quarter ended December 31, 2018 (all amounts in US dollars, unless otherwise indicated). "The cryptocurrency ecosystem continues to undergo significant volatility amid continually evolving regulatory review and fluctuations in price," said Frank Holmes, Interim Executive Chairman of HIVE. "However, HIVE has remained committed to deploying infrastructure assets and diversifying our business mix to commence mining of new coins. We continue to accumulate Ethereum and Ethereum Classic and in the third quarter began adding Bitcoin to our coin inventory. In the quarter we more than doubled our mining capacity, negotiated improved financial terms with our largest partner and added an additional 100 Petahashes ("PH") of capacity at a significantly lower cost than prior deployments." "We continue to assess opportunities to selectively add to our capacity but we are also looking to the future as we are entering a phase of the Company we are calling HIVE 2.0," added Frank Holmes. "Having deployed significant infrastructure since going public at costs that we expected, I remain excited by new opportunities in blockchain infrastructure and, as I have said in the past, I continue to believe that HIVE is well positioned to capitalize on these opportunities. Though cryptocurrency volatility has shown improvements since we reported our second quarter, it continues to exhibit volatility that outpaces other asset classes though we are seeing improvements in the mining ecosystem broadly. As such, we remain bullish on the long-term prospects and utility of cryptocurrencies and blockchain as a technology that continues to revolutionize industries that touch our lives everyday." Quarterly Highlights Generated income of $8.4 million, with a gross mining margin loss1 of $2.2 million, from mining of digital currencies; Mined 28,343 newly minted Ethereum during the period ended December 31, 2018, as compared to second quarter production of 19,569 Ethereum representing an increase of 45% for the quarter; Mined 784 newly minted Bitcoin during the period ended December 31, 2018; Incurred a net loss of $36.4 million for the period; and Launched the operation of an additional 100 PH of cloud-based ASIC Bitcoin mining on December 1, 2018 bringing the Company's digital currency mining footprint to a total of 24.2 MW of GPU mining and 300 PH of ASIC capacity. ______________________ 1 Gross mining margin is a non-IFRS measure; see Non-IFRS Measures in Q3 MD&A for reconciliation   Financial Review For the 3 month period ended December 31, 2018, HIVE's gross mining loss was 27%.  Third quarter income from digital currency mining was produced from an average of 24.2 MW of GPU production capacity, and an average of 234 PH of Cloud Mining capacity as at December 31, 2018.  Below is an analysis of the Company's income and gross mining margin: Q3 2019 Q2 2019 Q1 2019 Q4 2018 Income from digital currency mining $ 8,449,545 $ 6,523,217 $ 17,183,881 $ 9,636,390 Full story available on

HIVE Blockchain To Release Third Quarter Financial Results on March 1, 2019 and Host Webcast on March 4, 2019 at 8:30 am Eastern Time

ZUG, Switzerland and VANCOUVER, Feb. 27, 2019 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the "Company" or "HIVE") will be announcing its financial results for the third quarter ended December 31, 2018 after TSXV market close on March 1, 2019.  Management will host a webcast on Monday, March 4, 2019 at 5:30am Pacific Time/7:30am Central Time/8:30am Eastern Time to discuss ...Full story available on

HIVE Blockchain Announces DTC Eligibility and Commencement of Trading on the OTCQX® Best Market

ZUG, SWITZERLAND and VANCOUVER, Feb. 11, 2019 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the "Company" or "HIVE") is pleased to announce it has qualified for trading on the OTCQX® Best Market ("OTCQX") and will begin trading on the OTCQX under the symbol "HVBTF," effective February 11, 2019. "Upgrading to the OTCQX is an important event for the Company." said Frank Holmes, Interim Executive Chairman. "The OTCQX equips HIVE with better liquidity and exposure for existing and future U.S. investors as we continue our long-term strategy to enhance shareholder value. HIVE is an industry leader among publicly traded blockchain infrastructure companies and trading on OTCQX in the U.S. provides investors with an opportunity to participate in the long-term potential of blockchain and to invest in a stock that is highly correlated to the price movements of cryptocurrencies like Bitcoin and Ethereum." The OTCQX Market is reserved for established, investor-focused U.S. and global companies that meet high financial standards, provide timely news and disclosure to investors, and are sponsored by a professional third-party advisor. "We are pleased to welcome HIVE Blockchain Technologies to our OTCQX Best Market," said Jason Paltrowitz, Director, OTC Markets Group International Ltd. and EVP, Corporate Services, OTC Markets Group. "HIVE Blockchain joins a robust roster of Canadian companies that benefit from cross-trading their shares and providing a premium market for accessing U.S. investors. We look forward to supporting HIVE Blockchain as the company builds long-term shareholder value." The Company will continue to trade on the TSX Venture Exchange (TSX-V) under its existing symbol "HIVE". U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on HIVE is also pleased to ...Full story available on

OTC Markets Group Welcomes HIVE Blockchain Technologies Ltd. to OTCQX

NEW YORK, Feb. 11, 2019 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX:OTCM), operator of financial markets for 10,000 U.S. and global securities, today announced HIVE Blockchain Technologies Ltd. (TSXV:HIVE, OTCQX:HVBTF), a growth oriented company building a bridge from the blockchain sector to traditional capital markets, has qualified to trade on the OTCQX® Best Market.  HIVE Blockchain Technologies Ltd. upgraded to OTCQX from the Pink® market. HIVE Blockchain Technologies begins trading today on OTCQX under the symbol "HVBTF."  U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on "We are pleased to welcome HIVE Blockchain Technologies to our OTCQX Best Market," said Jason Paltrowitz, Director, OTC Markets Group International Ltd. and EVP, Corporate Services, OTC Markets Group. "HIVE Blockchain joins a robust roster of Canadian companies that benefit from cross-trading their shares and providing a premium market for accessing U.S. investors. ...Full story available on

Hive tech from LCC.... legit defense against 51%?

Has anyone looked into Litecoin Cash/LCC's hive tech? It's their attempt to reduce (they claim it will prevent) the potential of a 51% attack. From what I gather, it essentially allows you to mine from a PC vs tons of GPUs. Beyond that, I haven't dug into it.

Hive Blockchain Tech Protests Electricity Subsidy Exclusion Bill For Crypto Mining In Norway

Hive Blockchain Tech Protests Electricity Subsidy Exclusion Bill For Crypto Mining In Norway The move by Norwegian parliament to pass a legislature curtailing crypto miners from accessing electricity subsidy has spiked reaction from Hive Blockchain Technologies. This Blockchain-oriented entity whose operations are based in Norway protested the move arguing that consultations were not done as should be. According to Hive Blockchain Technologies, the crypto industry ought to continue enjoying a tax relief as is with other high powered sectors in Norway. In a detailed release, Hive has stated its position on this legislative bill as well as an overview of how its assets would be affected as a result. Hive’s Criticism On Electricity Subsidy Exclusion In Norway’s Crypto Mining Initially, the crypto mining industry in Norway enjoyed similar subsidies as those given to power consuming sectors in the country. Hive’s reaction towards scrapping this off for crypto miners may somewhat be justified based on their business model. However, the big question remains to what extent can they influence a change of heart by the legislature? In summary, Hive has expressed discontent in the legislature decision to exclude crypto mining from subsidies category. The entity used ‘Unilateral’ to describe the decision showing how one sided this consensus was. Economically, Hive claims that the bill is not FDI friendly especially with the booming Fin Tech market driven by Blockchain & Crypto. The company added that most long-term investors may be skeptical and shy away from investing in such environments. This is however a hypothesis whose results can only be tested well into 2019! Hive Asset Revaluation Post The Subsidy Bill This move by Norway’s legislature leaves Hive no option but to value its assets a fresh. The firm has since initiated the process with a focus on its Norwegian based data centre ‘Kolos’. Hive engaged its debt bearers via a letter towards the end of December 2018. The content of this piece of information was related to Kolos data centre acquisition in which Hive owes almost $2.4 million (proceeds for financing). In the letter, Hive seeks an extension of 12 months to facilitate the terms of its contract with the financier following the electricity subsidy setback. Hive’s revaluation process is expected to last through the whole of Q1 in 2019. It is highly unlikely that the Norwegian parliament will revert the decision. This is because it was popular as early as November 2018 when one of the representatives argued the unregulated crypto industry is a hub for financial crime & should not enjoy subsidies.
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HIVE gets regulatory approval for 50% increase in ASIC capacity to mine BTC

CryptoNinjas HIVE Blockchain Technologies Ltd. (HIVE), the owner and operator of cryptocurrency mining centers today announced that it has received regulatory approval from the TSX Venture Exchange (TSXV) for their previously announced deployment of 100... HIVE gets regulatory approval for 50% increase in ASIC capacity to mine BTC

HIVE Receives Regulatory Approval for 50% Increase in ASIC Capacity to mine Bitcoins. GPU Capacity Continues to Mine Ethereum Which has Surged by More Than 70% From Recent Lows

ZUG, Switzerland and VANCOUVER, Jan. 2, 2019 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V : HIVE) (OTC:HVBTF) (the "Company" or "HIVE") is pleased to announce that it has received regulatory approval from the TSX Venture Exchange ("TSXV") for the previously announced deployment of 100 Petahashes ("PH") of cloud-based ASIC mining capacity, a 50% increase to 300 PH, which has been deployed to mine Bitcoin and related cryptocurrencies. The approval for the increased ASIC capacity comes as Ethereum has experienced a surge in value by more than 70% since early December 2018. HIVE continues to mine Ethereum using assets with cumulative GPU capacity of 24.2 Megawatts ("MW") located in Iceland and Sweden. "I am pleased that we have received regulatory approval related to the deployment of 100 Petahashes of ASIC mining capacity at economic terms that we consider favourable for HIVE in a volatile cryptocurrency market." said Frank Holmes, Interim Executive Chairman. "We believe that the transaction, which included the issuance of shares at levels meaningfully higher than the stock was trading, shows tremendous support by our partners and demonstrates the many benefits of our strategic partnership with Genesis. HIVE remains bullish on the long-term value of blockchain applications and the role that Bitcoin and Ethereum will play in the ecosystem despite continued volatility of cryptocurrency prices." "The surge in Ethereum pricing since early December is impressive, now up more than 70% since setting new lows for 2018 last month." added Frank Holmes. "We continue to participate in the Ethereum ecosystem using our facilities in Iceland and Sweden and HIVE maintains an inventory of Ethereum and Bitcoin as we are bullish on the long-term potential of cryptocurrencies broadly." On ...Full story available on
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New York Attorney General’s Office Accuses Bitfinex Of Covering $850 Million Losses Using Tether Funds

If you are our BitcoinExchangeGuide’s regular reader. You should already know about the shady connection between Bitfinex and Tether. This Thursday, a document by the New York Attorney General’s (NYAG) office revealed that iFinex, the company behind both Tether (USDT) and Bitcoin exchange Bitfinex, is being sued. In the press release, the attorney general Letitia […]
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New York AG’s court filings written in ‘bad faith’ and ‘riddled with false assertions,’ says Bitfinex’s rebuttal

Bitcoin and Tether have been closely related since time immemorial, but the recent string of events pushed the price of Bitcoin down by 9% in about 3 hours. This has caused a domino effect, causing the price of other altcoins to fall as well. The New York State Attorney General is suing Bitfinex and the closely affiliated firm, Tether, responsible for the infamous stablecoin, USDT. According to Yahoo, NY AG released a 23-page document which suggested that the AG has reason to believe that there might be a fraud being carried out by the two companies in cahoots with each other. Yahoo stated that among other things, Tether and Bitfinex are engaged in, “undisclosed, conflicted transactions to cover Bitfinex’s losses, approximately $850 million, by transferring money out of tether reserve funds.” Tether and Bitfinex aren’t completely unaware of their problems in trying to retain banks for their business and the allegations of Bitcoin’s 2017 pump was fueled by Tether and Bitfinex. Bitcoin’s prices took a nasty fall after the news broke out. However, the prices have recuperated partially since then. Bitfinex too did not waste time with its rebuttal to the New York AG’s charges. Bitfinex’s rebuttal stated that New York’s AG released the order without giving the parties proper “notice or hearing” and that the Attorney General was attempting to “compel Bitfinex and Tether to provide certain documents and seeking certain injunctive relief.” The same rebuttal was released by Tether. The blog further stated, “The New York Attorney General’s court filings were written in bad faith and are riddled with false assertions, including as to a purported $850 million “loss” at Crypto Capital. On the contrary, we have been informed that these Crypto Capital amounts are not lost but have been, in fact, seized and safeguarded.” Bitfinex stressed that they were actively exercising their rights to get the stated funds released. It also added that the New York State Attorney General’s office seemed to be intent on undermining Bitfinex’s efforts, to the detriment of Bitfinex’s customers. The post New York AG’s court filings written in ‘bad faith’ and ‘riddled with false assertions,’ says Bitfinex’s rebuttal appeared first on AMBCrypto.

How Crypto Markets Are Reacting to the Tether-Bitfinex Allegations

The cryptocurrency markets endured a loss of as much as $10 billion around 21:00 UTC on Thursday, following allegations that the Bitfinex exchange covered up an $850 million shortfall using the U.S. dollar-pegged Tether (USDT) stablecoin. The New York Attorney General’s office alleged in a statement on Thursday that Bitfinex lost $850 million and used customer and […]

There are serious, existential, risks to Bitfinex and Tether with the information out today. Here's a primer on what's going on.

Bitfinex and Tether may be insolvent. Bitfinex and Tether and owned and operated by the same people. They are separate entities, but they share significant common personnel. Today the Assistant NYAG filed a motion to try and prevent Bitfinex from taking part in any transaction between it and Tether. Here's the raw document: Reporting on the above filing is available from the WSJ: What is going on? The filing lays out that Bitfinex has lost access to $850 million dollars of corporate and depositor money to a company called Crypto Capital. Bitfinex believes that those funds may have been stolen and that Crypto Capital has been engaged in defrauding Bitfinex. Bitfinex - in order to pay out withdrawals has been running out of cash. Bitfinex has engaged in multiple transactions with Tether of questionable nature. It has obtained lines of credit and fiat currency (ostensibly to pay out fiat withdrawals - this is speculation but a logical conclusion based on the filing and its context) It also appears to have sold equity in itself to Tether for access to Tether's reserves. There is still a lot of missing information, but it seems clear that Bitfinex has lost $850 million dollars in some fashion and attempted to fulfill customer withdrawal requests from funds from Tether reserves. Tether has recently updated its terms: “Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.” That other affiliated entity is Bitfinex. Tether now no longer holds all currency reserves - it now has extended a line of credit to Bitfinex - to the tune of $700 million, and may also hold shares in Bitfinex. If Bitfinex has lost $850 million, then the equity that Tether holds in Bitfinex may be encumbered or worthless. If Bitfinex has taken out loans or drawn on its line of credit, those funds may never be returned. There is now clear evidence that tether is at serious risk of of not being backed at a 1:1 ratio. What does this mean for you? Tether now is EXTREMELY risky to hold. There is clear evidence that Bitfinex has taken money from Tether, and its ability to repay it is in serious doubt. If Bitfinex truly has lost $850 million dollars, it may be insolvent. If Tether no longer has all the money backing it - because it owns Bitfinex assets, which are of questionable value, it's value will plummet, and all assets denominated in tether will appreciate. There are lessons from Mt. Gox here. Mt. Gox did not just happen in one day. It played out over multiple months, the entire time with assurances that things are fine. Things were not fine - at all. The filing released today is damning. It is linked above, read it for yourself. The evidence presented in there is clear that something is terribly wrong at Bitfinex. It is not a certainty that Bitfinex is insolvent - but the filing lays out items that are terrifying to anyone holding significant financial assets related to Bitfinex and Tether entities. Plain and simple: Depositors, and users of Tether are at serious risk of taking losses. Exchanges are the largest holders of Tethers, and when/if it becomes clear that tethers are no longer worth 1:1 they will be forced to freeze all tether assets until the situation can be straightened out. This process will potentially take years, into a decade or more. Mt. Gox funds are still not distributed to this day, over 5 years ago. The sheer complexity of a Bitfinex/Tether insolvency will play out over multiple jurisdictions and will take an eternity to sort out. Again, read the primary documents filed by the AAGNY and decide for yourself if it is likely that Tether and Bitfinex are completely safe. Thousands of us lost our funds in Mt. Gox - and we've paid dearly. There are serious concerns if you are a Bitfinex customer, or if you hold USDT Tether on other exchanges.
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