HIVE Announces Improved Financial Terms of Bitcoin Mining Contract, New CEO and CFO

HIVE Blockchain Technologies (TSXV:HIVE) has announced that it is now a fully operational blockchain infrastructure company operating GPU And ASIC mining capacity in addition to announcing a new CEO and CFO.

As quoted in the press release:

The Company is pleased to provide an update on its ASIC mining capacity which began operations on time on September 30, 2018. The previously announced cloud-based contract has been amended to reduce operating costs by ~30%, retroactive to October 1, 2018, and provides the option to extend the contract term to two years from one year. Management believes this will have an immediate positive impact on profitability and cash flow generation for the Company.

Additionally, HIVE is pleased to announce that it has appointed Marco Streng, CEO of Genesis Group (“Genesis”) and a co-founder of HIVE, as its Vice Chairman and that it has appointed Darcy Daubaras as Chief Financial Officer effective immediately. Mr. Daubaras replaces Jessica Van Den Akker who has resigned from the Company. Mr. Daubaras will assume responsibility for signing off on the Company’s second quarter financial statements. Management believes that these are positive corporate developments for HIVE and mark important milestones for the Company as it continues to expand its blockchain footprint and looks towards positive cash flow generation.

Marco Streng is the CEO and co-founder of Genesis as well as a co-founder of HIVE and brings significant experience in the blockchain infrastructure ecosystem. His experience benefits HIVE as the Company expands its footprint and presence in blockchain, including Bitcoin mining. Since its inception in 2013 and under the direction of Marco Streng, Genesis has grown to become the largest hashpower provider in the cloud and a leading services provider to the blockchain industry.

Mr. Daubaras brings over 20 years of experience in corporate accounting and public company service. Prior to joining HIVE, Darcy was a member of the executive team at FinancialCAD Corporation. Mr. Daubaras has previously served as the Chief Financial Officer for Canadian listed public companies as well as serving as the Director of Corporate Accounting with Mercer International. Darcy was awarded a CPA, CA designation from the Chartered Professional Accountants of British Columbia as well as being awarded a CPA designation in Illinois and has experience with Sarbanes-Oxley. He received a Bachelor of Commerce from the University of Victoria.

Click here to read the full press release.