RETRANSMISSION: HIVE Announces Record-Breaking Revenue of $52.6 Million and Earnings for our 2nd Quarter Ended September 30, 2021

Vancouver, British Columbia–(Newsfile Corp. – November 16,
2021) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE)
(Nasdaq: HIVE) (FSE: HBF) (the “Company” or “HIVE”) is
pleased to announce a record earnings report for the second
quarter ended September 30, 2021 (all amounts in US dollars,
unless otherwise indicated).

For the three-month period, revenue rose to $52.6 Million, up
41% compared with last quarter, and 305% since the same
quarter last year. Net income reached $59.8 million, up 342%
from last quarter, and 549% since the prior year.

HIVE ended the September quarter holding 1,116 Bitcoin
(“BTC”) worth $48.4 Million and 25,154 Ether (“ETH”) worth
$74.7 Million.

Frank Holmes, HIVE’s Executive Chairman, stated “We wish to
thank our loyal shareholders for believing in our vision to
mine both Ethereum and Bitcoin to generate robust cash flow
returns on invested capital and believe this report validates
the significant contribution to our strategy to mine both BTC
and ETH and HODL as many coins as possible.”

Q2 Quarterly Highlights- September 30,
2021

• Generated revenue from digital currency mining of $52.6
  million, with a gross mining margin^[1] of $45.0
  million;
• Mined 656 Bitcoin and over 8,688 Ethereum during the
  three-month period ended September 30, 2021;
• Earned net income of $59.8 million for the period;
• Working capital increased by $29.7 million during the
  three-month period ended September 30, 2021; and
• Digital currency assets of $123.1 million, as at
  September 30, 2021

Q2 F2022 Financial Review

For the three months ended September 30, 2021, revenue from
digital currency mining was $52.6 million, an increase of
approximately 305% from the prior year primarily due to an
increase in cryptocurrency prices, the increased production
of Bitcoin as a result of the Quebec and Atlantic facility
acquisition and the purchase of miners for those facilities.

Gross mining margin¹ during the period was $45.0
million, or 86% of income from digital currency mining,
compared to $9.2 million, or 71% of income from digital
currency mining, in the same period in the prior year. The
Company’s gross mining margin from digital currency mining is
partially dependent on external network factors including
mining difficulty, the amount of digital currency rewards and
fees it receives for mining, as well as the market price of
digital currencies.

Net income during the quarter ended September 30, 2021, was
$59.8 million, or $0.16 per share, compared to $9.2 million,
or $0.03 per share, the same period last year. The
improvement was driven primarily by the improvement in gross
mining margin¹, higher Ethereum and Bitcoin
prices, gains on the sale of digital currencies, and foreign
exchange.

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(1) Non-IFRS measure. A reconciliation to its nearest IFRS
measures is provided under “Reconciliations of Non-IFRS
Financial Performance Measures” in the Company’s MD&A.

(2) Revaluation is calculated as the change in value (gain or
loss) on the coin inventory. When coins are sold, the net
difference between the proceeds and the carrying value of the
digital currency (including the revaluation), is recorded as
a gain (loss) on the sale of digital currencies

Financial Statements and MD&A

The Company’s Consolidated Financial Statements and
Management’s Discussion and Analysis (MD&A) thereon for
the three and six months ended September 30, 2021 will be
accessible on SEDAR at www.sedar.com
under HIVE’s profile and on the Company’s website at www.HIVEblockchain.com.

Construction and Capital Investment

The Company is nearing completion of two additional data
centres at its New Brunswick, Canada campus. Construction
began on this site in July 2021 and has progressed largely on
schedule, despite supply chain delays. The first of the two
new data centers is expected to be commissioned by
mid-December 2021, and the second in March 2022.

During the second fiscal quarter, HIVE invested heavily in
new Bitcoin miners to fill up these new data centres. At
quarter-end, the company had more than 16,000 new BTC miners
on order. And since then, the Company has announced
a C$100 million capital raise to invest in new Bitcoin
mining equipment.

Frank Holmes, HIVE Executive Chairman, stated, “I’m pleased
to see our infrastructure investments of the past few years
really paying off. We feel like HIVE is in a fantastic spot
to benefit from the current boom in crypto adoption.”

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Strategic Investments

“HIVE has been very proud to support the Ethereum ecosystem
through investments with strategic partners in DeFi
Technologies, Network Media Group, and Tokens.com.” said Mr.
Holmes.

Webcast Details

Management will host a webcast on Tuesday, November 16, 2021,
at 9:30 am Eastern Time to discuss the Company’s financial
results. Presenting on the webcast will be Frank Holmes,
Executive Chairman; Darcy Daubaras, Chief Financial Officer;
and Aydin Kilic, President and Chief Operating Officer.
Special updates will also be provided from Network Media
Group (TSXV: NTE) (OTC: NETWF) and DeFi Technologies (NEO:
DEFI) (GR: RMJR) (OTC: DEFTF). 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 with a green energy and
ESG strategy.

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 source only green energy to mine on the
cloud and HODL both Ethereum and Bitcoin. Since the beginning
of 2021, HIVE has held in secure storage the majority of its
ETH and BTC coin mining rewards. Our shares provide investors
with exposure to the operating margins of digital currency
mining, as well as a portfolio of cryptocurrencies such as
ETH and BTC. 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. HIVE traded over 2 billion shares in
2020.

We encourage you to visit HIVE’s YouTube channel here
to learn more about HIVE.

For more information and to register to HIVE’s mailing list,
please visit www.HIVEblockchain.com.
Follow @HIVEblockchain
on Twitter and subscribe to HIVE’s
YouTube channel.

On Behalf of HIVE Blockchain Technologies Ltd.
“Frank Holmes”
Executive Chairman

For further information please contact:
Frank Holmes
Tel: (604) 664-1078

Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this news release.

Forward-Looking Information

Except for the statements of historical fact, this news
release contains “forward-looking information” within the
meaning of the applicable Canadian securities legislation
that is based on expectations, estimates and projections as
at the date of this news release. “Forward-looking
information” in this news release includes information about
restructuring of the Company’s operations and sustainable
future profitability; potential further improvements to the
profitability and efficiency across mining operations by
optimizing cryptocurrency mining output, continuing to lower
direct mining operations cost structure, and maximizing
existing electrical and infrastructure capacity including
with new mining equipment in existing facilities; continued
adoption of Ethereum and Bitcoin globally; the potential for
the Company’s long term growth; the business goals and
objectives of the Company, and other forward-looking
information includes but is not limited to information
concerning the intentions, plans and future actions of the
parties to the transactions described herein and the terms
thereon.

Factors that could cause actual results to differ
materially from those described in such forward-looking
information include, but are not limited to, the efficiencies
obtained through restructurings may not lead to operational
advantages or profitability; further improvements to the
profitability and efficiency may not be realized as currently
anticipated, or at all; the digital currency market; the
Company’s ability to successfully mine digital currency; the
Company may not be able to profitably liquidate its current
digital currency inventory, or at all; a decline in digital
currency prices may have a significant negative impact on the
Company’s operations; the volatility of digital currency
prices; and other related risks as more fully set out in the
Filing Statement of the Company dated and other documents
disclosed under the Company’s filings at www.sedar.com.

This news release also contains “financial outlook” in the
form of gross mining margins, which is intended to provide
additional information only and may not be an appropriate or
accurate prediction of future performance and should not be
used as such. The gross mining margins disclosed in this news
release are based on the assumptions disclosed in this news
release and the Company’s Management Discussion and Analysis
for the fiscal year ended March 31, 2021, which assumptions
are based upon management’s best estimates but are inherently
speculative and there is no guarantee that such assumptions
and estimates will prove to be correct.

The forward-looking information in this news release
reflects the current expectations, assumptions and/or beliefs
of the Company based on information currently available to
the Company. In connection with the forward-looking
information contained in this news release, the Company has
made assumptions about the Company’s ability to realize
operational efficiencies going forward into profitability;
profitable use of the Company’s assets going forward; the
Company’s ability to profitably liquidate its digital
currency inventory as required; historical prices of digital
currencies and the ability of the Company to mine digital
currencies will be consistent with historical prices; and
there will be no regulation or law that will prevent the
Company from operating its business. The Company has also
assumed that no significant events occur outside of the
Company’s normal course of business. Although the Company
believes that the assumptions inherent in the forward-looking
information are reasonable, forward-looking information is
not a guarantee of future performance and accordingly undue
reliance should not be put on such information due to the
inherent uncertainty therein.

^[1] Non-IFRS measure. A reconciliation to its
nearest IFRS measures is provided under “Reconciliations of
Non-IFRS Financial Performance Measures” below.

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