ETHE, Ethereum at a Discount. +HIVE, RIOT (Miners)

[drbubb]

ETHE - Ethereum Holding Co. , trades at a discount to NAV

BUY on the B, SELL on the S.  Next B for ETHE, maybe $7.00 or lower?

12/22: ETHE: $8.59 (R: 4.62 to 15.39), HIVE: $3.17 (1.36 to 7.53), BITO: $16.22 (9.48 to 20.17) at. 5.30.23

prior

Update: 12/22: ETHE: $9.06 (R: 4.62 to 22.21), HIVE: $3.23 (1.36 to 8.60), BITO: $16.22 (9.48 to 25.36). 4.21.23

DISCOUNT to NAV follows the same pattern.  Last= -49.45%. So $9.06 / 0.5055= $17.92. (ETH: $1,852, x103.3)

===

Close-up: Last: $7.427 > up over 50%+ in two weeks!  / discount: -46.81% = NAV: $13.96, 1.13.23 update

(ETH: $1421 at fri.cl) ... $13.96 /1421 = 0.982 Cents was 0.977 Cents ... If $1,547 x.0098= $15.16

Portfolio: $1547 x0.98= 15.16 x 1,500= $22,740 +$3,740= $26,420 x55= P 1.45M

YE'2022: 12/29: $4.73 / NAV: $11.71 for 12/29 = 40.4%, - 59.6% Discount

ETHE ($4.73, $11.71, $1,199)= Grayscale Ethereum Trust.

Ytd: vs. BITO : vs.BTC futs>10'21: 10d: ($10.35: 45.7%, 113%), Bitcoin (16,600: 7.22%)

ETHE. update: $4.73 x 253.5 = ETH-$1,199:  $4.73/ 0.404 = $11.71 x102.= $1199

A.t.H: $47.40 x102.8= ETH-$4,873.  In 2022;  H: $34.24 x114.2= ETH-$3,911 :: L: $4.62 x216.9= ETH-$1,002

last ETH: $1,199 x 0.394% ( /253.5) = $4.73

ETH / Ethereum : In 2022;  H: $34.24 x114.2= ETH-$3,911 :: L: $4.62 x216.9= ETH-$1,002

====

 

[drbubb]

( Looking BACK, to June, to look forward ) :Posted June 18 · IP (edited)

Bitcoin Futures ... update: Friday: $20,625 .  Sat trading OTC: $18,815 Low (so far)

Different channel follows

ETHE / Grayscale Ethereum Trust... update: $7.08 x 149.5 = ETH-$1060:  $7.08/ 0.660 = $10.72 x99. = $1060

High: $47.40 x102.8= ETH-$4,873... last ETH: $1,000 /149.5 = $6.69

ETHE Discount or Premium to NAV - YChartsx

Is Grayscale ethereum trust trading at a discount?

ETHE Discount or Premium to NAV: -33.41% for June 13, 2022.

 

> https://ycharts.com/companies/ETHE/discount_or_premium_to_nav

Discount/Premium to NAV Definition

The discount/premium to NAV is a percentage that calculates the amount that an exchange traded fund or closed end fund is trading above or below its net asset value. This metric can be a valuable metric to track how far away a security is trading away from its true value. This is an important metric for closed end funds specifically because CEFs don't issue any additional shares after its initial offering. This can cause the price to stray away from the true net asset value of the holdings in...

 

Is ETHE trading at a discount?

 

Edited June 18 by drbubb

[drbubb]

GRAYSCALE PRODUCT FAMILY

Grayscale's investment products are available to institutional and individual accredited investors through their respective periodic and ongoing private placements. In addition to DEFG, Grayscale’s other diversified products are Grayscale Digital Large Cap Fund, which provides exposure to the largest and most liquid digital assets through a market cap-weighted portfolio designed to track the CoinDesk Large Cap Select Index (DLCS), and Grayscale Smart Contract Platform Ex-Ethereum Fund, which provides exposure to a selection of industry-leading Smart Contract Platforms through a market cap-weighted portfolio designed to track the CoinDesk Smart Contract Platform Select Ex ETH Index (SCPXX).

Grayscale also offers investors exposure to digital assets through its single-asset investment products which provide exposure to Basic Attention Token (BAT), Bitcoin (BTC), Bitcoin Cash (BCH), Chainlink (LINK), Decentraland (MANA), Ethereum (ETH), Ethereum Classic (ETC), Filecoin (FIL), Horizen (ZEN), Litecoin (LTC), Livepeer (LPT), Solana (SOL), Stellar Lumens (XLM), and Zcash (ZEC).

This newly-trading product means that Grayscale now offers investors a total of 15 products with public quotations.

HIGHLIGHTS, GS/ Grayscale: YE’22 : NAV: discount: ye’2021: Crypt: Value: Cp-MktCp

ETHE / GS Ethereum Trust    : $4.76 : 11.72: - 59.39%: -14.82%:  ETH: $1,193:  $149B #2
GBTC / GS Bitcoin Trust.       : $8.29 : 15.11: - 45.17 %:  -22.04%: BTC: 16,533:  $322B #1
LTCN  / GS Litecoin Trust.     : $2.10:  $6.73:  -68.80%; -38.2%e: LTC: $76.00 : $5.5B#12
ETCG / GS Ethereum Classic: $3.06:  $9.19:  -76.69%: -48.56%: ETC: $16.0e : $1.9B#25
BCHG / …Bitcoin Cash Trust : $0.37:  $0.91:  -59.20%: — N/A—: BCH: $100.0: $ 1.9B#27
====

Grayscale® Basic Attention Token Trust (OTCQB: GBAT), Grayscale® Bitcoin Trust (OTCQX: GBTC), Grayscale® Bitcoin Cash Trust (OTCQX: BCHG), Grayscale® Chainlink Trust (OTCQB: GLNK), Grayscale® Decentraland Trust (OTCQX: MANA), Grayscale® Ethereum Trust (OTCQX: ETHE), Grayscale® Ethereum Classic Trust (OTCQX: ETCG), Grayscale® Filecoin Trust (OTCQB: FILG), Grayscale® Horizen Trust (OTCQX: HZEN), Grayscale® Litecoin Trust (OTCQX: LTCN), Grayscale® Livepeer Trust (OTCQB: GLIV), Grayscale® Stellar Lumens Trust (OTCQX: GXLM), Grayscale® Zcash Trust (OTCQX: ZCSH) and Grayscale® Digital Large Cap Fund (OTCQX: GDLC) are also publicly-quoted and available to all investors with access to U.S. securities. Investors will be able to find current financial disclosure and Real-Time Level 2 quotes for Shares on www.otcmarkets.com/stock/DEFG/disclosure once trading for DEFG commences.

[drbubb]

Biggest Bitcoin Fund Says It Might Try Tender Offer. That’s Good News For Investors

Grayscale Investments still wants to convert the world’s largest Bitcoin fund into an exchange-traded fund, but is suggesting a Plan B if it can’t. Grayscale Bitcoin Trust (ticker: GBTC) has $10.7 billion under management, but has traded for months at a severe discount to the value of its assets. In a letter to investors released on Monday, CEO Michael Sonnenshein wrote that the firm could explore a tender offer for up to 20% of shares if its bid to convert into an ETF hits an impasse.

> xx

[drbubb]

Jump in ETH from $1200 > $1250  (+4.2%) is helping ETHE even more:

GRAYSCALE ETHEREUM TRUST (ETH) .. 6mo: 10d ... $5.20+0.38 (+7.88%)

[drbubb]

Close-up: Last: $7.427 > up over 50%+ in two weeks!  / discount: -46.81% = NAV: $13.96

(ETH: $1421 at fri.cl) ... $13.96 /1421 = 0.982 Cents was 0.977 Cents ... If $1,547 x.0098= $15.16

ETH : If $1,547 x.0098= $15.16 NAV x 0.532= $8.065

[drbubb]

ETHE: 2.10: $6.77 -0.33 from 1'22: 6'22: flip/ discount: -54.68% /0.4532 = NAV: $14.94

(ETH, 2.10.23: $1514) ... $14.94 /1514 = 0.987 Cents ... If $1,514 x.00986= $14.94

HIVE (C$3.92) flip/ ETHE ($6.77) NAV: $14.94 = Ratio: 57.9%

from 1'22: 6mo : $6.77 /  NAV: $14.94 = discount: -54.68%

DATE = :   ETHE  :  ETH :  multi.:  NAV : discount: x Mult.
12.31.21 :  32.36 : 3,675:  1.001: 36.77: -12.00%: 0.8800
06.30.22:  $7.06 : 1,072:  .9424: 10.10: -30.12%: 0.6988
10.13.22 :  $8.38 : 1,288: .9825: 12.65: -33.78%: 0.6622
12.30.22:  $4.76 :  1,199: .9775:  11.72: -59.39%: 0.4061
01.13.23 : $7.427: 1,450:  .9612: 13.94: -46.81%: 0.5329
02.10.23 : $6.77 : 1,514:  .9868: 14.94: -54.68%: 0.4532
03.24.23: $8.31 : 1,800:  .9850:  17.73: -53.13%: 0.4687

RATIO: HIVE to-ETHE: 58%, up from under 40%

 

Hive produces 260 bitcoin in January

2023-02-07 01:29 ET - News Release

Mr. Frank Holmes reports

HIVE BLOCKCHAIN PROVIDES JANUARY 2023 PRODUCTION UPDATE AND BITCOIN HODL INCREASE OF 20% ON YEAR-OVER-YEAR BASIS

Hive Blockchain Technologies Ltd. has released the production figures from the company's global bitcoin operations for the month of January, 2023, with 260 bitcoin produced in January, plus $180,000 (U.S.) of income from grid balancing, and a current BTC hodl balance of approximately 2,430 bitcoin mined with green energy, representing an approximate 20-per-cent year-over-year growth (2,043 bitcoin hodl in January, 2022). The company notes its year-over-year monthly production in January, 2023, is consistent, during a period where BTC mining difficulty has gone up approximately 60 per cent. Additionally, Hive does not have any equipment financing or BTC backed loans.

Summary overview:

• Hive produced 260 bitcoin in the month of January, from ASIC and GPU mining operations, representing an average of 110 bitcoin per exahash. A 21-per-cent month-over-month increase, compared with December, 2022 (214 bitcoin produced).
• Hive's year-over-year monthly bitcoin production was consistent (260 bitcoin in January, 2023, and 264 bitcoin in January, 2022), during a period where the bitcoin network difficulty increased approximately 60 per cent.

SUMMARY / and Bitcoin HODL update
HOLDINGS:  As of the date of this press release, Hive has approximately 2,430 bitcoin, with a market value of over $56-million (U.S.) = $23K per BTC
PRODUCTION:
* 260 BTC produced (x$23k= $6.0M) = 8.4 BTC /day  ($193k)
Shs.OS of 83.8M x $3.92 /1.34= us$2.93 = MktCap. $US246M

> MORE: https://www.stockwatch.com/News/Item/Z-C!HIVE-3361790/C/HIVE

[drbubb]

ETHE - Ethereum Holding Co.

Close-up: ETHE: $9.83 -$1.06, 9.73% / HIVE: $3.62 - 0.33, -8.35% .. with Bito:

[drbubb]

It is EASY to make money. haha.  Just...

BUY on the B, SELL on the S.  Next B for ETHE, maybe $7.00 or lower?

Update: ETHE: $9.06 (R: 4.62 to 22.21), HIVE: $3.23 (1.36 to 8.60), BITO: $16.22 (9.48 to 25.36)

DISCOUNT to NAV follows the same pattern.  Last= -49.45%. So $9.06 / 0.5055= $17.92. (ETH: $1,852, x103.3)

===

[drbubb]

BACK IN!  Bought ETHE and HIVE, to re-gain some Crypto Exposure

ETHE, HIVE, since Jun'22: Jun'21:  Ethe: $8.13, Hive: $2.87, Bito: 15.29, BTC: 26,850 (1,756x)

Ratio: ETHE-to BITO = 53.2% . Disc to NAV: -53.2%

Ratio: HIVE-to BITO = 19% = $2.87 /15.29 = 0.1877

HIVE’s BTC production
===: 2022: 2023: Hash: /exa:
Jan :   264 : 260 : 2.68 : 110b :
Feb :   244 : 250 : 2.75 :  91.b :
Mar :   279 : 282 : 3.36 :  91.b.:
 Q.1 :   787 :  792 :  === :  === :
 Q.1 :   787 : 792 :  === :  === :
Apr. :   269 : 273 : 3.38 :  81 b.:
May:   273 :  302 :
Jun :   279 :  259 :  3.38 : 77 b.:
 Q.2 :   821 :  834 :  === : === :
 1 H : 1608: 1627 :
July:   280 :  263 :  3.46 : 76 b.:
Aug :  290 :   ??? :  3.67
Sep :  269 :  270. :  3.83 : 70.5 b.
 Q.3 : 839 : - -  v
Oct :  307 :
Nov :  264 :
Dec :  214  :
 Q.4 :  785 : - - v
Yr.  : 3232:        
/mo.:  269 : 270E: Last: High
==== Ye’21 Ye’22 5/12: H’23: H’22:
YrE,k. 2.64 : 1.44 : 2.83: 4.10: 26.8:
ShOS: 80.0: 82.7 : 82.7: 82.7: 80.0:
MCap: 211. : 119. : 234.: 339.: 2144
BTC : 46.3 : 16.5 : 26.8 : 31.0: 62.0:
#b,K : 4.6k : 7.2k : 8.7k : 10.9k 34.6k
Mos.: 16.9 : 26.7: 32.2 : 40.5 : 128.:
Hodl: 1800: 2372:
Net. : 2800: 4828:
Mos.:  10.4 :  17.9 :

At the beginning of 2023, you could BUY Hive at only 26.7 months of production,

At the Year High, when HIVE was $4.10, it was up to 40.5 months of production.

[drbubb]

GBTC / Grayscale Bitcoin Trust (FUND)

GBTC-etc. Nov'22: $14.26 /Bito-15.29=93.3%.  Ethe-8.13=53.2%. Disc=-40.6% nav. $23.96 /26.5k= 90.5%)

OLD:

GBTC-etc, from May'21 :

GBTC Discount Narrows to Lowest Level Since November ...

https://www.coindesk.com › markets › 2023/03/07 › gbt...

 

Coin Desk / Mar 7, 2023 — The Grayscale Bitcoin Trust (GBTC) discount to net asset value (NAV) has narrowed to below 35%, its lowest point since Nov.

 

GBTC approval could return a ‘couple billion dollars’ to investors: Grayscale CEO

Feb 26, 2023-   Grayscale Investments’ boss, Michael Sonnenshein, said that if GBTC got the green light to “convert” to a spot Bitcoin ETF, there would “no longer” be a discount or a premium amid ongoing legal action against the SEC.

He said there is a “couple billion dollars” of capital that would immediately go back into investors’ pockets, on an “overnight basis,” if GBTC was approved as a spot Bitcoin ETF, as the fund would “bleed back” up to its net asset value (NAV).

Sonnenshein explained that this is due to GBTC currently trading at a discount to its NAV, but if it were to convert to an ETF, there would “no longer” be a discount or a premium; there would be an “arbitraged mechanism” embedded.

He reiterated that Grayscale is in the process of “suing the SEC now,” and could have a decision challenging the SEC’s denial of its initial application by as early as “fall 2023.”

He also noted that Grayscale has over a “million investor accounts,” with investors worldwide counting on the firm to “do the right thing for them.”

[drbubb]

HIVE Blockchain: Blood On The Crypto Streets, Is It Time ... to Buy Crypto miners like Hive?

Seeking Alpha / Apr 14, 2023 — HIVE currently has one income stream, Mining Bitcoin. The Ethereum merger took away the income from mining on that Blockchain. The barrier to ...

BTC MIners:  2022 A Painful Crypto Winter

It all began with the Terra Luna (LUNA) collapse, and contagion quickly spread throughout the industry. Some of the largest names were brought down, and many others were mortally wounded.

BlockFi (private company) is a crypto lender with a sizable mining operation and has filed for bankruptcy; it blamed the FTX (FTT-USD) collapse for its problems. For more on FTX and its problems, see this series of articles.

BlockFi has an unpaid $275 million debt due from FTX and a further $1 billion in uncollateralized debt to other industry borrowers. $54 million is due from the bankrupt Core Scientific (OTCPK:CORZQ). Core was mining 47 Bitcoins a day, but rising energy costs made this an unprofitable business, and a whole stack of cards came falling down. Core continues to expand its mining operation post-bankruptcy.

The contagion just kept spreading...

Which Miner Should We Buy?

From a technical viewpoint, the three standout candidates are Cipher Mining Inc (CIFR), HIVE Blockchain Technologies Ltd (NASDAQ:HIVE), and Hut 8 Mining Corp. (HUT).

> https://seekingalpha.com/article/4594140-hive-blockchain-blood-on-crypto-streets-is-it-time-to-buy-miner

 

[drbubb]

Crypto Miner Hive Blockchain Targets 6 EH/s of Computing Power Funded by Up to $100M Share Sale

The miner will sell its common shares under an at-the-market (ATM) offering, with investment firms Canaccord Genuity and Stifel acting as agents.

By Eliza Gkritsi

May 12, 2023

Hive Blockchain (HIVE) revealed a plan to roughly double its computing power, or hashrate, to 6 exahash/second (EH/s), in a press release on Friday.

The miner will fund its growth target through an at-the-market (ATM) sale but did not specify a timeline for the target. Hive said it will increase its hashrate from about 3 EH/s to 4 EH/s by the end of the second quarter with machines it has already purchased.

Asked about the timeline for the goal, CEO Aydin Kilic said that Hive will provide more details "throughout the year." The firm has focused on procuring mining rigs with the best possible return on investment, he added.

As the crypto winter that saw many miners struggle, with some filling for bankruptcy, thaws, the industry is setting its eyes on new growth and operational targets.

The miner will sell up to $100 million common shares under its ATM offering, with Canadian investment firms Canaccord Genuity and Stifel acting as agents. Each exahash of bitcoin (BTC) mining computing power will cost $30 million, so the offering could fund up to 3 EH/s of growth.

The Canadian miner also said it has purchased 1.26 EH/s of new generation machines. That includes 0.71 EH/s of Bitmain Antminer models while the rest is made up of Hive's custom rigs made with Intel (INTC) semiconductors. Intel discontinued the mining chip series in April.

> more: https://www.coindesk.com/business/2023/05/12/crypto-miner-hive-blockchain-targets-6-ehs-of-computing-power-funded-with-new-atm-offering/

[drbubb]

COMPARE: BITO with: HIVE, CAN, HUT, RIOT...

HIVE etc. $2.87 /15.29-Bito =18.8%, CAN: 2.42 (15.8%), HUT: 1.74 (11.4%), RIOT: 10.61 (69.4%)

Best Value Crypto Mining Stocks
	Price ($)	Market Capitalization (Market Cap) ($M)	12-Month Trailing P/S Ratio
Canaan Inc. (CAN)	3.25	557.4	0.6
Hut 8 Mining Corp. (HUT)	2.03	353.6	2.0
HIVE Blockchain Technologies Ltd. (HIVE)	4.55	374.2	2.6

^{Source: YCharts >} https://www.investopedia.com/top-crypto-mining-stocks-5213809

[drbubb]

ETHE, HIVE, BITO...  10d:  x, y, z

( xchart )

I bought ETHE in friday, after saying a few days earlier that a Buying Window was coming up.  So what happened on Monday?
    ETHE:  8.74 +0.61, +7.5%
I hope you got some too

The second one, HIVE blockchain technologies was even better:
    HIVE:  3.11 +0.24, +8.4%
If a true bottom is in place, these have more to go.  BITO, the bitcoin etf was also up, but only +3.7%

( Americans cannot buy Crypto unless they tick a box on their tax return.  But they can own shares in an Ethereum fund like ETHE, and a bitcoin miner like HIVE, without ticking the box.)

ETHE, with ATH

xx

Provisionally, I have a price target of $16 on ETHE.  That would be another Double.  I might sell HALF there. The ATH was $47

[drbubb]

HIVE : Last: $3.11 +0.24, +8.36%.                                            

Compare: 8.22: HIVE: 3.11 +8.36%, HUT: 1.87, +7.45%, RIOT: 11.08, +4.43%, BitF: 1.09, 11.2%

===

[drbubb]

MONDAY, 5/29
$335 = BTC 0.0120,  BTC at $27,950 .. Last updated six months easier, when it was 0.0132, $256 (btc: $20.0k)

BTC-Futures: 28,075.00... All: 2022: 2023:

SOL now is: $20.75, stopped < $15

ETH is:         $1,904. (/$27,950= 6.81%) : / 1.03= $1,850 x0.456= $8.44. est. ETHE Monday Open

ETHE: $8.09 > thread (disc.-54.6%) /.454= 17.82 x1.03= $1,835 ETH?

Note: $8.09 x 1000 shs =  $8,090/. ++ HIVE. $2.99. x 3000 shs = $8,970/. Total = $17,040 /

$17,040; vs. Bito-15.44= 1,105 sh., Btc-Fri-26.5k= 0.64 BTC. Btc-Mon.PreMkt: 27,950=0.610 BTC

 

[drbubb]

Crypto-related:  BITO, ETHE, HIVE > Low in place and TESTED.  Ready to Roll now, probably

12/22: ETHE: $8.59 (R: 4.62 to 15.39), HIVE: $3.17 (1.36 to 7.53), BITO: $16.22 (9.48 to 20.17) at. 5.30.23

OLD:

[drbubb]

WTF?  Possible Early warnings from Barrick Gold?

Bottoms a day or more earlier?

[drbubb]

BITCOIN FUTURES, ...  and BITMEX Contract Details: XBTUSD* 28813.0

Bid / Offer:  28827.75/ 28828.37 Pricing Source.  BitMEX Index   

Price 28827.75.   24H Volume.  912,689,500 USD Open Interest 200,051,300 USD

Funding Rate 0.0056% In 3 hrs.  0.0056% ( x3 x365= 1,095) = 6.13%

TUE close: BTC: $28,100

Bitcoin / BTC. wed:  $29,000. Possible breakout underway to $34K or higher.  Still holding HIVE and ETHE as proxies for BTC.

Have already DOUBLED my money on investments in HIVE & ETHE since the beginning of the year

TUE closes: BTC: $28,100, HIVE: 3.60, ETHE: 9.17, BITO: $15.79

Today looks like it will start with a Gap Up in the Crypto stocks

NICE BASE!  Bito-etc: ($15.79, 100%) since 6.19.22 - Are coming out of a very nice BASE

ETHE ($9.17, 58.1%), HIVE ($3.60, 22.8%) have potential for much better gains!

[drbubb]

Update:  with ETH at $1,902 Est. x96.8%=$1,841 x53.2% (ie. -46.8, at 6.20.23)= $9.80

ETHE: $9.80/NAV: 21.37 Est., disc.to NAV: -46.8%E, 56.3% BITO. HIVE:$4.15 / BITO: $17.41 = R-23.8%

HIVE: $4.15 +0.27, +6.96%. Range: 1.36 to 7.525

HIVE:$4.15 / BITO: $17.41 = R-23.8%

HIVE ($4.15) to BTCUSD ($30,463): 0.0136% = 0.00014

===

[drbubb]

HIVE Blockchain loses $236.4M (U.S.) in fiscal 2023

Canada StockWatch 9:08 AM Eastern Daylight Time Jun 30, 2023

Hive Blockchain Technologies Ltd (2) (TSX-V:Hive) Shares Issued 84,292,211 Last Close HIVE 6/29/2023 $6.14 Friday June 30 2023 - News Release

Mr. Aydin Kilic reports

HIVE ACHIEVES ANNUAL REVENUE ENDED MARCH 31, 2023 OF $106 MILLION WITH 2,332 BITCOIN ON THE BALANCE SHEET AND MINES 3,258 BITCOIN IN 2023 FISCAL YEAR

Hive Blockchain Technologies Ltd. has released its results for the full year ended March 31, 2023 (all amounts in U.S. dollars, unless otherwise indicated).

Revenue was $106.3 million this fiscal year, with a gross operating margin of $50.4 million, or a 47% operating margin on revenue. The Company's SG&A for the fiscal year ended March 31, 2023, was $13.2 million. Therefore, on a cash basis this corporate margin was positive.

The Company grew its Bitcoin mining ASIC hashrate by 50% in this fiscal year, from 2.0 Exahash in March 2022 to 3.0 Exahash in March 2023. In this fiscal year, the Company mined 3,258 Bitcoin from ASICs and 3,503 Bitcoin equivalent when including digital assets mined from GPUs. Hive emerged through this period with 2,332 Bitcoin on the balance sheet as at March 31, 2023 worth $65.9 million. The Company notes these Bitcoin are unencumbered, unleveraged and were all mined through Hive's green energy focused operations.

Aydin Kilic, President & CEO stated "I am proud of our teams' efforts navigating a challenging year in Bitcoin mining, where we saw the combined headwinds of continued increases in the Bitcoin difficulty, Bitcoin prices averaging 49% lower than last year and the Ethereum Merge to Proof-of-Stake. While this led to lower revenues and operating margins compared to last year, each quarter we still managed to realize a positive gross operating margin. Additionally, our gross operating margin each quarter exceeded our corporate SG&A and so the Company was able to maintain this positive corporate margin1 each quarter".

The Company notes that there are significant non-cash charges recorded in the financials, which reflect the revaluation by management of the Company's operating assets, based on conservative guidance due to the Bitcoin volatility.

The net loss reported of $236.4 million, includes $81.7 million of depreciation, additionally an impairment of $70.4 million was applied to equipment, and furthermore an impairment of $27.3 million was applied to deposits. We have disclosed the vast majority of these non-cash charges in previous quarters. In our fourth quarter of fiscal 2023, the company recorded a gain on the revaluation of its Bitcoin treasury in the amount of $9,616,399 and had the lowest impairments of the fiscal year. These non-cash charges are required to be recorded as assets relating to the Company's Bitcoin mining operations (even if still operational and in their useful economic life cycle) to reflect the lower profit margins in Bitcoin mining during a bear market. On a year over year basis, the net loss of $236.4 million is down from net income of $79.6 million a year earlier. Basic loss per share was at $2.85, whereas last year income per share was $1.02 during. Gross operating margin1 contracted to $50.4 million, from $162.4 million last year. On a year over year basis, the Company's revenue of $106.3 million is a 50% decrease from the prior year, as a result of the decrease in Bitcoin price and increase in difficulty.

To summarize, these negative factors, most notably lower Bitcoin prices, led to large non-cash impairments totaling $182.0 million during the year, comprised of equipment and deposits on equipment impairments totalling $97.7 million, negative revaluation of digital currencies of $70.9, and unrealized loss on investments of $13.4 million. Of these non-cash impairments, the mark to market is the most volatile as we have seen over the past year as Bitcoin prices have increased close to 10% as of today since the end of the fiscal period just completed.

Frank Holmes, Executive Chair concluded "We are also proud that during the year we were able to take significant steps forward in pivoting into the HPC business marketplace, with our 38,000 Nvidia GPUs, which have the capability to do AI workload. We have much to accomplish to utilize our full fleet of GPU cards, however we are very pleased that our beta project with only approximately 500 GPU cards generated $230,000 revenue this quarter."

Fiscal Year 2023 Highlights:

The Company's Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) thereon for the three months and year ended March 31, 2023 will be accessible on SEDAR at www.sedar.com under Hive's profile and on the Company's website at www.Hiveblockchain.com.

Fiscal 2023 Financial Review

For the fiscal year ended March 31, 2023, revenue was $106.3 million, a decrease of approximately 50% from the prior year primarily due to the fall in the Bitcoin price and increase in the mining difficulty of Ethereum and Bitcoin resulting from continued growth in global mining operations.

Gross operating margin1 during the year was $50.4 million, or 48% of revenue, compared to $163.9 million, or 76% of revenue, in fiscal 2022. Gross operating margin is directly impacted by digital currency prices and network difficulties as this impacts revenue from mining operations. The decrease is mainly attributed to the decrease in Bitcoin price and an increase in the Bitcoin network difficulty versus the prior year, combined with the Company not mining Ether since the merge on September 15, 2022.

Net loss during fiscal 2023 was $236.4 million, or $2.85 loss per share, compared to a net income of $79.6 million, or $1.02 per share, in fiscal 2022. The significant reduction in results was driven primarily by much higher non-cash charges recorded in the current year mostly related to the depressed Bitcoin prices that were experienced during the year as well as an accelerated depreciation of our GPU and ASIC assets.

Webcast Details

Management will host a webcast on Friday, July 30, 2023 at 8:30 am Eastern Time to discuss the Company's financial results. Presenting on the webcast will be Frank Holmes, Executive Chairman, Aydin Kilic, President and CEO and Darcy Daubaras, Chief Financial Officer. Click here to register for the webcast.

About Hive Blockchain Technologies Ltd.

Hive Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company listed for trading on the TSX Venture Exchange with a sustainable green energy focus.

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 endeavour to source green energy to mine digital assets such as Bitcoin on the cloud. Since the beginning of 2021, Hive has held in secure storage the majority of its treasury of ETH and BTC derived from mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of Bitcoin. 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.

We seek Safe Harbor.

Canjex Publishing Ltd. 2023

[drbubb]

HIVE ($4.63) vs BTC: / (Bito 16.98) = R: 27.3%

Bitcoin (30,125 -425, -1.38%) / BITO (16.98 -0.21, -1.22%) vs.
HIVE ($4.63 Unch, -0.0%) R: 0.00015, R: 27.3%
Owning HIVE as a proxy for Bitcoin has been a good move, because it has outperformed BTC, even though its main business is earning Bitcoins from its mining operations.
In fact, I took advantage of the more rapid rise by selling 1/3 of my Hive position at $4.80.
I have higher SELL orders on the other 2/3rds.  The sale at $4.80 was above my cost of <$3.00, by at least 60%, and dramatic outperformance against the more modest 14% rise in BITO (from $15.29 >$17.45 on Friday’s opening.)

HIVE has just reported a huge loss (-$2.85 /sh.) for fiscal year ended Mar.31, 2023.  But has written down many of its assets and equipment and may be slated for some very positive earnings in the year now ahead.

Note: $8.09 x 1000 shs =  $8,090/. ++ HIVE. $2.99. x 3000 shs = $8,970/. Total = $17,040 /

Update: E: $9.94 ($9.94k), +4.8k + 4.63 (9.26k) = $24.0k / Net: $6.96k (+40.8%)

[drbubb]

GBTC vs HIVE : YTD:  G: x >x, x% / H: y >y, y%

also:  GBTC has massively outperformed ETHE. YTD: z >z,  Unlike last year! When ETHE was the star!

[drbubb]

HIVE UPDATE - near Top of range?   7.6.23: O: 5.19, H: 5.30, cl: 5.18, 10d: / BITO: 16.24 = R-31.9%

HIVE: 5.18, 10d: / BITO: 16.24 = R-31.9%

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