Ben Strack

Hive Digital Technologies has ambitions to exponentially grow revenues derived from its graphics processing unit (GPU) card capabilities to $100 million annually.&nbsp;



The firm is in talks with companies and marketplaces as it moves to capitalize on — and strengthen — the capabilities of its machines formerly used to mine ether (<a href="https://blockworks.co/price/eth">ETH</a>), Hive CEO Aydin Kilic told Blockworks.



Hive’s name change — from Hive Blockchain Technologies to Hive Digital Technologies — took effect Wednesday. The idea: to reflect a newfound <a href="https://blockworks.co/news/hive-blockchain-ai-rebrand">focus on the growth potential of artificial intelligence (AI).</a>



The Vancouver-based firm, previously one of the largest publicly traded miners of ether, mined 7,675 ETH during 2022’s second quarter — just before Ethereum’s switch to an underlying <a href="https://blockworks.co/ethereum-switches-to-proof-of-stake-after-7-years-of-work">proof-of-stake consensus model</a>.



The company has a fleet of 38,000 Nvidia graphics processing unit (GPU) cards, according to a Wednesday <a href="https://www.sec.gov/Archives/edgar/data/1720424/000106299323014825/exhibit99-1.htm">filing</a>, presenting the units as a new revenue source.&nbsp;



“Now that Ethereum has gone away, we have a new lever to experiment — or play — with,” Kilic said.



The company in February made plans to launch its Hive Performance Cloud business in the second quarter, adding its proof-of-concept to utilize its fleet of GPUs, which produced annual revenue on a run-rate basis over $1 million.&nbsp;



Ultimately, Kilic said, it could bring in $100 million annually for Hive.&nbsp;



“We’ve now proven this concept…and so we’re looking to scale this business,” he said. “I’m hoping we could hit something like $15 million a year revenue this year alone, but it could be bigger quicker.”&nbsp;



<h2 class="wp-block-heading">The road to scaling</h2>



Hive’s GPUs support Tensor Core and Ray Tracing core architecture, enabling the execution of AI and high-performance computing tasks.&nbsp;



“The next thing we need to do is populate them in more robust servers that have better [central processing unit] clock speeds, more threads, more storage,” Kilic said.



The company’s purchase of $6 million of SuperMicro servers, holding 10 GPUs and featuring 7.6 terabytes (TB) of storage, are set to arrive in the next month.&nbsp;



They will initially run out of Hive’s datacenter in Sweden — with discussions underway around a North American expansion — and they’ve been positioned as offering additional computing power and storage for Hive.



Hive hopes the servers will help it reach $15 million in annualized revenue this year.



“That’s like a four-month [return on investment], which is way better than crypto mining right now,” he said. “We’re getting clusters and clusters of these servers. When they’re clustered together, you have massive computing resources.”&nbsp;



One way to realize revenue from the Nvidia GPUs is to list them for rent on a marketplace.



The other route — via Hive Cloud — is working with companies that might need weeks or months of processing power for rendering or other tasks.&nbsp;



Hive is currently talking with four marketplaces and four companies, Kilic said, declining to specify them.



<h2 class="wp-block-heading">Use cases to support</h2>



Hive has cited demand for ChatGPT, medical research, machine learning and rendering as reasons for its bullishness on the growth of its computing business.



ChatGPT — a natural language processing tool <a href="https://openai.com/blog/chatgpt">introduced</a> by OpenAI in November — reached an estimated 100 million users months after its launch.



Another emerging technology is zero-knowledge (ZK) proof, a cryptographic protocol allowing a party to prove the validity of a statement without disclosing any additional information.



A significant obstacle in using ZK proof for online applications is the performance overhead of its proof generation, <a href="https://dl.acm.org/doi/10.1145/3575693.3575711">according</a> to the Association for Computing Machinery.&nbsp;



Kilic said this area is not yet something that impacts day-to-day crypto users, but added that Hive has begun researching it.



“ZK proofs, I think, will be an integral aspect of the next generation of scaling layer-1s, but you need the confluence of multiple areas,” the CEO said. “You need the computing power, you need the algorithms that drive those computing powers and then you need the application layer where there are projects where there are lots of users.”



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Crypto miner Hive CEO anticipates $100M annual revenue from GPU computing

Bitcoin miner Hive Blockchain Technologies is set to undergo a name change to reflect its focus on supporting the growth of artificial intelligence, or AI.



The company is set to become <a href="https://blockworks.co/tag/hive">Hive Digital Technologies</a> as soon as July 12 as part of “a significant strategic expansion,” the company said in a Thursday news release. 



The upcoming rebrand reflects Hive’s use of Nvidia graphics processing unit (GPU) chips, which the company says is “a vital tool” in the world of AI, machine learning and advanced data analysis.



“We feel now is the best time to change its name because the word ‘digital’ means we are riding a bigger wave,” Hive Executive Chair Frank Holmes told Blockworks in an email. “Hive Digital Technologies encompasses a broader scope of our company’s mission, which ranges from not just blockchain technology, but also Web3 investments and AI.”



Holmes added the “enormous adoption of AI across every industry,” citing ChatGPT — a natural language processing tool <a href="https://openai.com/blog/chatgpt">introduced</a> by OpenAI in November that reached an estimated 100 million users just months after its launch.



“To run efficiently, these metaverse apps will need advanced graphics and AI processors, increasing investments in high-performance AI chips from companies such as Nvidia and in data center operators — and that is where Hive comes in,” Holmes said. “We are rapidly scaling, with new chips coming in every month and moving to servers.”



Hive notched $106 million of revenue during its latest fiscal year, which ended on March 31, the company reported last week.



The Vancouver-based miner grew its bitcoin mining ASIC hashrate by 50% during those 12 months. It held 2,332 bitcoins — worth about $66 million — on its balance sheet at that time.



Holmes said in a statement last week the company has taken “significant steps forward in pivoting into the [high performance computing] business marketplace, with our 38,000 Nvidia GPUs, which have the capability to do AI workload.”



The company said in February it <a href="https://www.hiveblockchain.com/news/hive-announces-quarterly-revenue-of-143-million-gross-mining-margin-of-36-million-and-achieves-adjusted-ebitda-of-15-million-for-the-quarter-while-hpc-revenue-strategy-is-gaining-momentum-with-annual-run-rate-of-13-million/">anticipates</a> 10x growth in Hive’s high-performance computing (HPC) segment over the next year, citing demand for ChatGPT, medical research, machine learning and rendering.



Hive is not the only mining company looking to <a href="https://blockworks.co/news/bitcoin-miners-ai-computing">boost its high performance computing business</a>.



Read more: <a href="https://blockworks.co/news/bitcoin-miners-new-markets">Bitcoin miners are pivoting to new markets and making bank</a>



Toronto-based Hut 8 said while its revenue from bitcoin mining fell 70% in the first quarter of 2023 to $14.5 million, revenue from HPC operations rose 36% to $4.5 million.



Iris Energy, based in Australia, <a href="https://irisenergy.gcs-web.com/news-releases/news-release-details/iris-energy-announces-91-ehs-expansion-plan-and-revitalization">said</a> last month its “previous HPC data center strategy is now a parallel focus” to its mining operations.



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Bitcoin miner Hive Blockchain is going through an AI-inspired rebrand

Shalini Nagarajan

A number of bitcoin miners are pushing to diversify revenue streams by exploring alternative sources outside of crypto.



Hut 8 has embraced this trend by expanding into non-mining services. In June, it <a href="https://www.prnewswire.com/news-releases/interior-health-selects-hut-8-as-data-centre-partner-for-co-location-high-performance-computing-services-301850211.html">signed an agreement</a> with Canadian health authority Interior Health to provide colocation services from its Kelowna data center until 2028.



&#8220;We&#8217;ve been investing in our high-performance computing business, as well as in our customers, and are proud to expand our services further into the health sector,&#8221; said Josh Rayner, vice president of high performance computing at Hut 8.



&#8220;In an increasingly interconnected world, businesses are demanding more reliable, secure, and scalable hosting options to ensure optimal performance and uninterrupted operations.&#8221;



Hut 8 told Blockworks that it had acquired five conventional cloud and colocation service data centers in January 2022. The firm’s revenue from bitcoin mining fell 70% in the first quarter of 2023 to $14.5 million, while revenue from HPC operations rose 36% from the comparable quarter to $4.5 million.



“In addition to serving approximately 370 customers across nearly every industry sector, we have also worked with clients on their AI projects, which generally require significant computing power that is easily scaled over shorter periods,” a spokesperson said.



In another example, UK-based XYZ AI <a href="https://hut8.io/high-performance-computing/services/sub-services/case-study-xyz-ai/">partnered with Hut 8</a> when it found itself in need of about 200 Graphic Processing Units (GPUs) to fuel its AI software, which converts text into 3D objects.



The focus on non-mining activities comes as Hut 8 <a href="https://seekingalpha.com/article/4611422-hut-8-mining-energy-woes-and-upcoming-merger">faces a significant setback</a> in its bitcoin production. Over the past two quarters, its production plummeted by more than 50%, primarily due to challenges in energy supply.



<h2 class="wp-block-heading">Supplementing bitcoin with AI</h2>



Sydney-based Iris Energy recently <a href="https://irisenergy.gcs-web.com/news-releases/news-release-details/iris-energy-announces-91-ehs-expansion-plan-and-revitalization">disclosed</a> an equal emphasis on its high-performance data center strategy alongside its mining operations, indicating that both aspects are equally important to its bottom line.



In fact, the company&#8217;s core operations revolve around running exceptionally efficient data centers, making it more than just a mining operation.&nbsp;



This enables businesses needing real-time cloud computing, collaborative shared drives, minimal latency and computing power to depend on the company for their requirements.



In pursuit of its data center strategy, the company forged a partnership with Dell Technologies in March 2020.&nbsp;



Through a memorandum of understanding, Iris and Dell joined forces to develop data center solutions for energy-intensive applications.



Iris&#8217; pivot to HPC was announced June 20, so any fresh HPC revenue would be shown in future quarterly reports.&nbsp;



The company has primarily been reliant on revenue generated from bitcoin mining. But during the period from Feb. to May, the company experienced a big drop of 34% from crypto operations.



<h2 class="wp-block-heading">Capturing potential revenue</h2>



Vancouver-headquartered Hive Blockchain shares a common focus in harnessing the power of high-performance data centers.&nbsp;



In Feb. 2023, Hive noted that its high-performance computing strategy took time to fully implement, but that it’s now witnessing significant month-over-month growth.



In its latest reported quarter, Hive&#8217;s revenue from bitcoin mining dropped by 51% to $14.3 million.



The miner highlighted progress in its high performance computing revenue strategy, which it says is on track to reach an annual run rate of $1.3 million. Hive <a href="https://www.hiveblockchain.com/news/hive-announces-quarterly-revenue-of-143-million-gross-mining-margin-of-36-million-and-achieves-adjusted-ebitda-of-15-million-for-the-quarter-while-hpc-revenue-strategy-is-gaining-momentum-with-annual-run-rate-of-13-million/">anticipates</a> 10x growth in its HPC sector over the next year.



The company attributed a surge in demand for high-quality chips to the global appetite for AI projects ChatGPT, medical research, machine learning and rendering.



Looking ahead, Tirias Research projects that the expenses associated with AI data center server infrastructure and operational costs <a href="https://www.forbes.com/sites/tiriasresearch/2023/05/12/generative-ai-breaks-the-data-center-data-center-infrastructure-and-operating-costs-projected-to-increase-to-over-76-billion-by-2028/?sh=3deea96e7c15">will exceed $76 billion</a> by 2028, highlighting the growing significance and investment in this sector.



These changes show how crypto miners are expanding their income sources, giving equal importance to data center operations, teaming up with key partners and grabbing opportunities as they arise in the industry.



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Bitcoin miners seek revenue with AI, high-performance computing

Hive Blockchain has installed about a quarter of its expected new fleet of customized mining rigs powered by Intel processors — one key component of a push the company said would result in a &#8220;massive efficiency upgrade.”



The Canada-based bitcoin miner moved to set up a supply arrangement with Intel in March 2022. Hive executives said at the time that the company would work with a separate manufacturer to integrate Intel’s blockchain accelerators into an air-cooled bitcoin mining system that, once in place, would boost its bitcoin mining hash rate by roughly 95%.



Now, going on a year since the agreement was made public, Hive has put to work more than 1,400 of the new Intel-driven units — the company calls them HIVE BuzzMiners — the mining operator said this week. A total of 5,800 have been slated for production.



The crypto mining firm’s stock (HIVE) soared some 22% by mid-afternoon Thursday in New York, one of a number of publicly trading crypto companies to book double-digit intraday gains on the heels of <a href="https://blockworks.co/news/cpi-falls-in-december">cooling US inflation</a> metrics released Thursday.&nbsp;



Though the stock has plummeted 76% over the past 12 or so months, the last 30 days have brought about quite the rebound: up roughly 46% from a month ago.&nbsp;



The recent installation of 1,423 HIVE BuzzMiners, as well as 2,050 Bitmain S19j Pro miners, are part of the company’s push to capture market share in the distressed bitcoin (as well as other proof-of-work blockchains) mining sector.&nbsp;&nbsp;



Hive expects all of the 5,800 HIVE BuzzMiners to be manufactured, tested and shipped by the end of January 2023.



A Hive spokesperson did not immediately return a request for additional comment.&nbsp;



Intel said last April that Block, GRIID Infrastructure and Argo Blockchain were signed up to be among the first customers of the newly launched <a href="https://www.intel.com/content/www/us/en/products/docs/blockchain/custom-asic-product-brief.html" target="_blank" rel="noreferrer noopener">Intel Blockscale ASIC</a> product. The ASICs are capable of powering up to 580 giga hashes per second (GH/s) in hash rate and can reach power efficiency of 26 joules per terahash (J/TH) — ranking on the more efficient end compared to a number of competitors. 



Intel Chief Architect Raja Koduri <a href="https://twitter.com/RajaXg/status/1542214091426521089?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1542214091426521089%7Ctwgr%5Ee1c7bc3759da8255bd56f222184367752cba3358%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.theregister.com%2F2022%2F06%2F30%2Fintel_ships_cryptomining_asic_at%2F" target="_blank" rel="noreferrer noopener">tweeted</a> in June that the computing conglomerate had started shipping its Blockscale ASIC to a number of miners.



“Excited to see how <a href="https://twitter.com/ArgoBlockchain" target="_blank" rel="noreferrer noopener">Argo Blockchain</a>, <a href="https://twitter.com/griid" target="_blank" rel="noreferrer noopener">Griid</a> and <a href="https://twitter.com/HiveBlockchain" target="_blank" rel="noreferrer noopener">Hive Blockchain</a> improvise around Blockscale and our open design,” he said at the time.



Intel did not immediately return a request for comment.



Hive’s growth comes during a <a href="https://blockworks.co/news/more-crypto-miner-bankruptcy-2023">tough time</a> for the crypto mining sector. Hive Executive Chair Frank Holmes <a href="https://blockworks.co/news/ex-eth-miner-hive-blockchain-eyes-buying-opportunities-post-merge">told Blockworks</a> in September that Hive had enough cash on hand to pay for the Intel miners — adding that the company was going after other buying opportunities as abandoned machines flooded the market.



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Hive’s ‘Massive Efficiency Upgrade’ Led by Intel-powered Miner Rollout

<div id="highlights-block_6317b5bca0bf5" class="highlights">
 <ul>
 <li>New coins miners such as Hive are likely considering mining ETC and ETHPoW, according to Valkyrie Investments’ head of research</li>
 <li>Hut 8 Mining ready to pivot 180 GPUs mining ether to focus on artificial intelligence, machine learning and visual effects rendering</li>
 </ul>
 
</div>



Hive Blockchain Technologies is plotting out ways to optimize its Ethereum mining capabilities as the blockchain’s <a href="https://cms.blockworks.co/?s=merge" target="_blank" rel="noreferrer noopener">transition</a> from proof-of-work to proof-of-stake quickly approaches. 



The Vancouver-based company is seeking to optimize its 6.5 terahashes of Ethereum mining capacity as the transition gets set to unfold, <a href="https://www.hiveblockchain.com/news/hive-blockchain-provides-august-2022-production-update-record-monthly-btc-production-and-appointment-of-gabriel-ibghy-as-general-counsel/" target="_blank" rel="noreferrer noopener">it revealed Tuesday</a>. Hive has started analyzing mining other coins with its fleet of graphics processing units (GPUs) and is implementing beta testing this week. 



The company did not immediately return a request for comment.



Josh Olszewicz, head of research at crypto fund manager Valkyrie Investments, told Blockworks that miners are likely considering shifting to Ethereum Classic (ETC), ETHPoW, or other proof-of-work chains.



“EtHash [application-specific integrated circuits] (ASIC) miners have begun shifting to ETC because making less profits is better than making none at all,” he said. “GPU miners, not being able to advantageously compete head-to-head with ASIC miners, will likely move to the ETHPoW fork, when that occurs.”



GPU miners have increased flexibility on what they can mine, however, compared to ASIC miners, Olszewicz said.&nbsp;



Hive’s roughly 38,000 Nvidia GPU cards — including the A4000, A5000, A6000 and A40 models — account for about 2.8 terahashes of the company&#8217;s Ethereum hashrate.



“These cards can be used for cloud computing and AI applications, and rendering for engineering applications, in addition to scientific modeling of fluid dynamics,” the company said in a statement.&nbsp;



A portion of the A40 GPU cards are being applied to cloud computing as part of a pilot program at one of its data centers, the crypto miner added.&nbsp;



Hive Blockchain Technologies mined 821 bitcoin and 7,675 ether during the year’s second quarter, the company reported last month. Its overall production of digital currencies increased by 7% quarter over quarter, as it produced 4% more bitcoin and 20% more ether.



The company said that it has sold ether to fund the expansion of its bitcoin mining program with new generation ASICs. Its ETH position sank from 25,000 ETH to 5,100 ETH, as of Aug. 31. The company held 3,258 BTC on that date.&nbsp;



Meanwhile Hut 8 Mining said in <a href="https://hut8mining.com/2022/09/06/hut-8-mining-production-and-operations-update-for-august-2022/" target="_blank" rel="noreferrer noopener">a company statement Tuesday</a> that it installed 180 Nvidia GPUs in its data center in British Columbia last month. 



Currently mining ether, the machines will be designed to pivot to offer artificial intelligence, machine learning or visual effects rendering services to customers.



“We are watching the lead-up to the Ethereum Merge very closely, and remain laser-focused on growing our bitcoin stack while building high-performance computing infrastructure to support the future of the digital asset ecosystem,” a Hut 8 spokesperson told Blockworks in an email.



Hut 8 generated 375 bitcoins in August and held 8,111 BTC on Aug. 31.





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Miners Hive Blockchain Technologies, Hut 8 Prep for Ethereum Merge

Sebastian Sinclair

<div id="highlights-block_62c4d7f0d30b8" class="highlights">
 <ul>
 <li>Blockchain miner HIVE has 60 calendar days to submit a plan to Nasdaq on how it intends to get back on track with its annual filing requirements</li>
 <li>The miner missed its deadline last month, citing difficulties around a shorter filing time for non-venture issuers</li>
 </ul>
 
</div>



Publicly-traded crypto miner HIVE Blockchain Technologies said Monday it has received a letter from Nasdaq requesting the firm submit a plan to regain compliance under the exchange&#8217;s listing rules.



HIVE said it has received a Notification of Deficiency Listing issued by the exchange&#8217;s Qualifications Department following the miner&#8217;s <a href="https://cms.blockworks.co/blockchain-miner-hive-asks-canada-regulators-to-bar-execs-from-trading-stock%EF%BF%BC/" target="_blank" rel="noreferrer noopener">missed annual filings deadline</a> late last month.



Its letter comes as many of the industry&#8217;s top mining firms <a href="https://cms.blockworks.co/crashing-prices-expose-bitcoin-mining-industrys-addiction-to-leverage/" target="_blank" rel="noreferrer noopener">struggle to make ends meet</a> as a result of changing macroeconomic conditions, rising electricity costs and a lower bitcoin price. HIVE has not blamed any of those factors and said the missed deadline stems from a shorter filing deadline for non-venture issuers.



Learn more: <a href="https://cms.blockworks.co/bitcoin-mining-economics-explained/">Is Bitcoin Mining Still Profitable? The Economics Explained</a>



The Vancouver firm has 60 calendar days to submit its plan detailing how it intends to comply with Rule 5250(c)(1). Once the plan has been accepted in full, the miner has up to 180 calendar days from the due date of its annual Form-40F filing to regain compliance, HIVE said in a statement.



Under the rule, &#8220;a company shall timely file all required periodic financial reports with the commission through the EDGAR System or with the other regulatory authority,&#8221; according to the <a href="https://listingcenter.nasdaq.com/ViewPDF.aspx?Material_Search.aspx?mcd=CD&amp;cid=120,1,108,14,34,110,52,71,69&amp;years=2018,2017,2016,2018,2017,2016,2015,2014,2013,2012,2011,2010,2009,2008,2007,2006,2005,2004,2003,2002&amp;sub_cid=&amp;searchkeywords=&amp;exactsearchddvalue=1&amp;Print=N&amp;materials=0&amp;popularfl=#:~:text=Rule%205250(c)(1)%3A%20A%20Company%20shall%20timely,with%20the%20Other%20Regulatory%20Authority." target="_blank" rel="noreferrer noopener">exchange&#8217;s website</a>.



Last month, HIVE said it would miss its June 29 deadline for the fiscal year ended March 31 by more than two weeks and is expected to file come July 15. Its filing includes audited financial statements, chief executive and chief financial officer certifications and management discussion, as well as analyses.



<figure class="wp-block-embed is-type-wp-embed is-provider-flourish wp-block-embed-flourish"><div class="wp-block-embed__wrapper">
<iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" src="https://flo.uri.sh/visualisation/10555406/embed#?secret=gJKOz5hbyG" data-secret="gJKOz5hbyG" frameborder="0" scrolling="no" height="575" width="700"></iframe>
</div></figure>



HIVE clocked more than $68 million in revenue with a net profit exceeding $64 million for the third quarter of last year, according to the company&#8217;s recent <a href="https://www.hiveblockchain.com/medias/uploads/2021_12-31_HIVE_FS_FINAL.pdf" target="_blank" rel="noreferrer noopener">financial statements</a>.



As a result of the delay, HIVE has asked regulators across all provinces and territories of Canada to issue a <a href="https://cms.blockworks.co/blockchain-miner-hive-asks-canada-regulators-to-bar-execs-from-trading-stock%EF%BF%BC/" target="_blank" rel="noreferrer noopener">temporary order</a> inhibiting directors, officers and insiders from trading in HIVE equities.



At the time, the firm blamed a “combination of factors,” including a shorter filing deadline for non-venture issuers, a rapid increase in the company’s growth and an increase in the number of transactions resulting from that growth.



HIVE&#8217;s share price tumbled more than 10% following the announcement of its failure to meet its annual filing deadline, from $3.43 (4.42 Canadian dollars) to $3.08. The miner&#8217;s share price has since recovered, up nearly 14% on the day, from $2.94 to $3.38. Year to date, HIVE&#8217;s share price is down more than 76%.





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Blockchain Miner HIVE Receives Letter of Deficiency from Nasdaq

<div id="highlights-block_62bcde198fccc" class="highlights">
 <ul>
 <li>The crypto miner said it would miss its annual filings deadline by more than two weeks</li>
 <li>As a result of the delay, HIVE has asked securities regulators across Canada to bar certain employees from trading in its stock</li>
 </ul>
 
</div>



Publicly traded crypto miner HIVE Blockchain Technologies on Wednesday asked securities watchdogs in Canada to bar executives from trading in the company&#8217;s stock due to a delay in its financial statements.



HIVE — a&nbsp;crypto mining firm utilizing hydroelectric power across Canada, Sweden and Iceland — is expected to file its annual filings for the fiscal year by July 15 instead of the originally expected date of June 29.



Audited financial statements, chief executive and chief financial officer certifications and management discussion, as well as analysis, make up the majority of HIVE&#8217;s annual filings.



As a result of the delay, HIVE is asking regulators across all provinces and territories of Canada to issue a temporary order inhibiting directors, officers and insiders from trading in HIVE equities. Once the filings are finalized, the prohibition against company employees is expected to lift.



HIVE&#8217;s share price has since tumbled more than 10% on the day from 4.42 Canadian dollars ($3.43) to $4.01 Canadian dollars, exchange data show.



The firm is blaming a &#8220;combination of factors,&#8221; including a shorter filing deadline for non-venture issuers, a rapid increase in the company’s growth and an increase in the number of transactions resulting from that growth.



&#8220;The company does not anticipate such difficulties with future filings and has made arrangements to satisfy the shorter filing periods for future year-ends, including hiring additional finance staff,&#8221; HIVE said in a statement.



Founded in 2013, HIVE went public in 2017 via the Toronto Stock Exchange, and, at the time, touted itself as the first crypto mining company with a &#8220;green energy and ESG strategy&#8221; to do so. The company recently sold roughly 10,000 ether in a bid to scoop up Intel&#8217;s bitcoin mining rigs amid <a href="https://cms.blockworks.co/crashing-prices-expose-bitcoin-mining-industrys-addiction-to-leverage/" target="_blank" rel="noreferrer noopener">declining prices</a> in a contracting crypto market.



HIVE said it intends to provide updates on a bi-weekly basis, in accordance with national policy, until the filings are completed.



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