Skip to main content

HIVE Digital Technologies Ltd 6-K, filed Nov 16, 2021

HIVE Digital Technologies Ltd. (HIVE)

6-K 2021-11-16 For: 2021-09-30
View Original
Added on April 09, 2026

About this 6-K

HIVE Digital Technologies Ltd filed this 6-K on November 16, 2021.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of **** November, 2021

Commission File Number: 001-40398

Hive Blockchain Technologies Ltd. (Translation of registrant's name into English)

British Columbia, Canada (Jurisdiction of incorporation or organization)

Suite  855 -789 West Pender Street

Vancouver, BC

V6C 1H2

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

[  ] Form 20-F      [X] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ]

EXHIBIT INDEX

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

99.1 News Release dated October 27, 2021
99.2 Material Change Report dated October 27, 2021
99.3 News Release dated November 9, 2021
99.4 Material Change Report dated November 9, 2021
99.5 Unaudited Condensed Interim Consolidated Financial Statements for the three months ended September 30, 2021
99.6 Management's Discussion and Analysis for the three months ended September 30, 2021
99.7 Form 52-109F2 Certification of Interim Filings (CEO) dated November 15, 2021
99.8 Form 52-109F2 Certification Interim Filings (CFO) dated November 15, 2021

SIGNATURES

HIVE BLOCKCHAIN TECHNOLOGIES LTD.
/s/ Darcy Daubaras
Name:   Darcy Daubaras
Title:     Chief Financial Officer

November 15, 2021

HIVE Blockchain Technologies Ltd.: Exhibit 99.1 - Filed by newsfilecorp.com

HIVE Blockchain Technologies Announces Strategic Investment in NFT Business

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 2, 2021 to its short form base shelf prospectus dated January 27, 2021.

Vancouver, British Columbia--(Newsfile Corp. - October 27, 2021) - HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (Nasdaq: HIVE) (FSE:HBF) (the "Company" or "HIVE") is pleased to announce that it has agreed to made a CAD$450,000 investment in Network Entertainment, Inc., ("Network"), an award-winning media production company, as a means to gain exposure to Network's emerging non-fungible token (NFT) business.

Trading as Network Media Group, Inc. (TSXV: NTE.V) (OTCMKTS: NETWF), Network Entertainment has created, financed, and produced dozens of feature documentaries, documentary series, and related premium content that have garnered major awards, generated record ratings, and achieved unparalleled media coverage around the world. Network's projects include the Academy Award-shortlisted documentary on Muhammad Ali, Facing Ali; The Age of A.I. series, in partnership with and starring Robert Downey Jr.; the PUNK series,, executive produced by Iggy Pop and John Varvatos; the feature documentary Johnny Cash: American Rebel; and Network's popular "I Am" slate of feature documentaries for Paramount which has spotlighted some of the biggest names in entertainment, sports and activism from the 20th century among its 14 current titles, including Bruce Lee, Evel Knievel, Steve McQueen, Chris Farley, Heath Ledger, Patrick Swayze, Paul Walker, Richard Pryor, and JFK Jr. Network's lineup of current productions includes the recently announced partnership with MRC Non-Fiction to produce a feature documentary on groundbreaking artist Sly Stone, which will be directed by four-time Grammy and Sundance Film Festival winner Ahmir "Questlove" Thompson, and executive produced by Oscar and Emmy award-winner Common.

Capitalizing on Network's global reputation as creators and producers of premium content, and the company's relationship with talent and intellectual property holders, Network has recently announced that it intends to create and distribute NFTs, utilizing content and relationships built from its library of premium films and series, as well as from upcoming projects, valued global partnerships, and third party intellectual property. In September, Network appointed blockchain and digital asset investment expert Tom Lombardi to the role of Strategic Advisor for NFT research and development.

NFTs Generated a Record $2.5 Billion in First Half of 2021

NFTs are crypto assets that represent ownership of a unique digital item such as an image, song, meme, tweet or video clip. Ownership is recorded on an open blockchain, often the Ethereum network, allowing owners to buy and sell an NFT on a specialized marketplace in place of the property it represents.

Like cryptos in general, NFTs are a booming new market, having seen $2.5 billion in trading in the first half of 2021, up from just $13.7 million a year earlier. Many celebrities and content creators, including Snoop Dogg, Paris Hilton, Tony Hawk and Martha Stewart, have participated in the space. Coinbase, one of the world's largest crypto exchanges, recently announced plans to launch Coinbase NFT, a "peer- to-peer marketplace that will make minting, purchasing, showcasing and discovering NFTs easier than ever," according to the company's website. Within 24 hours of its October 12 announcement, Coinbase NFT had acquired more than 1 million names to its waitlist.

HIVE Getting Early Exposure to the NFT Craze

A crypto mining firm with facilities in Sweden, Iceland and Canada, HIVE is keen to explore the NFT space, and it sees great potential in what Network Entertainment has planned for its intellectual property (IP). Toward that end, the Company is investing CAD$450,000 in Network, the equivalent of 3 million shares at CAD$0.15. Other investors in Network include U.S. Global Investors, Inc. (Nasdaq: GROW), which owns unsecured convertible HIVE debentures as well as common share purchase warrants.

HIVE Executive Chairman Frank Holmes endorses the Network Entertainment team, stating: "We're backing a strong team at Network Entertainment. I've known Board Member Tim Gamble for years, who's a true visionary, having co-founded and been a former CEO of Thunderbird Entertainment Group, Inc. (TSX.V: TBRD). Network has a rich portfolio of intellectual property, and I'm excited to see how it can be monetized using NFTs. Most NFTs operate on the Ethereum network, as does its native currency Ether, which HIVE mines, along with Bitcoin, using only 100% green renewable energy. As NFTs increase in demand, so too should the demand for Ether. HIVE is well positioned to benefit from the increased need for Ether, making its investment in Network a potential win-win for both companies."

HIVE's investment in Network Entertainment will mark the Company's second equity investment of the year. The first was a share-swap with DeFi Technologies, Inc. (NEO: DEFI) (GR: RMJR) (OTC: DEFTF), completed in April 2021, in which HIVE acquired 5% of the company and DeFi received approximately 1% of HIVE shares in return. DeFi Technologies Chief Strategy Officer, Diana Biggs, was named to the HIVE Blockchain Switzerland AG Board of Directors in October, joining recently appointed HIVE Sweden President and Board Member Johanna Thörnblad.

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 and U.S. 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 but is not limited to, statements with respect to information about statements regarding the impact of the Restated Documents the potential for the Company's long-term growth, and the business goals and objectives of the Company.

Factors that could cause actual results to differ materially from those described in such forward looking information include, but are not limited to: the risk that additional information may arise subsequent to the filing of the Restated Documents; the volatility of 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 as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the volatility of digital currency prices; continued effects of the COVID-19 pandemic may have a material adverse effect on the Company's performance as supply chains are disrupted and prevent the Company from carrying out its expansion plans or operating its assets; and other related risks as more fully set out in the registration statement of the Company and other documents disclosed under the Company's filings at www.sec.gov/EDGAR and www.sedar.com*.*

The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Com**pany 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 current profitability in mining cryptocurrency (including pricing and volume of current transaction activity); 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 lawthat 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 their inherent uncertainty.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/101004

HIVE Blockchain Technologies Ltd.: Exhibit 99.2 - Filed by newsfilecorp.com

Form 51-102F3 Material Change Report

Item 1 Name and Address of Company
HIVE Blockchain Technologies Inc. ("HIVE" or the "Company")
Suite 855, 789 West Pender Street
Vancouver, BC V6C 1H2
Item 2 Date of Material Change
October 27, 2021
Item 3 News Release
The news release reporting the material change was issued by HIVE and disseminated through Newsfile on October 27, 2021 and subsequently filed on SEDAR at www.sedar.com.
Item 4 Summary of Material Change
On October 27, 2021, the Company announced that that it has agreed to made a CAD$450,000 investment in Network Entertainment, Inc., an award-winning media production company, as a means to gain exposure to Network's emerging non-fungible token (NFT) business.
Item 5 Full Description of Material Change
Item 5.1 Full Description of Material Change
Please see the attached news release dated October 27, 2021.
Item 5.2 Disclosure for Restructuring Transactions
Not applicable.
Item 6 Reliance on subsection 7.1(2) of National Instrument 51-102
Not applicable.
Item 7 Omitted Information
Not applicable.
Item 8 Executive Officer
Darcy Daubaras Chief Financial Officer
Telephone: 604-664-1078
Item 9 Date of Report
October 27, 2021

HIVE BLOCKCHAIN TECHNOLOGIES LTD.

October 27, 2021

HIVE Blockchain Technologies Announces

Strategic Investment in NFT Business

This news release constitutes a "designated news release" for the purposes of the Company's prospectus

supplement dated February 2, 2021 to its short form base shelf prospectus dated January 27, 2021.

Vancouver, Canada - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (Nasdaq:HIVE) (FSE:HBF) (the "Company" or "HIVE") is pleased to announce that it has agreed to made a CAD$450,000 investment in Network Entertainment, Inc., ("Network"), an award-winning media production company, as a means to gain exposure to Network's emerging non-fungible token (NFT) business.

Trading as Network Media Group, Inc. (TSX.V: NTE.V) (OTCMKTS: NETWF), Network Entertainment has created, financed, and produced dozens of feature documentaries, documentary series, and related premium content that have garnered major awards, generated record ratings, and achieved unparalleled media coverage around the world. Network's projects include the Academy Award-shortlisted documentary on Muhammad Ali, Facing Ali; The Age of A.I. series, in partnership with and starring Robert Downey Jr.; the PUNK series,, executive produced by Iggy Pop and John Varvatos; the feature documentary Johnny Cash: American Rebel; and Network's popular "I Am" slate of feature documentaries for Paramount which has spotlighted some of the biggest names in entertainment, sports and activism from the 20th century among its 14 current titles, including Bruce Lee, Evel Knievel, Steve McQueen, Chris Farley, Heath Ledger, Patrick Swayze, Paul Walker, Richard Pryor, and JFK Jr. Network's lineup of current productions includes the recently announced partnership with MRC Non-Fiction to produce a feature documentary on groundbreaking artist Sly Stone, which will be directed by four-time Grammy and Sundance Film Festival winner Ahmir "Questlove" Thompson, and executive produced by Oscar and Emmy award-winner Common.

Capitalizing on Network's global reputation as creators and producers of premium content, and the company's relationship with talent and intellectual property holders, Network has recently announced that it intends to create and distribute NFTs, utilizing content and relationships built from its library of premium films and series, as well as from upcoming projects, valued global partnerships, and third party intellectual property. In September, Network appointed blockchain and digital asset investment expert Tom Lombardi to the role of Strategic Advisor for NFT research and development.

NFTs Generated a Record $2.5 Billion in First Half of 2021

NFTs are crypto assets that represent ownership of a unique digital item such as an image, song, meme, tweet or video clip. Ownership is recorded on an open blockchain, often the Ethereum network, allowing owners to buy and sell an NFT on a specialized marketplace in place of the property it represents.

Like cryptos in general, NFTs are a booming new market, having seen $2.5 billion in trading in the first half of 2021, up from just $13.7 million a year earlier. Many celebrities and content creators, including Snoop Dogg, Paris Hilton, Tony Hawk and Martha Stewart, have participated in the space. Coinbase, one of the world's largest crypto exchanges, recently announced plans to launch Coinbase NFT, a "peer-to-peer marketplace that will make minting, purchasing, showcasing and discovering NFTs easier than ever," according to the company's website. Within 24 hours of its October 12 announcement, Coinbase NFT had acquired more than 1 million names to its waitlist.

HIVE Getting Early Exposure to the NFT Craze

A crypto mining firm with facilities in Sweden, Iceland and Canada, HIVE is keen to explore the NFT space, and it sees great potential in what Network Entertainment has planned for its intellectual property (IP). Toward that end, the Company is investing CAD$450,000 in Network, the equivalent of 3 million shares at CAD$0.15. Other investors in Network include U.S. Global Investors, Inc. (Nasdaq: GROW), which owns unsecured convertible HIVE debentures as well as common share purchase warrants.

HIVE Executive Chairman Frank Holmes endorses the Network Entertainment team, stating: "We're backing a strong team at Network Entertainment. I've known Board Member Tim Gamble for years, who's a true visionary, having co-founded and been a former CEO of Thunderbird Entertainment Group, Inc. (TSX.V: TBRD). Network has a rich portfolio of intellectual property, and I'm excited to see how it can be monetized using NFTs. Most NFTs operate on the Ethereum network, as does its native currency Ether, which HIVE mines, along with Bitcoin, using only 100% green renewable energy. As NFTs increase in demand, so too should the demand for Ether. HIVE is well positioned to benefit from the increased need for Ether, making its investment in Network a potential win-win for both companies."

HIVE's investment in Network Entertainment will mark the Company's second equity investment of the year. The first was a share-swap with DeFi Technologies, Inc. (NEO: DEFI) (GR: RMJR) (OTC: DEFTF), completed in April 2021, in which HIVE acquired 5% of the company and DeFi received approximately 1% of HIVE shares in return. DeFi Technologies Chief Strategy Officer, Diana Biggs, was named to the HIVE Blockchain Switzerland AG Board of Directors in October, joining recently appointed HIVE Sweden President and Board Member Johanna Thörnblad.

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 and U.S. 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 but is not limited to, statements with respect to information about statements regarding the impact of the Restated Documents the potential for the Company's long-term growth, and the business goals and objectives of the Company.

Factors that could cause actual results to differ materially from those described in such forward looking information include, but are not limited to: the risk that additional information may arise subsequent to the filing of the Restated Documents; the volatility of 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 as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the volatility of digital currency prices; continued effects of the COVID-19 pandemic may have a material adverse effect on the Company's performance as supply chains are disrupted and prevent the Company from carrying out its expansion plans or operating its assets; and other related risks as more fully set out in the registration statement of the Company and other documents disclosed under the Company's filings at www.sec.gov/EDGAR and www.sedar.com.

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 current profitability in mining cryptocurrency (including pricing and volume of current transaction activity); 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 their inherent uncertainty.

HIVE Blockchain Technologies Ltd.: Exhibit 99.3 - Filed by newsfilecorp.com

HIVE BLOCKCHAIN TECHNOLOGIES LTD.

November 9, 2021

HIVE Blockchain Announces $110,020,000 Bought Deal Private Placement Financing to expand BTC production by an additional One Exahash per second in the Summer 2022.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN

THE UNITED STATES.

This news release constitutes a "designated news release" for the purposes of the Company's prospectus

supplement dated February 2, 2021 to its short form base shelf prospectus dated January 27, 2021.

Vancouver, Canada - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (Nasdaq:HIVE) (FSE:HBF) (the "Company" or "HIVE") is pleased to announce that it has entered into an agreement with Stifel GMP as lead underwriter and sole bookrunner to include a syndicate of underwriters (the "Underwriters"), whereby the Underwriters will purchase, on a bought-deal basis, 16,670,000 special warrants of the Company (the "Special Warrants") at a price of $6.00 per Special Warrant for aggregate gross proceeds to the Company of $100,020,000 (the "Offering"). The completion of the Offering will be subject to receipt of all necessary regulatory and corporate approvals or consents.

The Company will grant the Underwriters an option to increase the size of the Offering by up to an additional 15% of the Special Warrants sold under the Offering, exercisable in whole or in part, at any time and from time to time up to 48 hours prior to the Closing Date (as hereinafter defined).

Each Special Warrant shall entitle the holder thereof to receive, subject to adjustment in certain circumstances and the Penalty Provision (as defined below), and without payment of additional consideration, one (1) unit of the Company (each a "Unit") upon the exercise or deemed exercise of each Special Warrant. Each Unit shall consist of one (1) common share of the Company (a "Unit Share") and one-half (0.5) of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company (a "Warrant Share") at a price of $6.00 per Warrant Share for a period of 36 months following the closing of the Offering. The Special Warrants will be exercisable by the holders thereof at any time after the Closing Date for no additional consideration. All unexercised Special Warrants shall be deemed exercised on behalf of, and without any required action on the part of, the holders (including payment of additional consideration) on the earlier of:

(i)   the second business day following the date on which a final receipt is obtained from the British Columbia Securities Commission (the "BCSC"), as principal regulator on behalf of the securities regulatory authorities in each Province of Canada, except Québec , for a (final) short form prospectus qualifying the distribution of the Unit Shares and Warrants to be issued upon exercise of the Special Warrants (the "Qualification Date"); and

(ii)   4:59 p.m. (Toronto time) on the date which is four months and a day following the Closing Date (the "Qualification Deadline").

In the event the Qualification Date has not occurred on or before the date that is 45 days following the Closing Date (the "Penalty Date"), each outstanding Special Warrant shall thereafter entitle the holder to receive, upon the exercise or deemed exercise of each Special Warrant, for no additional consideration, 1.1 Units (the "Penalty Provision").

The Company anticipates the net proceeds of the Offering will be used for a program of data centre development and miner / ASIC acquisition to increase hashrate by on one Exahash per second, working capital requirements and other general corporate purposes.

In consideration for their services, the Underwriters will receive a cash commission equal to 6% of the gross proceeds of the Offering.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

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.

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, but is not limited to, statements with respect to information about the Offering and the use of proceeds, potential dilution and application of the Penalty Provision; business goals and objectives of the Company; and other forward-looking 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 volatility of 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 as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the volatility of digital currency prices; continued effects of the COVID-19 pandemic may have a material adverse effect on the Company's performance as supply chains are disrupted and prevent the Company from carrying out its expansion plans or operating its assets; and other related risks as more fully set out in the registration statement of Company and other documents disclosed under the Company's filings at www.sec.gov/EDGAR and www.sedar.com*.*

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 complete the Offering the timing thereof and related matters. 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.

HIVE Blockchain Technologies Ltd.: Exhibit 99.4 - Filed by newsfilecorp.com

FORM 51-102F3

Material Change Report

Item 1 Name and Address of Company

HIVE Blockchain Technologies Ltd.

855 - 789 West Pender Street

Vancouver, BC V6C 1H2

Item 2 Date of Material Change

November 9, 2021.

Item 3 News Release

The press release attached as Schedule "A" was disseminated on November 9, 2021 by a newswire company in Canada.

Item 4 Summary of Material Change

The material change is described in the press release attached as Schedule "A".

Item 5 Full Description of Material Change

The material change is described in the press release attached as Schedule "A".

Item 6 Reliance on subsection 7.1(2) of National Instrument 51-102

Not applicable.

Item 7 Omitted Information

Not applicable.

Item 8 Executive Officer

Darcy Daubaras

Chief Financial Officer

T: 604-664-1078

Item 9 Date of Report

November 9, 2021.

Schedule "A"

HIVE BLOCKCHAIN TECHNOLOGIES LTD.

November 9, 2021

HIVE Blockchain Announces $110,020,000 Bought Deal Private Placement Financing to expand BTC production by an additional One Exahash per second in the Summer 2022.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN

THE UNITED STATES.

This news release constitutes a "designated news release" for the purposes of the Company's prospectus

supplement dated February 2, 2021 to its short form base shelf prospectus dated January 27, 2021.

Vancouver, Canada - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (Nasdaq:HIVE) (FSE:HBF) (the "Company" or "HIVE") is pleased to announce that it has entered into an agreement with Stifel GMP as lead underwriter and sole bookrunner to include a syndicate of underwriters (the "Underwriters"), whereby the Underwriters will purchase, on a bought-deal basis, 16,670,000 special warrants of the Company (the "Special Warrants") at a price of $6.00 per Special Warrant for aggregate gross proceeds to the Company of $100,020,000 (the "Offering"). The completion of the Offering will be subject to receipt of all necessary regulatory and corporate approvals or consents.

The Company will grant the Underwriters an option to increase the size of the Offering by up to an additional 15% of the Special Warrants sold under the Offering, exercisable in whole or in part, at any time and from time to time up to 48 hours prior to the Closing Date (as hereinafter defined).

Each Special Warrant shall entitle the holder thereof to receive, subject to adjustment in certain circumstances and the Penalty Provision (as defined below), and without payment of additional consideration, one (1) unit of the Company (each a "Unit") upon the exercise or deemed exercise of each Special Warrant. Each Unit shall consist of one (1) common share of the Company (a "Unit Share") and one-half (0.5) of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company (a "Warrant Share") at a price of $6.00 per Warrant Share for a period of 36 months following the closing of the Offering. The Special Warrants will be exercisable by the holders thereof at any time after the Closing Date for no additional consideration. All unexercised Special Warrants shall be deemed exercised on behalf of, and without any required action on the part of, the holders (including payment of additional consideration) on the earlier of:

(i) the second business day following the date on which a final receipt is obtained from the British Columbia Securities Commission (the "BCSC"), as principal regulator on behalf of the securities regulatory authorities in each Province of Canada, except Québec , for a (final) short form prospectus qualifying the distribution of the Unit Shares and Warrants to be issued upon exercise of the Special Warrants (the "Qualification Date"); and

(ii) 4:59 p.m. (Toronto time) on the date which is four months and a day following the Closing Date (the "Qualification Deadline").

In the event the Qualification Date has not occurred on or before the date that is 45 days following the Closing Date (the "Penalty Date"), each outstanding Special Warrant shall thereafter entitle the holder to receive, upon the exercise or deemed exercise of each Special Warrant, for no additional consideration, 1.1 Units (the "Penalty Provision").

The Company anticipates the net proceeds of the Offering will be used for a program of data centre development and miner / ASIC acquisition to increase hashrate by on one Exahash per second, working capital requirements and other general corporate purposes.

In consideration for their services, the Underwriters will receive a cash commission equal to 6% of the gross proceeds of the Offering.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

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.

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, but is not limited to, statements with respect to information about the Offering and the use of proceeds, potential dilution and application of the Penalty Provision; business goals and objectives of the Company; and other forward-looking 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 volatility of 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 as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the volatility of digital currency prices; continued effects of the COVID-19 pandemic may have a material adverse effect on the Company's performance as supply chains are disrupted and prevent the Company from carrying out its expansion plans or operating its assets; and other related risks as more fully set out in the registration statement of Company and other documents disclosed under the Company's filings at www.sec.gov/EDGAR and www.sedar.com*.*

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 complete the Offering the timing thereof and related matters. 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.

HIVE Blockchain Technologies Ltd.: Exhibit 99.5 - Filed by newsfilecorp.com

HIVE Blockchain Technologies Ltd.

Condensed Interim Consolidated Financial Statements

For the three and six months ended September 30, 2021 and 2020

(Expressed in US dollars)

(Unaudited)

HIVE Blockchain Technologies Ltd.<br><br> <br>Condensed Interim Consolidated Statements of Financial Position (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
September 30, March 31,
--- --- --- --- --- --- ---
2021 2021
Assets
Current assets
Cash $ 4,767,138 $ 40,290,513
Amounts receivable and prepaids (Note 9) 9,423,628 8,768,109
Investments (Note 8) 14,501,369 981,736
Digital currencies (Note 10) 123,136,292 57,499,720
151,828,427 107,540,078
Data centre equipment (Note 11) 80,149,627 21,598,803
Deposits (Note 12) 69,900,170 45,532,751
Investment in sublease (Note 16) - 76,744
Right of use asset (Note 16) 1,890,730 2,978,284
Intangible asset (Notes 6, 7) 14,821,519 604,070
Total assets $ 318,590,473 $ 178,330,730
Liabilities and equity
Current liabilities
Accounts payable and accrued liabilities $ 5,745,153 $ 3,478,137
Taxes payable - 73,085
Current portion of lease liability (Note 16) 943,467 1,910,712
Current portion of term loan (Note 15) 2,273,208 -
Loans payable (Notes 5, 14, 25) 1,224,102 4,396,191
10,185,930 9,858,125
Convertible loan - liability component (Note 13) 5,961,076 6,290,741
Convertible loan - derivative component (Note 13) 9,389,551 9,418,331
Term loan (Note 15) 8,141,027 -
Loan payables (Notes 5, 14, 25) 17,137,393 17,137,393
Lease liability (Note 16) 835,085 1,153,127
Total liabilities 51,650,062 43,857,717
Equity
Share capital (Note 19) 314,157,589 259,905,407
Reserves and accumulated other comprehensive income 10,057,459 5,195,324
Deficit (57,274,637 ) (130,627,718 )
Total equity 266,940,411 134,473,013
Total liabilities and equity $ 318,590,473 $ 178,330,730

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements

Page 1
HIVE Blockchain Technologies Ltd.<br><br> <br>Condensed Interim Consolidated Statements of Income and Comprehensive Income(Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---
Three months ended September 30, Six months ended September 30,
--- --- --- --- --- --- --- --- --- --- --- --- ---
2021 2020 2021 2020
Revenue from digital currency mining (Note 10) $ 52,619,094 $ 12,989,592 $ 89,858,861 $ 19,569,874
Cost of digital currency mining
Operating and maintenance costs (7,593,349 ) (3,780,716 ) (13,814,033 ) (7,767,987 )
Depreciation (Notes 6, 11, 16) (9,626,529 ) (1,796,774 ) (16,525,711 ) (3,426,643 )
35,399,216 7,412,102 59,519,117 8,375,244
Revaluation of digital currencies (Note 10) 18,017,637 993,902 9,524,910 2,319,766
Gain on sale of digital currencies (Note 10) 4,679,412 1,729,821 8,785,469 2,477,287
Hosting revenue 953,958 191,800 2,696,864 191,800
Expenses
General and administrative (Note 21) (2,633,025 ) (183,660 ) (4,947,898 ) (1,128,220 )
Foreign exchange loss (1,888,166 ) (302,943 ) (1,359,298 ) (85,418 )
Share-based compensation (Note 19) (1,478,637 ) (514,438 ) (3,801,063 ) (910,427 )
(5,999,828 ) (1,001,041 ) (10,108,259 ) (2,124,065 )
Unrealized gain on investments (Note 8) 6,168,239 - 359,716 -
Change in fair value of derivative liability (Note 13) 914,392 - 28,780 -
Gain on sale of subsidiary (Note 5) - - 3,171,275 -
Finance expense (305,147 ) (115,611 ) (624,791 ) (230,365 )
Net income for the period $ 59,827,879 $ 9,210,973 $ 73,353,081 $ 11,009,667
Other comprehensive income (loss)
Other comprehensive income (loss) to be reclassified
profit or loss in subsequent periods:
Translation adjustment (901,474 ) 138,114 (577,899 ) (378,783 )
Net income and comprehensive income for the period $ 58,926,405 $ 9,349,087 $ 72,775,182 $ 10,630,884
Basic income per share $ 0.16 $ 0.03 $ 0.19 $ 0.03
Diluted income per share $ 0.15 $ 0.03 $ 0.18 $ 0.03
Weighted average number of common shares outstanding
Basic (Note 20) 381,982,030 345,377,222 379,310,685 343,323,091
Diluted (Note 20) 400,720,160 355,291,224 398,048,815 353,237,093

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements

Page 2
HIVE Blockchain Technologies Ltd.<br><br> <br>Condensed Interim Consolidated Statements of Changes in Equity (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---
Share capital Cumulative Total
--- --- --- --- --- --- ---
Equity translation equity
Shares issued Amount reserve adjustment Deficit (deficiency)
At March 31, 2020 327,145,564 188,542,547 5,974,398 (263,108 (173,167,402 21,086,435
Share-based compensation - - 910,427 - - 910,427
Quebec acquisition 15,000,000 2,458,470 - - - 2,458,470
Exercise of options 2,650,000 918,550 (344,202 - - 574,348
Vesting of restricted stock units 775,000 223,041 (223,041 - - -
Shares issued for services 100,000 25,312 - - - 25,312
Income for the period - - - - 11,009,667 11,009,667
Translation adjustment - - - (378,783 - (378,783
At September 30, 2020 345,670,564 192,167,920 6,317,582 (641,891 (162,157,735 35,685,876
At March 31, 2021 367,712,036 259,905,407 5,095,314 100,010 (130,627,718 134,473,013
Share-based compensation - - 3,801,063 - - 3,801,063
Warrants issued for asset purchase - - 2,030,045 - - 2,030,045
Shares offering 7,359,000 22,788,531 - - - 22,788,531
Share issuance costs - (771,548 - - - (771,548
Atlantic acquisition 5,000,000 18,874,701 - - - 18,874,701
Shares issued for investment 4,000,000 12,726,694 - - - 12,726,694
Exercise of options 215,577 374,185 (131,456 - - 242,729
Vesting of restricted stock units 517,500 259,618 (259,618 - - -
Income for the period - - - - 73,353,081 73,353,081
Translation adjustment - - - (577,899 - (577,899
At September 30, 2021 384,804,113 314,157,589 10,535,348 (477,889 (57,274,637 266,940,411

All values are in US Dollars.

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements

Page 3
HIVE Blockchain Technologies Ltd.<br><br> <br>Condensed Interim Consolidated Statements of Cash Flows (Expressed in US dollars unless otherwise indicated) (Unaudited)
---
Six months period ended September 30,
--- --- --- --- --- --- ---
2021 2020
Operating activities
Income for the period:
Adjusted for: $ 73,353,081 $ 11,009,667
Depreciation 16,525,711 3,426,643
Gain on sale of subsidiary (3,171,275 ) -
Unrealized gain on investment (359,716 ) -
Change in fair value of derivative liability (28,780 ) -
Accretion on convertible debt - liability portion 420,335 -
Share-based compensation 3,801,063 910,427
Interest expense 89,026 224,243
Changes in non-cash working capital items:
Amounts receivable and prepaids (195,022 ) (3,502,035 )
Taxes payable (73,085 ) (144,545 )
Digital currencies (65,636,572 ) (7,090,639 )
Accounts payable and accrued liabilities (1,370,942 ) 1,081,660
Cash provided by operating activities 23,353,824 5,915,421
Investing activities
Deposits on equipment (22,063,107 ) -
Investments (499,980 ) -
Quebec acquisition - (1,235,873 )
Purchase of mining equipment (55,209,142 ) (2,859,451 )
Cash divested from sale of subsidiary (237,254 ) -
Cash used in investing activities (78,009,483 ) (4,095,324 )
Financing activities
Exercise of options (16,889 ) 574,348
Shares offering 22,016,983 -
Repayment of loan (568,299 ) -
Repayment of debenture (750,000 ) -
Lease payments made, net of lease payments received (1,226,327 ) (1,128,831 )
Cash provided by (used in) financing activities 19,455,469 (554,483 )
Effect of exchange rate changes on cash (323,184 ) (564,297 )
Net change in cash during the period (35,523,375 ) 701,317
Cash, beginning of period 40,290,513 5,130,127
Cash, end of period $ 4,767,138 $ 5,831,444
Supplemental cash flow information
Digital assets in amounts receivable and prepaids $ - $ (428,144 )
Share consideration issued for Quebec acquisition $ - $ 2,458,470
Share consideration issued for Atlantic acquisition $ 18,694,219 $ -
Share consideration issued for investments $ 12,659,937 $ -
Recognition of right of use assets and lease liabilities $ 2,469,327 $ -
Supplemental disclosures:
Interest paid $ 286,047 $ -
Income taxes paid $ - $ -

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements

Page 4
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

1. Nature of Operations

HIVE Blockchain Technologies Ltd. (the "Company") was incorporated in the province of British Columbia on June 24, 1987. The Company is a reporting issuer in each of the Provinces and Territories of Canada and is listed for trading on the TSXV, under the symbol "HIVE.V", as well on the Nasdaq's Capital Markets Exchange under "HIVE", and on the Open Market of the Frankfurt Stock Exchange under "HBF". The Company's head office is located at Suite 855, 789 Pender Street, Vancouver, BC, V6C 1H2, and the Company's registered office is located at Suite 2500, 700 West Georgia Street, Vancouver, BC, V7Y 1B3.

In connection with the Company's change of business filed in September 2017 ("Change of Business"), the Company acquired digital currency mining data centre equipment in Iceland. Following the initial acquisition, the Company acquired additional data centre equipment in Iceland and Sweden throughout fiscal 2018. Phases one and two of Sweden commenced operations on January 15, 2018 and March 31, 2018 respectively, while phase three commenced operations on April 30, 2018. On April 9, 2020 the Company acquired a data centre in Quebec, Canada (Note 6), and on April 15, 2021 the Company acquired a data centre in New Brunswick, Canada (Note 7). The Company is in the business of providing infrastructure solutions, including the provision of computational capacity to distributed networks, in the blockchain industry. The Company's operations are focused on the mining and sale of digital currencies. Digital currencies are subject to risks unique to the asset class and different from traditional assets. Additionally, at times assets may be held by third party custodians or exchanges that are limited in oversight by regulatory authorities.

The negative impact on the global supply chain related to the COVID-19 pandemic has presented challenges to the Company including increased shipping costs and delaying obtaining equipment from China on a timely basis. Additionally, the Company faces uncertainty in the availability of equipment from suppliers as it relates to the Company's ASIC equipment.

2. Basis of Presentation

(a) Statement of Compliance

These unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34, "Interim Financial Reporting of the International Financial Reporting Standards" ("IFRS") as issued by the International Accounting Standards Board ("IASB") and follow the same accounting policies and methods of application as the Company's March 31, 2021 annual audited financial statements, unless otherwise noted. Accordingly, they should be read in conjunction with the Company's most recent annual statements.

The unaudited condensed interim consolidated financial statements have been prepared on a historical cost basis except for some financial instruments that have been measured at fair value.

The Company is in the business of the mining and sale of digital currencies, many aspects of which are not specifically addressed by current IFRS guidance. The Company is required to make judgements as to the application of IFRS and the selection of accounting policies. The Company has disclosed its presentation, recognition and derecognition, and measurement of digital currencies, and the recognition of revenue as well as significant assumptions and judgements; however, if specific guidance is enacted by the IASB in the future, the impact may result in changes to the Company's earnings and financial position as presented.

These unaudited condensed interim consolidated financial statements were approved and authorized for issuance by the Board of Directors on November 15, 2021.

Page 5
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

2. Basis of Presentation (continued…)

(b) Consolidation

These unaudited condensed interim consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries, which are controlled by the Company (the "Group"). Control is achieved when the parent company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has all of the following: (i) power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); (ii) exposure, or rights, to variable returns from its involvement with the investee; and (iii) the ability to use its power over the investee to affect its returns.

The financial statements of subsidiaries are included in these consolidated financial statements from the date that control commences until the date that control ceases. All significant inter-company transactions, balances, income and expenses are eliminated on consolidation.

As of September 30, 2021, the Company had the following wholly owned subsidiaries: HIVE Blockchain Switzerland AG, Bikupa Datacenter AB, Bikupa Datacenter 2 AB, Hive Digital Data Ltd., Liv Eiendom AS, 9376-9974 Quebec Inc., and GPU Atlantic Inc. HIVE Blockchain Switzerland AG had one wholly owned subsidiary, HIVE Blockchain Iceland ehf.

(c) Presentation and functional currency

Foreign currency transactions are recorded at the exchange rate as at the date of the transaction. At each statement of financial position date, monetary assets and liabilities are translated using the year end foreign exchange rate. Non-monetary assets and liabilities in foreign currencies other than the functional currency are translated using the historical rate. All gains and losses on translation of these foreign currency transactions are included in the profit and loss. The functional currency for HIVE Blockchain Technologies Ltd. is the Canadian dollar, and it is the US dollar for its other wholly owned subsidiaries.

(d) Comprehensive income (loss)

Total comprehensive income (loss) comprises all components of profit or loss and other comprehensive income (loss). Other comprehensive income (loss) includes gains and losses from translating the financial statements of an entity's whose functional currency differs from the presentation currency.

(e) Goodwill

Goodwill represents the excess of the purchase price paid for an acquisition over the fair value of the net tangible and intangible assets acquired. Following the initial recognition, goodwill is measured at cost less any accumulated impairment losses.

Goodwill has an indefinite useful life, is not subject to amortization and is tested annually for any impairment, or more frequently in the case that events or circumstances indicate that they may be impaired.

Page 6
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

3. Significant Judgements

(a) Functional currency

The functional currency of the Company has been assessed by management based on consideration of the currency and economic factors that mainly influence the Company's digital currencies, production and operating costs, financing and related transactions. Specifically, the Company considers the currencies in which digital currencies are most commonly denominated and the currencies in which expenses are settled, by each entity, as well as the currency in which each entity receives or raises financing. Changes to these factors may have an impact on the judgment applied in the determination of the Company's functional currency.

(b) Digital assets - accounting

The Company has assessed that it acts in a capacity as a commodity broker trader as defined in IAS 2, Inventories, in characterizing certain of its holdings as inventory, or more specifically, digital assets. If assets held by commodity broker-traders are principally acquired for the purpose of selling in the near future and generating a profit from fluctuations in price or broker-traders' margin, such assets are accounted for as inventory, and changes in fair value (less costs to sell) are recognized in profit or loss.

(c) Assessment of transactions as an asset acquisition or business combination

Management determines whether assets acquired and liabilities assumed constitute a business. A business consists of inputs and processes applied to those inputs that have the ability to create outputs. Whether an acquisition is classified as a business combination or asset acquisition can have a significant impact on the presentation made on and after acquisition.

The Company completed the Quebec Acquisition in April 2020 (Note 6) and the Atlantic Acquisition in April 2021 (Note 7) and concluded that both entities acquired qualified as a business combination under IFRS 3, "Business Combinations". Accordingly, the Quebec Acquisition and the Atlantic Acquisition have been accounted for as a business acquisition.

(d) Revenue from digital currency mining

The Company recognizes revenue from digital currency mining from the provision of transaction verification services within digital currency networks, commonly termed "cryptocurrency mining". As consideration for these services, the Company receives digital currency from each specific network in which it participates ("coins"). Revenue from digital currency mining is measured based on the fair value of the coins received. The fair value is determined using the spot price of the coin on the date of receipt. The coins are recorded on the statement of financial position, as digital currencies, at their fair value less costs to sell and re- measured at each reporting date. Revaluation gains or losses, as well as gains or losses on the sale of coins for traditional (fiat) currencies are included in profit and loss in accordance with the Company's treatment of its digital currencies as a traded commodity.

There is currently no specific definitive guidance in IFRS or alternative accounting frameworks for the accounting for the mining and strategic selling of digital currencies and management has exercised significant judgement in determining appropriate accounting treatment for the recognition of revenue from digital currency mining for mining of digital currencies. Management has examined various factors surrounding the substance of the Company's operations, including the stage of completion being the completion and addition of a block to a blockchain and the reliability of the measurement of the digital currency received.

Page 7
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

3. Significant Judgements (continued…)

(e) Contingencies

Contingencies can be either possible assets or liabilities arising from past events which, by their nature, will be resolved only when one or more uncertain future events occur or fail to occur. Such contingencies include, but are not limited to, litigation, regulatory proceedings, tax matters and gains or losses resulting from other events and developments. The assessment of the existence and potential impact of contingencies inherently involves the exercise of significant judgement regarding the outcome of future events.

4. Significant Estimates

(a) Determination of asset and liability fair values and allocation of purchase consideration

Significant acquisitions require judgements and estimates to be made at the date of acquisition in relation to determining the relative fair value of the allocation of the purchase consideration over the fair value of the assets. The information necessary to measure the fair values as at the acquisition date of assets acquired requires management to make certain judgements and estimates about the future performance of these assets.

(b) Carrying value of assets

The Company evaluates each asset or cash generating unit every reporting period to determine whether there are any indications of impairment. If any such indication exists, which is often judgmental, a formal estimate of recoverable amount is performed and an impairment loss is recognized to the extent that the carrying amount exceeds the recoverable amount. The recoverable amount of an asset or cash generating group of assets is measured at the higher of fair value less costs to sell and value in use. The evaluation of asset carrying values for indications of impairment includes consideration of both external and internal sources of information, including such factors as the relationship between mining rewards and the required computing power, digital currency prices, the periodic contribution margin of digital currency mining activities, changes in underlying costs, such as electricity, and technological changes. The estimates and assumptions are subject to risk and uncertainty; hence, there is the possibility that changes in circumstances will alter these projections, which may impact the recoverable amount of the assets. In such circumstances some or all of the carrying value of the assets may be further impaired or the impairment charge reduced with the impact recorded in profit and loss.

(c) Depreciation

Depreciation of data centre equipment is an estimate of its expected life. In order to determine the useful life of computing equipment, assumptions are required about a range of computing industry market and economic factors, including required hashrates, technological changes, availability of hardware and other inputs, and production costs.

Page 8
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

4. Significant Estimates (continued…)

(d) Deferred and current taxes

The determination of the Company's tax expense for the year and deferred tax assets and liabilities involves significant estimation and judgement by management. In determining these amounts, management interprets tax legislation in a variety of jurisdictions and makes estimates of the expected timing of the reversal of deferred tax assets and liabilities, the deferral and deductibility of certain items and interpretation of the treatment for tax purposes of digital currencies by taxation authorities. Management also makes estimates of future earnings, which affect the extent to which potential future tax benefits may be used. The Company is subject to assessments by various taxation authorities, which may interpret legislation differently. These differences may affect the final amount or the timing of the payment of taxes. The Company provides for such differences where known based on management's best estimate of the probable outcome of these matters.

(e) Digital currency valuation

Digital currencies consist of cryptocurrency denominated assets (Note 10) and are included in current assets. Digital currencies are carried at their fair value determined by the spot rate less costs to sell. The digital currency market is still a new market and is highly volatile; historical prices are not necessarily indicative of future value; a significant change in the market prices for digital currencies would have a significant impact on the Company's earnings and financial position. Fair value is determined by taking the price of the coins at 2400 hours (per the Central European Time zone) from the exchanges which the Company most frequently uses.

(f) Share-based compensation

The Company utilizes the Black-Scholes Option Pricing Model ("Black-Scholes") to estimate the fair value of stock options granted to directors, officers, employees, consultants and charities. The use of Black- Scholes requires management to make various estimates and assumptions that impact the value assigned to the stock options including the forecast future volatility of the stock price, the risk-free interest rate, dividend yield and the expected life of the stock options. Any changes in these assumptions could have a material impact on the share-based compensation calculation value, however the most significant estimate is the volatility. Expected future volatility can be difficult to estimate as the Company has a limited operating history and is in an emerging industry with no comparable publicly traded competitors at the time of grant. Due to the emerging nature of the industry, volatility estimates require significant estimates. The Company estimated volatility based on historic share prices of companies operating in emerging innovative industries. Historical volatility is not necessarily indicative of future volatility.

Page 9
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

5. Norway Acquisition

In May 2018, the Company completed the acquisition of two entities in Norway (the "Norway Acquisition"), Liv Eiendom AS ("Liv Eiendom") and Kolos Norway AS ("Kolos").

As consideration for the acquisition, the Company made cash payments of 55,576,560 Norwegian Kroner ("NOK") (US$6,902,498) to the former shareholders of Kolos, issued 4,750,000 common shares, issued 1,250,000 warrants exercisable at C$1.24 for a period of five years and incurred cash transaction costs of $428,127 related to the acquisition.

On May 10, 2021, the Company completed the sale of the net assets of Kolos Norway AS:

Net liability disposed of $ 3,371,275
Less: Payment to acquirer (200,000 )
Gain on disposal $ 3,171,275

The following are balance sheet items that were derecognized in the sale of the subsidiary:

May 10, 2021
Assets
Current assets
Cash and equivalents $ 37,254
Amounts receivable and prepaids 878
Total assets $ 38,132
Liabilities and equity
Current liabilities
Accounts payable and accrued liabilities $ 82,540
Loans payable 3,326,867
Total liabilities 3,409,407
Net Assets $ (3,371,275 )
Page 10
---
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

6. Quebec Acquisition

On April 8, 2020, the Company completed the acquisition of 100% of the common shares of 9376-9974 Quebec Inc. ("9376"), a cryptocurrency mining operation located in Lachute, Quebec from Cryptologic Corp.

In consideration for 100% of the common shares of 9376, the Company paid total consideration of $3,738,809 consisting of:

(i) Issuance of 15,000,000 common shares on closing valued at a price of C$0.23 per common share for a total of $2,458,470 (C$3,450,000); and

(ii) Cash payment of $1,235,873 (C$1,734,315) and holdback of $44,466.

The allocation of the total purchase price to the net assets acquired is as follows:

Prepaid expenses $ 719,699
Data Centre Equipment (Note 11) 2,322,077
Right of use asset (Note 16) 2,469,327
Intangible asset* 872,545
Accounts Payable (175,512 )
Lease liability (2,469,327 )
Net assets acquired $ 3,738,809
Cash paid 1,235,873
Shares issued 2,458,470
Holdback payable 44,466
Total consideration $ 3,738,809

*Intangible asset relates to favourable supply arrangements acquired as part of the business acquisition and is being amortized over the term of the existing facility lease.

7. Atlantic Acquisition

On April 15, 2021, the Company completed the acquisition of 100% of the common shares of GPU Atlantic. In consideration for 100% of GPU Atlantic, the Company paid total consideration of 5,000,000 common shares on closing valued at a total of $18.7 million (C$23.7 million). 1,000,000 of the common shares were allocated to a holdback and to GPU One earn-out upon delivery of certain earn-out conditions.

GPU Atlantic has a 50-megawatt data centre campus located in New Brunswick, Canada.

Page 11
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

7. Atlantic Acquisition (continued…)

Current assets $ 671,709
Data centre equipment 12,898,994
Land 662,910
Buiding 4,576,290
Sales taxes refunds 75,780
Intangible asset* 3,947,481
Goodwill** 10,469,997
Accounts payable (3,198,591 )
Long-term debt (11,410,351 )
Net assets acquired $ 18,694,219
Consideration paid 18,694,219
Total consideration $ 18,694,219

As part of the transaction, the Company also acquired a $10,898,353 (C$13,639,249) term loan (Note 15) included in the long-term debt acquired.

*Intangible asset represents an internally generated mining monitoring, tracking and generating software.

**Goodwill represents expected synergies, future income growth potential, and other intangibles that do not qualify for separate recognition. None of the goodwill arising on the acquisition is expected to be deductible for tax purposes.

The purchase price allocation for acquisitions reflects various fair value estimates which are subject to change within the measurement period. The primary areas of purchase price allocation that are subject to change relate to the fair values of certain tangible assets, the valuation of identifiable intangible assets acquired, and residual goodwill. Measurement period adjustments that the Company determines to be material will be applied retrospectively to the period of acquisition in the Company's consolidated financial statements and, depending on the nature of the adjustments, other periods subsequent to the period of acquisition could also be affected. The Company expects to finalize the accounting for the acquisition by March 31, 2022.

8. Investments

The Company's investment holdings that are not traded in active markets by the Company are considered investments. Investments are accounted for as financial assets which are initially recognized at fair value and subsequently measured through fair value through profit or loss

On April 21, 2021, the Company completed a share swap transaction with DeFi Technologies Inc. ("DeFi Technologies"), pursuant to which HIVE received 10,000,000 common shares of DeFi Technologies, in exchange for 4,000,000 common shares of the Company, valued at C$16.0 million.

As at September 30, 2021, in addition to the investment of Defi Technologies, the Company holds a number of non-material investments in both private and public companies. Investments were valued at $14,501,369 (March 31, 2021 - $981,736).

Unrealized gain on investments during the period ended September 30, 2021 was $359,716 (September 30, 2020 - $nil

Page 12
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

9. Amounts Receivable and Prepaids

September 30, 2021 March 31, 2021
Sales tax receivable $ 4,499,393 $ 3,586,643
Prepaid expenses and other receivables 1,565,917 1,922,498
Energy tax receivable 1,542,354 1,443,004
Receivable on sale of subsidiary* 1,815,964 1,815,964
Total $ 9,423,628 $ 8,768,109

* Receivable is conditional upon ruling by the by the Swedish Tax Authority related to an ongoing value added tax process. If the ruling is favourable then the amounts will be received; otherwise the amounts will not be collectible. Management has assessed the collectibity using a probability model under a range of scenarios and this receivable reflects the results of that process.

10. Digital Currencies

As at September 30, 2021, the Company's digital currencies consisted of the below, with a fair value of $123,136,292 (March 31, 2021 - $57,499,720). Digital currencies are recorded at their fair value on the date they are received as income from digital currency mining, and are revalued to their current market value less costs to sell at each reporting date.

The Company's holdings of digital currencies consist of the following:

September 30, 2021 March 31, 2021
Ethereum $ 74,750,574 $ 38,640,733
Ethereum Classic 25,111 -
Bitcoin 48,360,607 18,858,987
Total $ 123,136,292 $ 57,499,720

The continuity of digital currencies was as follows:

September 30, 2021 March 31, 2021
Opening balance $ 57,499,720 $ 3,455,756
Digital currency mined 89,858,861 66,697,924
Digital assets received 547,111 1,057,334
Digital currency sold (34,294,310 ) (38,437,132 )
Revaluation adjustment 9,524,910 24,725,838
Ending balance $ 123,136,292 $ 57,499,720

During the period ended September 30, 2021 the Company sold digital currencies for proceeds totalling $43,079,778 (September 30, 2020 - $17,137,272) with a cost of $34,294,310 (September 30, 2020 - $14,659,985), and recorded a gain on sale of $8,785,469 (September 30, 2020 - gain of $2,477,287).

Page 13
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

11. Data Centre Equipment

Cost Data Centres
Balance, March 31, 2020 $ 82,284,690
Quebec acquisition (Note 6) 2,322,077
Additions 20,924,181
Balance, March 31, 2021 105,530,948
Atlantic acquisition (Note 7) 18,138,194
Additions 55,498,592
Balance, September 30, 2021 $ 179,167,734
Accumulated depreciation and impairment
Balance, March 31, 2020 $ 75,868,990
Depreciation 8,063,155
Balance, March 31, 2021 83,932,145
Depreciation 15,085,962
Balance, September 30, 2021 $ 99,018,107
Carrying amount
Balance, March 31, 2021 $ 21,598,803
Balance, September 30, 2021 $ 80,149,627

12. Deposits

The Deposits at September 30, 2021 and March 31, 2021 relate to required amounts on account with electricity providers in Sweden and deposit for equipment purchases, consisting of:

Description September 30, 2021 March 31, 2021
Vattenfall AB $ 1,596,766 $ 1,494,617
Bodens Energi 773,968 724,456
Equipment Deposits 67,529,436 43,313,678
Total $ 69,900,170 $ 45,532,751

13. Convertible Loan

On January 12, 2021, the Company closed its non-brokered private placement of unsecured debentures (the "Debentures"), for aggregate gross proceeds of $15,000,000 with U.S. Global Investors, Inc. ("U.S. Global"). The Executive Chairman of the Company is a director, officer and controlling shareholder of U.S. Global.

The Debentures mature on the date that is 60 months from the date of issuance, bearing interest at a rate of 8% per annum. The Debentures will be issued at par, with each Debenture being redeemable by the Company at any time, and convertible at the option of the holder into common shares (each, a "Share") in the capital of the Company at a conversion price of CAD$3.00 per Share. Interest will be payable monthly and principal will be payable quarterly. In addition, U.S. Global was issued 5.0 million common share purchase warrants (the "Warrants"). Each whole Warrant entitles U.S. Global to acquire one common at an exercise price of CAD$3.00 per Share for a period of three years from closing.

Page 14
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

13. Convertible Loan (continued…)

The Company determined that the Convertible Loan contained an embedded derivative and that the conversion feature does not qualify as equity as it does not satisfy the "fixed for fixed" requirement as the number of potential common shares to be issued is contingent on a variable carrying amount for the financial liability. The financial liability is variable because the functional currency of Hive Blockchain Technologies Ltd. is Canadian dollars and the Convertible Loan is denominated in US dollars, therefore the amount of common shares to be issued depends on the foreign exchange rate at the date of settlement. Consequently, the conversion feature is classified as a derivative liability.

The Company allocated the proceeds of $15,000,000 first to derivative component for $8,560,630, with the residual value to the the liabliity component for $6,439,370. The derivative component was valued on initial recognition using the Black-Scholes option pricing model with the following assumptions: a risk-free interest rate of 0.69%; an expected volatility of 105%; an expected life of 2.71 years; a forfeiture rate of zero; and an expected dividend of zero.

Liability Component

Balance, March 31, 2020 $ -
Value on initial recognition 6,439,370
Principal payment (658,333 )
Accretion 509,704
Balance, March 31, 2021 6,290,741
Principal payment (1,500,000 )
Accretion 1,170,335
Balance, September 30, 2021 $ 5,961,076

Derivative Component

Balance, March 31, 2020 $ -
Value on initial recognition 8,560,630
Change in fair value of liability 857,702
Balance, March 31, 2021 9,418,331
Change in fair value of liability (28,780 )
Balance, September 30, 2021 $ 9,389,551

The derivative component is re-valued each reporting period. As at September 30, 2021, the derivative component was revalued at $9,389,551 (March 31, 2021 - $9,418,331) using the Black-Scholes option pricing model with the following assumptions: a risk-free interest rate of 1.75%; an expected volatility of 105%; an expected life of 2.63 years; a forfeiture rate of zero; and an expected dividend of zero. Accordingly, the Company recorded a change in the fair value of the derivative liability of $28,780.

Page 15
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

14. Loans Payable

As part of the Norway Acquisition (Note 5) the Company assumed loans with a principal balance of $2,559,599 (NOK 20,915,000). The loans from the Norway Acquisition are in default as at March 31, 2021. On May 10, 2021, the Company sold the Norway subsidiary which included the loans (Note 5). On March 31, 2021, as part of the sale of the net assets in Boden Technologies AB (Note 25), the Company incurred a loan payable.

A continuity of the loan balances are as follows:

Norway Boden Total
(Notes 5) (Note 25)
Balance - March 31, 2020 2,713,073 - 2,713,073
Additions (Note 25) - 18,361,495 18,361,495
Interest 207,678 - 207,678
Foreign exchange movement 251,338 - 251,338
Balance - March 31, 2021 3,172,089 18,361,495 21,533,584
Interest 25,133 - 25,133
Foreign exchange movement 129,645 - 129,645
Sale of Norway subsidiary (Note 5) (3,326,867 ) - (3,326,867 )
Balance - June 30, 2021 - 18,361,495 18,361,495
Less: Current portion - (1,224,102 ) (1,224,102 )
Non-current portion $ - $ 17,137,393 $ 17,137,393

15. Term Loan

As part of the Atlantic acquisition (Note 7), the Company acquired a $10,898,353 (C$13,639,249) term loan. The facility bears interest at 3.33% per annum and has a maturity date of February 28, 2022. Principal payment of C$189,434 plus interest is payable monthly. The current portion of the loan was $2,273,208.

The term loan has financial ratios and minimum tangible asset covenants that must be maintained. As at September 30, 2021 these covenants were met. The term loan includes an unlimited guarantee from the Company.

Page 16
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

16. Right of Use Asset and Lease Liability

The Company adopted a new lease standard and recognized $360,361 of lease liability on April 1, 2019. The lease liability was measured at the present value of the remaining lease payments of $360,361 as of April 1, 2019, discounted using an incremental borrowing rate of that date of 6%. The Company recorded a right of use asset of the same amount which relates to a long-term office lease. Depreciation of the right of use asset is calculated using the straight-line method over the remaining lease term.

During the period ended September 30, 2021, the Company recognized interest expense on the lease liability of $72,067 (September 30, 2020 - $131,787) which was recorded within finance expense.

Cost Right of Use Assets
Balance, March 31, 2020 $ 2,790,800
Additions (Note 6) 2,469,327
Foreign exchange 493,001
Balance, March 31, 2021 $ 5,753,128
Additions 39,455
Foreign exchange 79,033
Balance, September 30, 2021 $ 5,871,616
Accumulated Depreciation
Balance, March 31, 2020 $ (550,526 )
Depreciation (2,181,512 )
Foreign exchange (42,806 )
Balance, March 31, 2021 $ (2,774,844 )
Depreciation (1,154,983 )
Foreign exchange (51,059 )
Balance, September 30, 2021 $ (3,980,886 )
Carrying Amount
Balance, March 31, 2021 $ 2,978,284
Balance, September 30, 2021 $ 1,890,730
Page 17
---
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

16. Right of Use Asset and Lease Liability (continued…)

Lease Liability
Balance, March 31, 2020 $ 2,343,938
Additions (Note 6) 2,469,327
Lease payments made (2,561,297 )
Interest expense on lease liabilities 236,600
Foreign exchange 575,271
Balance, March 31, 2021 $ 3,063,839
Lease payments made (1,390,155 )
Additions 39,455
Interest expense on lease liabilities 72,067
Foreign exchange (6,654 )
1,778,552
Less: current portion (943,467 )
Balance, September 30, 2021 $ 835,085
Lease Disclosures
Interest expense on lease liabilities $ 72,067
Income from sub-leasing $ 8,174
Total cash outflow for leases $ 1,390,155
Maturity Analysis - Undiscounted Contractual Payments
Less than 1 year $ 1,125,885
1 to 2 years 720,089
2 to 3 years 14,222
$ 1,845,975

During the year ended March 31, 2020, the Company sub-leased office space to an arm's length tenant. The Company has recorded a net investment in sublease of $360,361 measured at either an amount equal to the leased asset or the carrying amount as if IFRS 16 had been applied since the commencement date, discounted using the incremental borrowing rate on April 1, 2019. The following is a reconciliation of the changes in the net investment in sublease:

Balance, March 31, 2020 $ 234,152
Lease accretion 9,786
Receipts (167,194 )
Balance, March 31, 2021 $ 76,744
Lease accretion 8,174
Receipts (84,918 )
Balance, September 30, 2021 $ -
Page 18
---
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

17. Commitments and Contingencies

(a) Service agreements

The Company has a service agreement to operate and maintain their data centre computing equipment for the purpose of mining crypto currency on the cloud. As part of the arrangement, proprietary software is installed on the Company's computing equipment to assist in optimizing the use of the equipment.

(b) Power purchase agreement

The Company has a supplemental power pricing arrangement that was entered into in order to fix 12 MW of electricity consumption each month at a set price. The fixed price agreement was assessed and is being accounted for as an executory contract whereby the monthly electricity costs are expensed as incurred.

(c) Capital and other commitments:

There were no capital or other commitments at the current or prior year end in addition to the commitments disclosed above.

(d) Obligations on Mining equipment

The Company had purchase commitments of $80,103,050.

18. Related Party Transactions

The Company had the following related party transactions not otherwise disclosed in these consolidated financial statements:

a) As at September 30, 2021, the Company had $49,630 (March 31, 2021 - $49,288) due to directors for the reimbursement of expenses included in accounts payable and accrued liabilities.

b) As at September 30, 2021, the Company had $93,299 (March 31, 2021 - $2,938) due to a company controlled by a director of the Company included in accounts payable and accrued liabilities. For the period ended September 30, 2021, the Company paid $60,000 (September 30, 2020 - $nil) to this company for marketing services.

Key Management Compensation

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of members of the Company's Board of Directors and corporate officers.

For the period ended September 30, 2021, key management compensation includes salaries and wages paid to key management personnel and directors of $271,786 (September 30, 2020 - $379,968) and share- based payments of $2,282,642 (September 30, 2020 - $604,681).

Page 19
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

19. Equity

(a) Authorized

Unlimited common shares without par value

Unlimited preferred shares without par value

(b) Issued and fully paid common shares

During the period ended September 30, 2021, the Company:

• Issued 140,577 common shares for proceeds of C$281,154 ($226,076) pursuant to the exercise of 140,577 options at a price of C$2.00 per option, and issued 75,000 common shares for proceeds of C$22,500 ($18,092) pursuant to the exercise of 75,000 options at a price of C$0.30 per option.

• Issued 517,500 common shares with a value of $1,533,435 pursuant to the vesting of 517,500 restricted share-units. An amount of $259,618 was reallocated from reserves to share capital in connection with the vesting of these restricted share-units

• Issued 7,359,000 common shares (the "ATM Shares") pursuant to the ATM Equity Program for proceeds of C$28,467,290 ($22,890,548). The ATM Shares were sold at prevailing market prices, for an average price per ATM Share of C$3.87. Pursuant to the Equity Distribution Agreement associated with the Equity Distribution Agreement, a cash commission of $683,655 on the aggregate gross proceeds raised was paid to the agent in connection with its services under the Equity Distribution Agreement.

• Subsequent to the period ended September 30, 2021, the Company issued 3,513,500 common shares (the "ATM Shares") pursuant to the ATM Equity Program for proceeds of C$15,120,113 ($12,167,608). The ATM Shares were sold at prevailing market prices, for an average price per ATM Share of C$4.30. Pursuant to the Equity Distribution Agreement, a cash commission of $365,028 on the aggregate gross proceeds raised was paid to the agent in connection with its services under the Equity Distribution Agreement.

• Subsequent to the period ended September 30, 2021, the Company issued 214,383 common shares upon the exercise of stock options (Note 19c), and 277,000 common shares upon exercise of restricted share units (Note 19e).

During the year ended March 31, 2021, the Company:

• Issued 15,000,000 common shares with a value of C$3,450,000 ($2,458,470) to Cryptologic Corp. in connection to the acquisition of 9376-9974 Quebec Inc.

• Issued 100,000 common shares with a value of C$22,875 ($24,448) to a contractor in exchange for services completed.

• Issued 1,626,000 common shares with a value of $584,244 pursuant to the vesting of 1,626,000 restricted share-units. An amount of $241,502 was reallocated from reserves to share capital in connection with the vesting of these restricted share-units

• Issued 7,476,972 common shares for proceeds of C$4,673,819 ($3,779,887) pursuant to the exercise of 187,500 options at a price of C$0.29, 5,625,000 options at a price of C$0.30 per option, 300,000 options at a price of C$0.62 per option, 1,344,472 options at a price of C$2.00 per option, and 20,000 options at a price of C$2.85 per option. An amount of $2,056,713 was reallocated from reserves to share capital in connection with the exercise of these options.

• Issued 16,363,500 common shares (the "ATM Shares") pursuant to the ATM Equity Program for proceeds of C$81,726,582 ($64,543,080). The ATM Shares were sold at prevailing market prices, for an average price per ATM Share of C$4.99. Pursuant to the Equity Distribution Agreement , a cash commission of $1,842,480 on the aggregate gross proceeds raised was paid to the agent in connection with its services under the Equity Distribution Agreement.

As at September 30, 2021 800,000 common shares were held in escrow.

Page 20
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

19. Equity (continued…)

(c) Stock options

The Company has established a rolling Stock Option Plan (the "Plan"). Under the Plan, the number of shares reserved for issuance may not exceed 10% of the total number of issued and outstanding shares and, to any one optionee, may not exceed 5% of the issued shares on a yearly basis. The maximum term of each option shall not be greater than 10 years. The exercise price of each option shall not be less than the market price of the Company's shares at the date of grant. Options granted to consultants performing investor relations activities shall vest over a minimum of 12 months with no more than 1/4 of such options vesting in any 3-month period. All other options vest at the discretion of the Board of Directors.

Following is a summary of changes in stock options outstanding for the period ended September 30, 2021:

Weighted average
Outstanding exercise price
Balance, March 31, 2020 20,893,168 C$ 0.57
Granted 1,138,000 4.52
Forfeited (1,000,000 ) 0.62
Exercised (7,476,972 ) 0.63
Balance, March 31, 2021 13,554,196 C$ 0.87
Granted 775,000 3.93
Exercised (215,577 ) 1.41
Balance, September 30, 2021 14,113,619 C$ 1.03

The stock options outstanding and exercisable as at September 30, 2021, are as follows:

Outstanding Exercisable Exercise price Expiry date
676,502 676,502 C$0.30 September 14, 2022
10,000 - 3.14 February 11, 2026
50,000 10,000 2.99 June 4, 2026
5,000,000 5,000,000 0.30 September 14, 2027
981,617 981,617 2.00 October 11, 2027
250,000 250,000 2.00 March 26, 2028
2,000,000 2,000,000 0.62 September 18, 2028
500,000 500,000 0.27 December 21, 2028
2,812,500 2,109,375 0.29 February 10, 2030
100,000 50,000 0.38 May 29, 2030
8,000 8,000 2.16 December 24, 2030
1,000,000 125,000 5.00 February 23, 2031
175,000 43,750.00 5.03 April 6, 2031
550,000 68,750.00 3.67 April 29, 2031
14,113,619 11,822,994

Subsequent to September 30, 2021, the Company granted 1,200,000 stock options, and 214,383 stock options were exercised.

Page 21
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

19. Equity (continued…)

(d) Warrants

Following is a summary of changes in warrants outstanding for the period ended September 30, 2021:

Warrants Weighted average
outstanding exercise price
Balance, March 31, 2020 1,250,000 C$ 1.24
Issued 5,000,000 3.00
Balance, March 31, 2021 and September 30, 2021 6,250,000 C$ 2.65
Issued** 1,500,000 3.11
Balance, September 30, 2021 7,750,000 C$ 2.74

The warrants outstanding and exercisable as at September 30, 2021, are as follows:

Outstanding Exercisable Exercise price Expiry date
1,250,000 * 400,000 C$ 1.24 May 22, 2023
5,000,000 5,000,000 C$ 3.00 January 12, 2024
1,500,000 ** 1,500,000 C$ 3.11 July 12, 2023
7,750,000 6,900,000

* Of the 1,250,000 warrants granted as part of the Norway Acquisition (Note 7), 400,000 vest upon the receipt of all regulatory permits required to commence construction of a digital currency mining data centre in Ballangen Norway. A further 450,000 warrants vest upon the commencement of the mining of digital currency or other revenue generating activity on the property.

** For the period ended September, 30, 2021, the Company issued 1,500,000 warrants as consideration for mining equipment, Each full warrant entitle the holder to acquire one common share for C$3.11 for a period of 2 years. The warrants were valued at $2,557,698 using the Black-Scholes option pricing model with the following assumptions: a risk-free interest rate of 0.46%; an expected volatility of 105%; an expected life of 2.00 years; a forfeiture rate of zero; and an expected dividend of zero.

(e) Restricted share-units

The Company has established a Restricted Share Unit Plan (the "RSU Plan"). Under the RSU Plan, together with any other share compensation arrangement, the number of shares reserved for issuance may not exceed 10% of the total number of issued and outstanding shares and, to any one optionee, may not exceed 5% of the issued shares on a yearly basis. Currently, the RSU Plan has a limit of 10 million shares, which is not rolling. The Board may in its own discretion, at any time, and from time to time, grant RSUs to any employee, director or consultant of the Company or its subsidiaries (collectively, "Eligible Persons"), other than persons conducting investor relations activities, from time to time by the Board, subject to the limitations set forth in the RSU Plan. The Board may designate one or more performance periods under the RSU Plan. In respect of each designated performance period and subject to the terms of the RSU Plan, the Board may from time to time establish the grant date and grant to any Eligible Person one or more RSUs as the Board deems appropriate.

Following is a summary of changes in restricted share units outstanding for the period ended September 30, 2021:

Page 22
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

19. Equity (continued…)

Outstanding
Balance, March 31, 2020 3,100,000
Granted 310,000
Exercised (1,626,000 )
Balance, March 31, 2021 1,784,000
Exercised (517,500 )
Balance, September 30, 2021 1,266,500

Subequent to September 30, 2021, the Company issued 40,000 common shares under the RSU plan and issued 277,000 common shares upon exercise of restricted share units.

(f) Share-based compensation

During the period ended September 30, 2021, $3,128,726 (September 30, 2020 - $266,490) of share- based compensation expense was recognized in relation to the vesting of options, and $672,337 (September 30, 2020 - $643,937) of share-based compensation expense was recognized in relation to the vesting of RSU's.

The following weighted average assumptions were used for the valuation of the stock options:

2021 2020
Risk-free interest rate 0.42% 1.32%
Expected life (years) 5.00 6.00
Annualized volatility 105% 120%
Dividend rate 0.00% 0.00%

20. Income and Loss per Share

Income (loss) per common share represents net income (loss) for the period divided by the weighted average number of common shares outstanding during the period.

Diluted income (loss) per share is calculated by dividing the applicable net income (loss) by the sum of the weighted average number of common shares outstanding and all additional common shares that would have been outstanding if potentially dilutive common shares had been issued during the period.

Three months ended Three months ended
September 30, 2021 September 30, 2020
Basic weighted average number of common shares outstanding 381,982,030 345,377,222
Effect of dilutive stock options and warrants 13,251,994 9,914,002
Effect of convertible loan 5,486,136 -
Diluted weighted average common shares outstanding 400,720,160 355,291,224
Six months ended Six months ended
--- --- ---
September 30, 2021 September 30, 2020
Basic weighted average number of common shares outstanding 379,310,685 343,323,091
Effect of dilutive stock options and warrants 13,251,994 9,914,002
Effect of convertible loan 5,486,136 -
Diluted weighted average common shares outstanding 398,048,815 353,237,093
Page 23
---
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

21. General and Administrative Expenses

General and administrative expenses were comprised of the following for the periods ending:

September 30, 2021 September 30, 2020
Management fees, salaries and wages $ 346,212 $ 259,237
Marketing 298,179 74,264
Office, administration, and regulatory 2,974,450 281,465
Professional fees, advisory, and consulting 1,329,057 513,254
Total $ 4,947,898 $ 1,128,220

22. Financial Instruments and Risk Management

The fair values of investments were measured using the cost, market or income approaches. The investments measured at fair value are classified into one of the three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values, with the designation based upon the lowest level of input that is significant to the fair value measurement. The three levels of the fair value hierarchy are:

Level 1 Inputs: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

Level 2 Inputs: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3 Inputs: Unobservable inputs for the asset or liability (Unobservable inputs reflect management's assumptions on how market participants would price the asset or liability based on the information available).

Valuation of Assets that use Level 2 Inputs ("Level 2 Assets"). The fair value of Level 2 assets would use the quoted price from the exchanges which the Company most frequently uses, with no adjustment.

The Company is exposed, in varying degrees, to a variety of financial related risks. The fair value of the Company's financial instruments, including cash, amounts receivable, investments, and accounts payable and accrued liabilities approximates their carrying value due to their short-term nature. The type of risk exposure and the way in which such exposure is managed is provided as follows:

Credit risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company's primary exposure to credit risk is on its cash held in bank accounts as at September 30, 2021. The majority of cash is deposited in bank accounts held primarily with one major bank in Canada so there is a concentration of credit risk. This risk is managed by using a major bank that is a high credit quality financial institution as determined by rating agencies.

For the custody of its digital currencies, the Company uses the services of two financial institutions through custodial agreements, one financial institution located in Liechtenstein and another in the United States.

Page 24
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

22. Financial Instruments and Risk Management (continued…)

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk by maintaining cash balances to ensure that it is able to meet its short term and long-term obligations as and when they fall due. The Company manages company-wide cash projections centrally and regularly updates projections for changes in business and fluctuations cause in digital currency prices and exchange rates.

Foreign currency risk

Currency risk relates to the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in foreign exchange rates. Exchange rate fluctuations affect the costs that the Company incurs in its operations as well as the currency in which the Company has historically raised capital.

The Company's presentation currency is the US dollar and major purchases are transacted in US dollars, while all financing to date has been completed in Canadian dollars. As the Company operates in an international environment, some of the Company's financial instruments and transactions are denominated in currencies other than an entity's functional currency. A portion of the Company's general and administrative costs are incurred mainly in currencies separate from each entity's functional currency, such as Swiss Francs, the Euro, the Swedish Krona, and Icelandic Krona. The fluctuation of these currencies in relation to the US dollar will consequently impact the profitability of the Company and may also affect the value of the Company's assets and liabilities and the amount of shareholders' equity.

The Company's net monetary position in the significant foreign currencies as of September 30, 2021 is summarized below with the effect on earnings before tax of a 10% fluctuation of each currency relative to the functional currency of the entity holding it to the USD dollar:

Net Monetary Position Impact of 10% variance
September 30, 2021 in foreign exchange rate
(USD$ equivalent) (in foreign currency)
US Dollars 942,572 85,688
Canadian Dollars 238,997 17,537
Swiss Francs (117,058) 11,236
Swedish Krona 540,756 5,756
Icelandic Krona 1,426,028 1,027

Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to interest rate risk is limited and only relates to its ability to earn interest income on cash balances at variable rates. Changes in short term interest rates will not have a significant effect on the fair value of the Company's cash account.

Price Risk

Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk. The Company is not exposed to any significant price risks with respect to its financial instruments.

Page 25
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

23. Digital Currency and Risk Management

Digital currencies are measured using Level 2 inputs (Note 10).

Digital currency prices are affected by various forces including global supply and demand, interest rates, exchange rates, inflation or deflation and the global political and economic conditions. The profitability of the Company is directly related to the current and future market price of coins; in addition, the Company may not be able liquidate its inventory of digital currency at its desired price if required. A decline in the market prices for coins could negatively impact the Company's future operations. The Company has not hedged the conversion of any of its coin sales or future mining of digital currencies.

Digital currencies have a limited history and the fair value historically has been very volatile. Historical performance of digital currencies are not indicative of their future price performance. The Company's digital currencies currently consist of Ethereum, Ethereum Classic, and Bitcoin. The table below shows the impact of the 25% variance in the price of each of these digital currencies on the Company's earnings before tax, based on their closing prices at September 30, 2021.

Impact of 25% variance in price
Ethereum $ 18,687,623
Ethereum Classic 6,278
Bitcoin 12,090,161

24. Capital Management

The Company manages its capital to maintain its ability to continue as a going concern and to provide returns to shareholders and benefits to other stakeholders. The capital structure of the Company consists of equity comprised of issued share capital and reserves.

The Company manages its capital structure and makes adjustments to it in light of economic conditions. The Company, upon approval from its Board of Directors, will balance its overall capital structure through new share issues or by undertaking other activities as deemed appropriate under the specific circumstances.

The Company is not subject to externally imposed capital requirements and the Company's overall strategy with respect to capital risk management remains unchanged from the year ended March 31, 2021.

Page 26
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

25. Loss on Sale of Swedish Subsidiary

On March 31, 2021, the Company completed the sale of the net assets of Boden Technologies AB:

Consideration:
Cash $ 10
Receivable^1^ 1,821,454
1,821,464
Less: Net assets derecognized (25,263,683 )
Loss on disposal $ (23,442,219 )

1) Receivable is conditional upon ruling by the by the Swedish Tax Authority related to an ongoing value added tax process. If the ruling is favourable then the amounts will be received; otherwise the amounts will not be collectible. Management has assessed the collectibity using a probability model under a range of scenarios and this receivable reflects the results of that process.

March 31, 2021
Assets
Current assets
Cash and equivalents $ 464,123
Amounts receivable and prepaids 7,693,866
8,157,989
Receivable from Bikupa 18,361,495
Total assets $ 26,519,484
Liabilities and equity
Current liabilities
Accounts payable and accrued liabilities $ 1,255,801
Net Assets $ 25,263,683

As part of the sale, the Company incurred a loan payable of $18,361,495 to Boden, of which $1,224,102 is current. The loan payable has an amortization term of 15 years under which annual principal and interest payments are required. Interest is set at the Swedish Government Borrowing Rate +1% . The loan payable is contingently forgiven based on a favourable ruling from the Swedish Tax Authority on the ongoing value tax assessment.

Page 27
HIVE Blockchain Technologies Ltd.<br><br> <br>Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended September 30, 2021 (Expressed in US dollars unless otherwise indicated)<br><br> <br>(Unaudited)
---

26. Segmented Information

The Company operates in one segment, the mining and sale of digital currencies. External revenues are attributed by geographical location, based on the country from which services are provided.

September 30, 2021 Canada Sweden Iceland Bermuda Total
Revenue from digital currency mining $ - $ - $ - $ 89,858,861 $ 89,858,861
September 30, 2020 Canada Sweden Iceland Bermuda Total
Revenue from digital currency mining $ 17,543,138 $ - $ - $ 2,026,736 $ 19,569,874

The Company's non-current tangible assets are located in the following jurisdictions:

September 30, 2021 Canada Sweden Iceland Bermuda Total
Data centre equipment $ 43,316,123 $ 9,285,370 $ 4,861,274 $ 22,686,860 $ 80,149,627
ROU Asset 1,157,128 733,602 - - 1,890,730
$ 44,473,251 $ 10,018,972 $ 4,861,274 22,686,860 $ 82,040,357
March 31, 2021 Canada Sweden Iceland Total
Data centre equipment $ 5,519,758 $ 12,849,969 $ 3,229,076 $ 21,598,803
ROU Asset 1,928,889 1,049,395 - 2,978,284
$ 7,448,647 $ 13,899,364 $ 3,229,076 $ 24,577,087

27. Subsequent Event

On November 9, 2021, the Company entered into an agreement with Stifel GMP as lead underwriter and sole bookrunner to include a syndicate of underwriters (the "Underwriters"), whereby the Underwriters will purchase, on a bought-deal basis, 16,670,000 special warrants of the Company (the "Special Warrants") at a price of $6.00 per Special Warrant for aggregate gross proceeds to the Company of $100,020,000 (the "Offering"). The completion of the Offering will be subject to receipt of all necessary regulatory and corporate approvals or consents.

Page 28
HIVE Blockchain Technologies Ltd.: Exhibit 99.6 - Filed by newsfilecorp.com
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated

The following discussion is management's assessment and analysis of the results of operations, cash flows and financial condition of HIVE Blockchain Technologies Ltd. ("HIVE" or the "Company") on a consolidated basis for the three and six months ended September 30, 2021, and should be read in conjunction with the accompanying unaudited condensed interim consolidated financial statements and related notes for the three and six months ended September 30, 2021. These documents and additional information regarding the business of the Company are available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, and the Company's website at www.hiveblockchain.com. The preparation of financial data is in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and all figures are reported in United States dollars unless otherwise indicated.

This Management's Discussion & Analysis contains information up to and including November 15, 2021.

BUSINESS OVERVIEW

HIVE Blockchain Technologies Ltd. is a growth oriented, TSX Venture Exchange ("TSXV") and Nasdaq's Capital Markets Exchange ("NASDAQ") listed company building a bridge from the blockchain sector to traditional capital markets. HIVE operates state-of-the-art green energy-powered data centre facilities in Canada, Sweden, and Iceland which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. Our deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto-coins. HIVE's cryptocurrency mining operations are all powered by green energy, either renewable hydroelectricity or geothermal, with the major data centres being: 1) A Bitcoin mining operation at a leased facility in Quebec, Canada, currently equipped with approximately 6,500 new generation ASIC mining rigs with an aggregate operating hash rate of approximately 530 petahashes per second (PH/s), utilizing approximately 27 megawatts (MW) power but with available power capacity of 30MW.; 2) A Bitcoin mining operation at an owned facility in New Brunswick, Canada, currently equipped with approximately 8,000 new generation ASIC mining rigs with an aggregate operating hash rate of approximately 650 PH/s, utilizing approximately 30MW of power capacity; 3) In Sweden, a leased facility equipped with approximately 14,100 custom and efficient GPU rigs with an aggregate operating hash rate of approximately 3,650 gigahashes per second (GH/s) currently mining Ethereum and utilizing approximately 17MW power; and, 4) In Iceland, a leased facility equipped with approximately 2,600 custom and efficient GPU rigs with an aggregate operating hash rate of approximately 550 GH/s currently mining Ethereum and Ethereum Classic while utilizing approximately 3.5MW of power.  In addition to the above major data centers, HIVE has 64 PH/s of Bitcoin m,ining capacvity from approximately 2,600 ASIC mining rigs utilizing approximately 5MW of power in Iceland and Sweden.  All the mining power is being utilized by HIVE for self-mining.  These operations provide shareholders with exposure to the operating margins of digital currency mining which the Company believes is currently the most profitable application of the Company's computing power.

The Company recognizes revenue from the provision of transaction verification services, known as 'cryptocurrency mining', for which the Company receives digital currencies and records them at their fair value on the date received.

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 $58.9 million for the period
  • Working capital increased by $29.7 million during the three-month period ended September 30, 2021
  • Digital currency assets of $123.1 million, as at September 30, 2021

^______________________________________^

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

HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated

The Company is a reporting issuer in each of the Provinces and Territories of Canada and is listed for trading on the TSXV, under the symbol "HIVE.V", as well as on the NASDAQ under "HIVE" and on the Open Market of the Frankfurt Stock Exchange under HBF. The Company's head office is located at Suite 855, 789 West Pender Street, Vancouver, BC, V6C 1H2, and the Company's registered office is located at Suite 2500, 700 West Georgia Street, Vancouver, BC, V7Y 1B3.

DEFINED TERMS

ASIC: An ASIC (application-specific integrated circuit) is a microchip designed for a special application, such as a particular kind of transmission protocol or a hand-held computer.  In the context of digital currency mining ASICs have been designed to solve specific hashing algorithms efficiently, including for Bitcoin mining.
Bitcoin or BTC Bitcoin refers to the native token of the Bitcoin network which utilizes the SHA-256 algorithm. Bitcoin is a peer-to-peer payment system and the digital currency of the same name which uses open source cryptography to control the creation and transfer of such digital currency.
Bitcoin Network The network of computers running the software protocol underlying Bitcoin and which network maintains the database of Bitcoin ownership and facilitates the transfer of Bitcoin among parties.
Blockchain A Blockchain is an immutable, decentralized public transaction ledger which records transactions, such as financial transactions in cryptocurrency, in chronological order. Bitcoin and Ethereum are the largest examples of a public blockchain.
Ether or ETH or Ethereum: Ether, ETH or Ethereum refers to the native token of the Ethereum Network which utilizes the ethash algorithm. Ethereum is a global, open-source platform for decentralized applications. Ethereum, ETH and Ether are used interchangeably to refer to the cryptocurrency.
Ethereum Classic: Ethereum Classic refers to the native token of the Ethereum Classic Network.
GPU: A GPU or Graphics Processing Unit, is a programmable logic chip (processor) specialized for display functions.  GPUs have proven to be efficient at solving digital currency hashing algorithms.
Hashrate: Hashrate is a measure of mining power whereby the expected revenue from mining is directly proportional to a miner's hashrate normalized by the total hashrate of the network.
Mining: Mining refers to the provision of computing capacity (or hashing power) to secure a distributed network by creating, verifying, publishing and propagating blocks in the blockchain in exchange for rewards and fees denominated in the native token of that network (i.e. Bitcoin or Ethereum, as applicable) for each block generated.
Network<br><br> <br>Difficulty: Network difficulty is a measure of how difficult it is to find a hash below a given target.
Proof of Work: Under proof of work consensus miners performing computational work on the network update the ledger; miners are incentivized to protect the network and put forth valid transactions because they must invest in hardware and electricity for the opportunity to mine coins on the network.  The success of a miner's business relies on the value of the currency remaining above the cost to create a coin.
Proof of Stake Under proof of stake consensus stakers who have sufficiently large coin balances 'staked' on the network update the ledger; stakers are incentivized to protect the network and put forth valid transactions because they are heavily invested in the network's currency.
Revaluation of<br><br> <br>Digital<br><br> <br>Currencies: Refers to the recognition of fair value adjustments to digital currency holdings based on available market prices at a point in time.
SHA-256: SHA-256 is a cryptographic Hash Algorithm.  A cryptographic hash is a kind of 'signature' for a text or a data file.  SHA-256 generates an almost-unique 256-bit (32-byte) signature for a text.  The most well-known cryptocurrencies that utilize the SHA-256 algorithm are Bitcoin and Bitcoin Cash.
Page 2
---
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

OUTLOOK

Operations

The Company has been continuing to utilize cash flows generated from its Ethereum mining operations to upgrade and expand its Ethereum mining equipment and to support the scaling up of its recently acquired Bitcoin mining operation in Canada.

COVID-19 and Upgrade Program

As it relates to the continuing impact from the COVID-19 virus, through the past year HIVE has enacted various measures to protect its employees and partners and prevent disruption to operations because of COVID-19, in alignment with local governments as well as national and international agency recommendations. These include ceasing non-essential travel and having employees work remotely.  The Company has reduced staff on site at its locations through aggressive work at home policies; however, the Company has been able to maintain full uptime of its cryptocurrency mining operations and its data centres and its supply chain continues to operate with only minimal disruption. The Company operates with a lean administrative structure and has few employees, as cryptocurrency mining is not a human capital-intensive industry. The Company's data centres are in sparsely populated areas near the Arctic Circle in Europe, in rural Quebec and New Brunswick.  Most operations management can be accomplished remotely, and any necessary equipment maintenance can be achieved by minimal staff utilizing personal protective equipment and maintaining physical distancing.  However, the Company continues to be at risk of operational inefficiencies directly related to COVID-19 because of difficulties in the mobility of the Company's technical employees within Europe.  These mobility issues have alleviated somewhat but continue to be present.  The Company continues to caution that current global uncertainty with respect to the spread of the COVID-19 virus and emerging variants and its effect on the broader global economy may have a significant negative effect on the Company.  While the precise impact of the COVID-19 virus on the Company remains unknown, the rapid spread of the COVID-19 virus may have a material adverse effect on global economic activity and can result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could affect interest rates, credit ratings, credit risk, inflation, business, financial conditions, results of operations and other factors relevant to the Company.

HIVE has undertaken a program to upgrade and expand its GPU equipment to maintain its Ethereum mining industry footprint.  HIVE had intended to complete this project by the end of calendar 2020, however the negative impact on the global supply chain related to the COVID-19 pandemic has presented challenges including increased shipping costs and obtaining equipment from China on a timely basis, which has extended this project into calendar 2021.  Additionally, the Company faces uncertainty in the availability of equipment from suppliers as it relates to the Company's ASIC equipment.  These continuing challenges are not just impacting our operations but are impacting all industries with one of the most vocal being the auto industry who because of a lack of semiconductors and microchips have had to cut back on car and truck production.  In addition, the cost of air and sea freight have surged over 100%.  The chip shortage, high shipping costs, and challenging logistical processes are a global effect associated with the COVID-19 pandemic.

Even though the COVID-19 pandemic affects have negatively impacted HIVE, we were resilient and committed to successfully complete 2 major acquisitions in April 2020 and April 2021, and even with the global supply chain delays experienced we have been able to expand our footprint in Canada for green and clean coins.

Page 3
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

Ethereum Mining Industry Revenues of U.S. dollars per Day for each 1 Megahash per second of computing power;

July 1, 2021 - November 7, 2021

Source: bitinfocharts.com

  • Bitcoin market conditions for miners during Fall 2021 were similar to the strongly favourable conditions from February to May 2021, where $/TH/day revenues were between 25 to 45 CAD cents.  This is a result of the large decrease in Difficulty, as a large amount of the Bitcoin network hashrate came offline (with China banning cryptomining). While Bitcoin prices have surged to new all time highs in the $64,000 USD range in October 2021, mining profitability has been in the 35 to 45 CAD cent range, even with the recent increases in difficulty.  Mining economics are still strong on a historical basis (comparing the last 3 years), and also are very profitable across the board for all of HIVE's Bitcoin operations.
  • Similarly for Ethereum mining, the economics have remained strong after the London hardfork in early August. There was a lot of speculation that the new fee structure for miners (originally designed to lower transaction fees to make Ethereum an economical blockchain for end users) would have a negative impact on profitability. What has actually transpired is we have seen consistent mining economics in the 60 days following the London hard fork (approximately 6 to 11 cents per MH/s per day) that were in fact better than the preceding 60 day before the London hardfork (approximatey 6 to 8 cents per MH/s per day).  Furthermore, in the 90 days since the London hard fork, Etrhereum mining economics have remained consistently strong at the 8 cent per MH/s per day level, through October 2021.  The Company believes the outlook for Ehtereum mining is positive, and will continue to be very profitable as there is increased volume and adoption of users on the Ethereum blockchain, as excessively high transaction fees are no longer (as seen in May 2021 which put mining revenues at 25 cents per MH/s per day, which were disproportionately high on a historical basis, and which the London hardfork was designed to prevent, as it made it prohibitively expensive for most users).  In fact, current Ethereum mining economics are substantially better than in late 2020, well before the London hard fork.
  • Ongoing production and delivery delays continue to be experienced at some of the major mining equipment manufacturers, it is likely that network difficulty may rise significantly in the future if prices continue to increase, and the production and delivery delays are solved at the manufacturers and their latest generation of mining equipment is delivered to miners and put into production.  It is questionable if all of the equipment that has been announced will be able to be delivered as reported.  If Bitcoin price rises in step with the increase in Difficulty, Bitcoin mining market conditions would be preserved, otherwise the rise in Difficulty will negatively impact Bitcoin mining market conditions.
Page 4
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

Bitcoin Mining Industry Revenues of U.S. dollars per Day for each 1 Terahash per second of computing power:

July 1, 2021 - November 7, 2021

Source: bitinfocharts.com

Industry subject to evolving regulatory and tax landscape

Both the regulatory and tax landscape for digital companies is constantly evolving. This applies as well to the emerging blockchain, distributed ledger, technology industry and the mining, use, sale and holding of tokens, or digital currencies, related to blockchain technology networks.

Operating in an emerging industry, the Company must constantly adapt to significant changes in regulatory, tax and industry rules and guidelines and obtains regulatory and tax advice from external global experts in this regard.  However, regulations and the rules, rates, interpretations, and practices related to taxes, including consumption taxes such as value added taxes (VAT), are also constantly changing.

The Company's headquarters are in Vancouver, British Columbia, Canada and as such is subject to the jurisdiction of the laws of B.C. and Canada.  The Company intends to manage its data centres and trading operations from Bermuda, to simplify tax expectations and extend its eligible trading window for its cryptocurrencies, as Bermuda is under the Atlantic Standard Time zone.

However, the Company also has assets in a variety of other countries and is subject to changes in political conditions and regulations within these markets. Changes, if any, in policies or shifts in political attitude could adversely affect the Company's operations or profitability.

Operations may be affected in varying degrees by government regulations and decisions with respect to, but not limited to, restrictions on price controls, currency remittance, income and consumption taxes, foreign investment, maintenance of claims, environmental legislation, land use, electricity use and safety. Additionally, cryptocurrency prices are highly volatile, can fluctuate substantially and are affected by numerous factors beyond the Company's control, including hacking, demand, inflation, and expectations with respect to the rate of inflation, global or regional political or economic events.

On-going and future regulatory or tax changes, actions or decisions may alter the nature of an investment in the Company or restrict the use of cryptocurrencies in a manner that adversely affects the Company's operations. The effect of any future regulatory change on the Company or any cryptocurrency that the Company may mine is impossible to predict, but such change could be substantial and adverse to the Company.

Page 5
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

For example, governments may in the future curtail or outlaw, the acquisition, use or redemption of cryptocurrencies. Governments may also take regulatory action that may increase the cost and/or subject cryptocurrency companies to additional regulation or prohibit or severely restrict the right to acquire, own, hold, sell, use or trade cryptocurrencies or to exchange cryptocurrencies for fiat currency. By extension, similar actions by other governments, may result in the restriction of the acquisition, ownership, holding, selling, use or trading in the Company's common shares. Such a restriction could result in the Company liquidating its cryptocurrency inventory at unfavorable prices and may adversely affect the Company's shareholders.

The Company believes the present attitude to blockchain technology, and the digital currency mining industry is increasingly favourable in many countries, but conditions may change. Operations may be affected in varying degrees by government regulation with respect to restrictions on production, price controls, export controls, foreign exchange controls, income and other taxes, and environmental legislation.

GENESIS SETTLEMENT AGREEMENT

On June 28, 2019 the Company announced that they reached a settlement agreement with Genesis (the "Settlement Agreement") which positively resolved prior misunderstandings and disagreements.  As part of the settlement the Company assumed responsibility for the operation of the Sweden and Iceland data centres from Genesis.  As part of the agreement, for a period of three years, Genesis will be entitled to nominate one director to the HIVE board of directors provided it continues to hold no less than 10% of the Company's shares. To the best of the Company's knowledge, based on publicly available information on SEDI, Genesis remains a shareholder of HIVE, holding 8.43% on a non-diluted basis as at September 30, 2021, with 31,003,316 shares per public filings. Genesis is a provider of cryptocurrency mining hashpower services.

After the Settlement Agreement, the Company received invoices under the Master Services Agreement from Genesis which the Company is disputing on the basis, inter alia, that the Company believes Genesis is in breach of its obligations of general and preventative maintenance, monitoring, repair, in-warranty repair or replacement of defective equipment and components of the Company's equipment at the Iceland Facility.

Additionally, after the Settlement Agreement, the Company is disputing with Genesis the amounts owed to the Company under the Cloud Mining Agreement.

NORWAY ACQUISITION

In May 2018 the Company acquired Liv Eiendom AS ("Liv Eiendom") and Kolos Norway AS ("Kolos") for total consideration of $12.3 million.

The property was expected to provide access to low-cost power in a cold climate, sourced from green and renewable energy sources for future growth opportunities.  However, in early December 2018 the Norwegian Parliament approved a legislative bill that cryptocurrency miners will no longer be subject to tax relief on power consumption at the same rate as other power-intensive industries.

Under the Norway agreement, as of March 31, 2021, the Company did not have rights to the land itself, but instead had the right to develop the land until certain provisions are met.  These provisions include raising approximately $22 million (200 million Norwegian Krone) before March 2021 which if not done the local Ballangen municipality would have the right to take back the land.  As a result, the land rights have been impaired, and the land has been written down to $nil for accounting purposes.

On May 10, 2021, the Company sold its Norwegian subsidiary Kolos to the local community under a share purchase agreement.  Under the agreement the Company transferred all the shares to the municipality, along with a $200,000 payment.

Page 6
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

BLOCKBASE STRATEGIC PARTNERSHIP

In August 2019, the Company entered into a strategic partnership with Blockbase Group DWC-LLC ("Blockbase") to replace Genesis as the facility operator for the Company's flagship Sweden operation, with an open-ended term.  This transition was completed in November 2019.  Under the agreement Blockbase will provide all things necessary for the configuration, management, operation, security, maintenance and support for the Company's Sweden facility.  Blockbase's highly optimized software monitoring services are expected to enhance the efficiency of the Company's GPU mining operations while reducing costs.  Additionally, HIVE has entered into direct agreements with suppliers such as the local electricity providers, which are now providing full transparency of costs at the Company's Swedish operations.

On June 1, 2020, the Company extended its partnership with Blockbase to be the facility operator for the Company's Iceland operation.  HIVE will also work with Blockbase to undertake facility improvements and refurbish as necessary its mining rigs to improve mining efficiency

QUEBEC ACQUISITION

On April 8, 2020 the Company completed its acquisition of 9376-9974 Inc. ("9376") a dedicated cryptocurrency mining operation at a leased facility located in Lachute, Quebec from Cryptologic Corp. ("Cryptologic").

In consideration for 100% of the common shares of 9376, the Company paid total consideration of $3,738,809 consisting of:

(i) Issuance of 15,000,000 common shares on closing valued at a price of C$0.23 per common share for a total of $2,458,470 (C$3,450,000); and

(ii) Cash payment of $1,235,873 (C$1,734,315) and holdback of $44,466.

The allocation of the total purchase price to the net assets acquired is as follows:

Prepaid expenses $ 719,699
Data Centre Equipment (Note 11) 2,322,077
Right of use asset (Note 16) 2,469,327
Intangible asset* 872,545
Accounts Payable (175,512 )
Lease liability (2,469,327 )
Net assets acquired $ 3,738,809
Cash paid 1,235,873
Shares issued 2,458,470
Holdback payable 44,466
Total consideration $ 3,738,809

*Intangible asset relates to favourable supply arrangements acquired as part of the business acquisition and is being amortized over the term of the existing facility lease.

Page 7
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

GPU ATLANTIC ACQUISITION

On April 15, 2021, the Company completed the acquisition of 100% of the common shares of GPU Atlantic. In consideration for 100% of GPU Atlantic, the Company paid total consideration of 5,000,000 common shares on closing valued at a total of $18.7 million (C$23.7 million). 1,000,000 of the common shares were allocated to a holdback and to GPU One earn-out upon delivery of certain earn-out conditions.

As part of the acquisition agreement, the Company has agreed ot spend CAD$6,000,000 on construction and development. The Company is currently on track to fulfill this commitment.

GPU Atlantic has a 50-megawatt data centre campus located in New Brunswick, Canada.

Current assets $ 671,709
Data centre equipment 12,898,994
Land 662,910
Building 4,576,290
Sales taxes refunds 75,780
Intangible asset* 3,947,481
Goodwill** 10,469,997
Accounts payable (3,198,591 )
Long-term debt (11,410,351 )
Net assets acquired $ 18,694,219
Consideration paid 18,694,219
Total consideration $ 18,694,219

As part of the transaction, the Company also acquired a $10,898,353 (C$13,639,249) term loan included in the long-term debt acquired.

*Intangible asset represents an internally generated mining monitoring, tracking and generating software.

**Goodwill represents expected synergies, future income growth potential, and other intangibles that do not qualify for separate recognition. None of the goodwill arising on the acquisition is expected to be deductible for tax purposes.

The purchase price allocation for acquisitions reflects various fair value estimates which are subject to change within the measurement period. The primary areas of purchase price allocation that are subject to change relate to the fair values of certain tangible assets, the valuation of identifiable intangible assets acquired, and residual goodwill. Measurement period adjustments that the Company determines to be material will be applied retrospectively to the period of acquisition in the Company's consolidated financial statements and, depending on the nature of the adjustments, other periods subsequent to the period of acquisition could also be affected. The Company expects to finalize the accounting for the acquisition by March 31, 2022.

Page 8
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

INVESTMENT IN DeFi

On April 21, 2021, the Company completed a share swap transaction with DeFi Technologies Inc. ("DeFi Technologies"), pursuant to which HIVE received 10,000,000 common shares of DeFi Technologies, in exchange for 4,000,000 common shares of the Company, valued at C$16.0 million.

CONVERTIBLE DEBENTURE

On January 12, 2021, the Company closed its non-brokered private placement of unsecured debentures (the "Debentures"), for aggregate gross proceeds of $15,000,000 with U.S. Global Investors, Inc. ("U.S. Global").  The Interim Executive Chairman of the Company is a director, officer and controlling shareholder of U.S. Global.

The Debentures will mature on the date that is 60 months from the date of issuance, bearing interest at a rate of 8% per annum.  The Debentures will be issued at par, with each Debenture being redeemable by HIVE at any time, and convertible at the option of the holder into common shares (each, a "Share") in the capital of the Company at a conversion price of CAD$3.00 per Share.  Interest will be payable monthly, and principal will be payable quarterly.  In addition, U.S. Global will be issued 5.0 million common share purchase warrants (the "Warrants"). Each whole Warrant will entitle U.S. Global to acquire one common at an exercise price of CAD$3.00 per Share for a period of three years from closing.

AT-THE-MARKET EQUITY PROGRAM

On February 2, 2021, the Company entered into an equity distribution agreement ("Equity Distribution Agreement") with Canaccord Genuity Corp.  Under the Equity Distribution Agreement, the Company may, from time to time, sell up to US$100 million of common shares in the capital of the Company (the "ATM Equity Program").  The Company intends to use the net proceeds of the ATM Equity Program, principally for general corporate and working capital requirements, funding ongoing operations, to repay indebtedness outstanding from time to time, to complete future acquisitions, or for other corporate purposes.

For the six month period ended September 30, 2021, the Company -ssued 7,359,000 common shares (the "ATM Shares") pursuant to the ATM Equity Program for proceeds of C$28,467,290 ($22,890,548).  The ATM Shares were sold at prevailing market prices, for an average price per ATM Share of C$3.87.  Pursuant to the Equity Distribution Agreement associated with the Equity Distribution Agreement, a cash commission of $683,655 on the aggregate gross proceeds raised was paid to the agent in connection with its services under the Equity Distribution Agreement.

Subsequent to the period ended September 30, 2021, the Company issued 3,513,500 common shares (the "ATM Shares") pursuant to the ATM Equity Program for proceeds of C$15,120,113 ($12,167,608).  The ATM Shares were sold at prevailing market prices, for an average price per ATM Share of C$4.30.  Pursuant to the Equity Distribution Agreement, a cash commission of $365,028 on the aggregate gross proceeds raised was paid to the agent in connection with its services under the Equity Distribution Agreement.

The Company intends to use the net proceeds from the Equity Distrubtion Agreement for the purchase of data centre equipment, strategic investments, and general working capital.

Page 9
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

CONSOLIDATED RESULTS OF OPERATIONS

Below is an analysis of the Company's revenue and gross mining margin:

Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021
Restated
Revenue from digital currency mining $ 52,619,094 $ 37,239,767 $ 33,420,171 $ 13,707,879 $ 12,989,592
Operating and maintenance (7,593,349 ) (6,220,684 ) (5,726,129 ) (3,078,934 ) (3,780,716 )
Depreciation (9,626,529 ) (6,899,182 ) (5,035,231 ) (2,476,592 ) (1,796,774 )
35,399,216 24,119,901 22,658,811 8,152,353 7,412,102
Gross mining margin 45,025,745 31,019,083 27,694,042 10,628,945 9,208,876
Gross mining margin % (1) 86% 83% 83% 78% 71%
Gross margin % 67% 65% 68% 59% 57%
Revaluation gain of digital currencies (2) 18,017,637 (8,492,727 ) 16,090,102 6,315,970 993,902
Gain on sale of digital currencies 4,679,412 4,106,057 3,841,993 1,679,213 1,729,821
Hosting revenue 953,958 1,742,906 410,704 393,518 191,800
Share based compensation (1,478,637 ) (2,322,426 ) (534,193 ) (209,726 ) (514,438 )
General expenses (2,633,025 ) (2,314,873 ) (3,102,849 ) (911,076 ) (183,660 )
Foreign exchange gain (loss) (1,888,166 ) 528,868 (367,219 ) 1,746,573 (302,943 )
Realized gain on investments - - - 6,639 -
Unrealized (loss) gain on investments 6,168,239 (5,808,523 ) 645,383 148,967 -
Change in fair value of derivative liability 914,392 (885,612 ) (857,702 ) - -
Gain (loss) on sale of subsidiary - 3,171,275 (23,442,219 ) - -
Finance expense (305,147 ) (319,644 ) (871,941 ) (111,918 ) (115,611 )
Tax expense - - (151,366 ) - -
Net income from continuing operations 59,827,879 $ 13,525,202 414,319,504 $ 17,210,513 $ 9,210,973
EBITDA (1) 69,759,555 $ 20,744,028 $ 20,378,042 $ 19,799,023 $ 11,123,358
Adjusted EBITDA (1) 52,306,163 $ 29,273,518 $ 29,122,054 $ 13,692,779 $ 10,643,894

(1) Non-IFRS measure. A reconciliation to its nearest IFRS measures is provided under "Reconciliations of Non-IFRS Financial Performance Measures" below.

(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

Page 10
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

Revenue from Digital Currency Mining

For the three months ended September 30, 2021, revenue was $52.6 million, an increase of approximately 305% from the prior year. The increase was 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 Margin and Gross Mining Margin %

For the three months ended September 30, 2021, HIVE's gross mining margin percentage was 86% against 71% for the prior year.

The Company's gross mining margin from digital currency mining is partially dependent on various external network factors including mining difficulty, the amount of digital currency rewards and fees it receives for mining, and the market price of the digital currencies at the time of mining.

The average monthly Ethereum market data from April 2021 to September 2021 was as follows:

April May June July August September Average
Ethereum 2021 2021 2021 2021 2021 2021 YTD F2022
Average price $ 2,298 $ 3,141 $ 2,336 $ 2,131 $ 3,098 $ 3,337 $ 2,725
Average daily total miner revenue in ETH, i.e. fees plus newly minted coins 24,047 23,012 15,813 16,334 20,527 24,039 20,618
Average daily hashrate 529,139 604,692 559,149 521,910 615,597 699,841 588,263

Sources: Coinmarketcap.com, Etherscan.io

The average monthly Ethereum market data from April 2020 to March 2021 was as follows:

April May June July August September ****
Ethereum 2020 2020 2020 2020 2020 2020 ****
Average price $ 172 $ 208 $ 236 $ 259 $ 402 $ 368 ****
Average daily total miner revenue in ETH, i.e. fees plus newly minted coins 14,221 15,179 16,728 17,704 22,774 28,559 ****
Average daily hashrate 176,715 181,900 185,854 191,035 208,026 244,137 ****
October November December January February March Average
Ethereum 2020 2020 2020 2021 2021 2021 F2021
Average price $ 376 $ 486 $ 622 $ 1,203 $ 1,700 $ 1,737 $ 648
Average daily total miner revenue in ETH, i.e. fees plus newly minted coins 18,430 17,843 19,130 22,350 28,672 25,570 20,597
Average daily hashrate 261,013 271,021 286,378 327,932 392,202 447,510 264,477

Sources: Coinmarketcap.com, Glassnode.com, Etherscan.io

Page 11
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

For your reference is an Ethereum price vs Ethereum miners' revenues in Ether block rewards and transaction fees vs network hash rate* chart for the 24-month period from October 2019 to September 2021:

Source: Glassnode.com

* Network Hash rate - The historical measure of the processing power of the Ethereum network.

The average monthly Bitcoin market data from April 2021 to September 2021 was as follows:

April May June July August September Average
Bitcoin 2021 2021 2021 2021 2021 2021 YTD F2022
Average price $ 57,207 $ 46,443 $ 35,845 $ 34,445 $ 45,709 $ 45,940 $ 44,231
Average daily total miner revenue in BTC, i.e. fees plus newly minted coins 994 978 776 907 990 947 932
Average daily difficulty (in millions) 23,317,563 23,162,908 20,408,893 14,471,974 15,565,176 18,410,092 19,186,793

Sources: Coinmarketcap.com, Glassnode.com, Blockchain.com

Page 12
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

The average monthly Bitcoin market data from April 2020 to March 2021 was as follows:

April May June July August September ****
Bitcoin 2020 2020 2020 2020 2020 2020 ****
Average price $ 7,224 $ 9,263 $ 9,489 $ 9,590 $ 11,652 $ 10,660 ****
Average daily total miner revenue in BTC, i.e. fees plus newly minted coins 1,908 1,283 990 1,007 1,020 1,026 ****
Average daily difficulty (in millions) 14,920,681 15,713,352 14,873,312 16,650,895 17,066,713 18,108,004 ****
October November December January February March Average
Bitcoin 2020 2020 2020 2021 2021 2021 F2021
Average price $ 11,887 $ 16,646 $ 21,983 $ 34,762 $ 46,307 $ 54,998 $ 20,372
Average daily total miner revenue in BTC, i.e. fees plus newly minted coins 959 1,045 1,009 1,041 1,054 1,025 1,114
Average daily difficulty (in millions) 19,623,036 17,494,373 18,864,893 20,180,891 21,449,568 21,655,355 18,050,089

Sources: Coinmarketcap.com, Glassnode.com, Blockchain.com

For your reference is a Bitcoin price vs Bitcoin miners' revenues (in Bitcoin block rewards and transaction fees) vs block difficulty* chart for the 24-month period from October 2019 to September 2021:

Source: Glassnode.com

* Block Difficulty - A relative measure of how difficult it is to find a new block. The difficulty is adjusted periodically as a function of how much hashing power has been deployed by the network of miners.

The block reward is how new bitcoin is "minted" or brought into the economy. These rewards, which started at 50 Bitcoin at inception of the network in 2009, halve every 210,000 blocks, with the halving that occurred on May 11, 2020 resulting in a reward of 6.25 Bitcoin per block vs 12.5 immediately prior to the halving.

Page 13
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

Total Assets

Total assets increased to $318.6 million as at September 30, 2021 from $178.3 million at March 31, 2021, primarily due to the increase in data centre equipment by $58.6 million, increase in digital currencies by $65.7 million, increase in long term deposits by $24.4 million, increase in intangible asset by $14.3 million and increase in investments by $13.5 million which has partially offset by decrease in cash and equivalents by $35.5 million.

The significant assets consisted of cash of $4.8 million, amounts receivable and prepaids of $9.4 million, investments of $14.5 million, digital currencies of $123.1 million, data centre equipment of $80.1 million, long term deposits of $69.9 million and right of use assets of $1.9 million.

Total Liabilities

Total liabilities increased to $51.7 million as at September 30, 2021 from $43.9 million as of March 31, 2021, primarily due to an additional mortgage balance of $10.4 million associated with the GPU Atlantic acquisition.

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021

During the three-month period ended September 30, 2021, the Company recorded net income before tax of $59.8 million (Q2 F2021 - $9.2 million).

Revenue:

  • Revenue of $52.6 million from the mining of digital currencies, including 8,688 Ethereum and 656 Bitcoin; and
  • Hosting revenue of $1.0 million earned from the hosting of ASIC miners for clients.

Operating expenses:

  • Operating and maintenance costs were $7.6 million consisting of fees paid to suppliers including local electricity providers, as well as service provider Blockbase, and includes electricity, daily monitoring and maintenance and all other costs directly related to the maintenance and operation of the data centre equipment; and
  • Depreciation for the quarter of $9.6 million related to the Company's data centre equipment and right of use assets.

Gain on sale of digital currencies:

  • The Company sold digital currencies and received proceeds of $29.3 million during the three-month period ended September 30, 2021; the Company recognized a gain on sale of $4.7 million in relation to the sale of digital currencies with a cost base of $24.6 million.

Revaluation of digital currencies:

  • The Company recorded a gain of $18.0 million related to the quarterly revaluation of its portfolio of digital currencies.

Other items:

  • Share based compensation expense of $1.5 million in relation to the options and restricted share units vested in the period;
  • Foreign exchange loss of $1.9 million; and
  • Finance expense of $0.3 million.
Page 14
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021

During the six-month period ended September 30, 2021, the Company recorded net income before tax of $73.4 million (F2021 - $11.0 million).

Revenue:

  • Revenue of $89.9 million from the mining of digital currencies, including 18,390 Ethereum and 882 Bitcoin; and
  • Hosting revenue of $2.7 million earned from the hosting of ASIC miners for clients.

Operating expenses:

  • Operating and maintenance costs were $13.8 million consisting of fees paid to suppliers including local electricity providers, as well as service provider Blockbase, and includes electricity, daily monitoring and maintenance and all other costs directly related to the maintenance and operation of the data centre equipment; and
  • Depreciation for the quarter of $16.5 million related to the Company's data centre equipment and right of use assets.

Gain on sale of digital currencies:

  • The Company sold digital currencies and received proceeds of $43.1 million during the six-month period ended September 30, 2021; the Company recognized a gain on sale of $8.8 million in relation to the sale of digital currencies with a cost base of $34.3 million.

Revaluation of digital currencies:

  • The Company recorded a gain of $9.5 million related to the quarterly revaluation of its portfolio of digital currencies.

Other items:

  • Share based compensation expense of $3.8 million in relation to the options and restricted share units vested in the period;
  • Foreign exchange loss of $1.4 million; and
  • Finance expense of $0.6 million.

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020

During the three-month period ended September 30, 2020, the Company recorded net income before tax of $9.2 million (Q2 F2020 loss - $11.5 million).

Revenue:

  • Revenue of $13.0 million from the mining of digital currencies, including 32,804 Ethereum, 88,325 Ethereum Classic and 89 Bitcoin.

Operating Expenses:

  • Operating and maintenance costs were $3.8 million consisting of fees paid to suppliers including local electricity providers, as well as service provider Blockbase, and includes electricity, daily monitoring and maintenance and all other costs directly related to the maintenance and operation of the data centre equipment; and
  • Depreciation for the quarter of $1.8 related to the Company's data centre equipment and right to use assets.

Gain on sale of digital currencies:

  • The Company continued to sell digital currencies and received proceeds of $11.5 million during the three-month period ended September 30, 2020; the Company recognized a gain on sale of $1.7 million in relation to the sale of digital currencies with a cost base of $9.8 million.
Page 15
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

Revaluation of digital currencies:

  • The Company recorded a gain of $1.0 million related to the quarterly revaluation of its portfolio of digital currencies.

Other items:

  • Share based compensation expense of $514,438 in relation to the options and restricted share units vested in the period;
  • Foreign Exchange loss of $302,943; and
  • Finance expense of $115,611.

RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020

During the six-month period ended September 30, 2020, the Company recorded net income before tax of $11.0 million (F2020 loss - $6.0 million).

Revenue:

  • Revenue of $19.6 million from the mining of digital currencies, including 58,376 Ethereum, 88,684 Ethereum Classic and 243 Bitcoin.

Operating Expenses:

  • Operating and maintenance costs were $7.8 million consisting of fees paid to suppliers including local electricity providers, as well as service provider Blockbase, and includes electricity, daily monitoring and maintenance and all other costs directly related to the maintenance and operation of the data centre equipment; and
  • Depreciation for the period of $3.4 related to the Company's data centre equipment and right to use assets.

Gain on sale of digital currencies:

  • The Company continued to sell digital currencies and received proceeds of $17.1 million during the six-month period ended September 30, 2020; the Company recognized a gain on sale of $2.5 million in relation to the sale of digital currencies with a cost base of $14.6 million.

Revaluation of digital currencies:

  • The Company recorded a gain of $2.3 million related to the quarterly revaluation of its portfolio of digital currencies.

Other items:

  • Share based compensation expense of $910,427 in relation to the options and restricted share units vested in the period;
  • Foreign Exchange loss of $85,418; and
  • Finance expense of $230,365.
Page 16
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

SUMMARY OF QUARTERLY RESULTS

The following tables summarize the Company's financial information for the last eight quarters in accordance with IFRS:

Restated
Q2 2022 Q1 2022 Q4 2021 Q3 2021
$ $ $ $
Revenue 52,619,094 37,239,767 33,420,171 13,707,879
Net income 59,827,879 13,525,202 14,319,504 17,210,513
Basic income per share 0.16 0.04 0.04 0.05
Diluted income per share 0.15 0.04 0.04 0.05
Q2 2021 Q1 2021 Q4 2020 Q3 2020
--- --- --- --- ---
$ $ $ $
Revenue 12,989,592 6,580,282 5,251,311 5,003,944
Net income 9,210,973 1,798,694 921,201 3,388,016
Basic and diluted income per share 0.03 0.00 0.00 0.01

LIQUIDITY AND CAPITAL RESOURCES

The Company commenced earning revenue from digital currency mining in mid-September 2017, however it has limited history and no assurances that historical performance will be indicative of future performance.  The Company is reliant on external financing to take advantage of growth opportunities and its ability to continue as a going concern is dependent on the Company's ability to efficiently mine and liquidate digital currencies.

As at September 30, 2021, the Company had a working capital balance of $141.6 million (March 31, 2021 - $97.7 million) and currently has sufficient cash to fund its current operating and administrative costs.

The net change in the Company's cash position as at September 30, 2021 as compared to March 31, 2021 was a decrease of $35.5 million as a result of the following cash flows:

  • Cash provided by operating activities of $23.4 million;
  • Cash used in investing activities of $78.0 million related to the purchase of mining equipment, and deposits on mining equipment; and
  • Cash provided by financing activities of $19.5 million due share offerings and the exercise of stock options, offset by lease and debt payments.

OUTSTANDING SHARE DATA

At September 30, 2021 and at the date of this report, the following securities were outstanding:

September 30, Date of this Exercise price
Total Outstanding as of: 2021 report: range:
Shares outstanding 384,804,113 388,530,767
Restricted Share Units 1,266,500 1,229,500
Stock options 14,113,619 14,877,465 C$0.27 - C$5.03
Warrants 7,750,000 7,750,000 C$1.24 - C$3.11
Page 17
---
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

RECONCILIATIONS OF NON-IFRS FINANCIAL PERFORMANCE MEASURES

The Company has presented certain non-IFRS measures in this document.  The Company believes that these measures, while not a substitute for measures of performance prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company.  These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.

Gross Mining Margin:

The Company believes that, in addition to conventional measures prepared in accordance with IFRS, it is helpful to investors to use the gross mining margin to evaluate the Company's performance and ability to generate cash flows and service debt.  The Gross mining margin is defined as the revenue from the mining of digital currencies less direct cash costs, being operating and maintenance costs.  Accordingly, this measure does not have a standard meaning and is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

The following table provides illustration of the calculation of the gross mining margin for the last four quarters:

Calculation of Gross Mining Margin: Q2 2022 Q1 2022 Q4 2021 Q3 2021
Revenue (1) $ 52,619,094 $ 37,239,767 $ 33,420,171 $ 13,707,879
Less:
Operating and maintenance costs: (7,593,349 ) (6,220,684 ) (5,726,129 ) (3,078,934 )
Gross Mining Margin $ 45,025,745 $ 31,019,083 $ 27,694,042 $ 10,628,945
Gross Mining Margin % 86% 83% 83% 78%

(1) As presented on the statements of income (loss) and comprehensive income (loss).

EBITDA & Adjusted EBITDA

The Company uses EBITDA and Adjusted EBITDA as a metric that is useful for assessing its operating performance on a cash basis before the impact of non-cash items and acquisition related activities.

EBITDA is net income or loss from operations, as reported in profit and loss, before finance income and expense, tax and depreciation and amortization.

Adjusted EBITDA is EBITDA adjusted for removing other non-cash items, including share-based compensation, non-cash effect of the revaluation of digital currencies and one-time transactions.

The following table provides illustration of the calculation of EBITDA and Adjusted EBITDA for the last four quarters:

Restated
Calculation of EBITDA & Adjusted EBITDA: Q2 F2022 Q1 F2022 Q4 F2021 Q3 F2021 Q2 F2021
Net income 59,827,879 13,525,202 14,319,504 17,210,513 9,210,973
Add the impact of the following:
Finance expense 305,147 319,644 871,941 111,918 115,611
Depreciation 9,626,529 6,899,182 5,035,231 2,476,592 1,796,774
Tax expense - - 151,366 - -
EBITDA 69,759,555 20,744,028 20,378,042 19,799,023 11,123,358
Revaluation of digital currencies (18,017,637 ) 8,492,727 (16,090,102 ) (6,315,970 ) (993,902 )
Revaluation of derivative liability (914,392 ) 885,612 857,702 - -
Loss (gain) on sale of subsidiary - (3,171,275 ) 23,442,219 - -
Share-based compensation 1,478,637 2,322,426 534,193 209,726 514,438
Adjusted EBITDA 52,306,163 29,273,518 29,122,054 13,692,779 10,643,894

(1) As presented on the statements of income (loss) and comprehensive income (loss).

Page 18
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

RELATED PARTY TRANSACTIONS

The Company had the following related party transactions not otherwise disclosed in these consolidated financial statements:

(a) As at September 30, 2021, the Company had $49,630 (March 31, 2021 - $49,288) due to directors for the reimbursement of expenses included in accounts payable and accrued liabilities.

(b) As at September 30, 2021, the Company had $93,299 (March 31, 2021 - $2,938) due to a company controlled by a director of the Company included in accounts payable and accrued liabilities.  For the period ended September 30, 2021, the Company paid $60,000 (September 30, 2020 - $nil) to this company for marketing services.

Key Management Compensation

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of members of the Company's Board of Directors and corporate officers.

For the period ended September 30, 2021, key management compensation includes salaries and wages paid to key management personnel and directors of $271,786 (September 30, 2020 - $379,968) and share-based payments of $2,282,642 (September 30, 2020 - $604,681).

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The Company has prepared the consolidated financial statements in accordance with IFRS.  Significant accounting policies are described in Note 5 of the Company's financial statements as at and for the year ended March 31, 2021.

The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.  Actual outcomes could differ from these estimates.

The Company's significant judgements are detailed in Note 3 to the condensed interim consolidated financial statements for the period ended September 30, 2021, and include: functional currency, classification of digital currencies as current assets, asset acquisitions, and revenue from digital currency mining.

The Company's significant estimates are detailed in Note 4 to the condensed interim consolidated financial statements for the period ended September 30, 2021 and include: determination of asset fair values and allocation of purchase consideration, carrying value of assets, depreciation, deferred taxes, digital currency valuation and share-based compensation.

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

The Company is exposed, in varying degrees, to a variety of financial related risks.  The fair value of the Company's financial instruments, including cash, amounts receivable and accounts payable and accrued liabilities approximates their carrying value due to their short-term nature.  The type of risk exposure and the way in which such exposure is managed is provided in Note 22 to the condensed interim consolidated financial statements for the period ended September 30, 2021.

Page 19
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

DIGITAL CURRENCY AND RISK MANAGEMENT

Digital currencies are measured using level two fair values, determined by taking the rate from quoted price from the exchanges which the Company most frequently uses, with no adjustment.

Digital currency prices are affected by various forces including global supply and demand, interest rates, exchange rates, inflation or deflation and the global political and economic conditions.  The profitability of the Company is directly related to the current and future market price of coins; in addition, the Company may not be able liquidate its inventory of digital currency at its desired price if required.  A decline in the market prices for coins could negatively impact the Company's future operations.  The Company has not hedged the conversion of any of its coin sales or future mining of digital currencies.

Digital currencies have a limited history and the fair value historically has been very volatile.  Historical performance of digital currencies is not indicative of their future price performance.  The Company's digital currencies currently consist of Ethereum, Ethereum Classic, and Bitcoin.  The table below shows the impact of the 25% variance in the price of each of these digital currencies on the Company's earnings before tax, based on their closing prices at September 30, 2021.

Impact of 25% variance in price
Ethereum $ 18,687,623
Ethereum Classic 6,278
Bitcoin 12,090,161

RISKS AND UNCERTAINTIES

The Company faces several risks that are related to both the general cryptocurrency business as well as the Company's business model.  The risk factors described below summarize and supplement the risk factors contained in the Company's continuous disclosure filings, and this MD&A, all of which are available on SEDAR at www.sedar.com, and should be read in conjunction with the more detailed risk factors outlined therein.

The Company is at risk due to the volatility/momentum pricing of any underlying digital currency mined by the Company and held in inventory - wide fluctuations in price, speculation, negative media coverage (highlighting for example, regulatory actions and lawsuits against industry participants) and downward pricing may adversely affect investor confidence, and ultimately, the value of the Company's digital currency inventory which may have a material adverse affect on the Company, including an adverse effect on the Company's profitability from current operations.  The Company is also at risk due to the volatility of network hashrates (and lag between network hashrate and underlying cryptocurrency pricing), which may have an adverse effect on the Company's costs of mining.  The Company is also at risk due to volatility in energy (electricity) pricing, a key factor in the Company's profitability of its mining operations, which is subject to, among other things, government regulation and natural occurrences which affect pricing.

The Company holds it digital currencies in cold storage solutions not connected to the internet.  The Company may not be able to liquidate its digital currency inventory at economic values, or at all.  Due to the infancy of the cryptocurrency industry, the Company may have restricted access to services available to more mainstream businesses (for example, banking services).  The general acceptance and use of digital currencies may never gain widespread or significant acceptance, which may materially adversely affect the value of the Company's digital currency inventory and long-term prospects of current operations.

An additional risk to the Company arises because of the potential shift from the use of a proof of work validation model by the Ethereum network to a proof of stake model.  The current proposal for Ethereum's shift to proof of stake has several unknown variables, including uncertainty over timing, execution and ultimate adoption; and there is not yet a definitive plan that is established and approved.  As a result of these uncertainties, the Company cannot estimate the impact of a potential change to proof of stake on operations but may see its competitive advantages decrease over time; this may have a material adverse effect on the Company.

The Company also faces risk relating to the impact of the timing and exchange rate fluctuations resulting from the remittance and receipt back of value added taxes where due, as well as risks related to the imposition and quantum of value added taxes in jurisdictions where the Company operates.  Due to the newness of the industry, there exists the possibility that the tax treatment of digital currencies becomes less favourable, which could have a material adverse effect on the Company.

Page 20
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

The Company may be required to sell its digital currency inventory in order to pay for its ongoing expenses (and in particular, expenses to maintain the Company's facilities), and such sales may not be available at economic values.

The Company has only been able to insure its mined digital currency for an amount of $1.0 million.  Given the novelty of digital currency mining and associated businesses, insurance of this nature is generally not available, or uneconomical for the Company to obtain which leads to the risk of inadequate insurance cover.  The occurrence of an event that is not covered or fully covered by the Company's existing insurance may have a material adverse affect on the Company.  Additionally, while the Company takes measure to mitigate against losses of this nature, the Company's mined digital currency may be subject to loss, theft or restriction on access, including loss due to cybercrime (hacking).

In terms of regulatory risks, governments may take action in the future that prohibit or restrict the right to acquire, own, hold, sell, use or trade digital currencies or exchange digital currencies for fiat currency.  Such restrictions, while impossible to predict, could result in the Company liquidating its digital currencies inventory at unfavorable prices which may have a material adverse affect on the Company.  The Company has liquidated a portion of coins, partially to mitigate against the aforementioned risk.

The Company also has risks associated with the continually evolving tax and regulatory environments in the countries we operate, as described more fully under the heading "Industry subject to evolving regulatory and tax landscape" in the Outlook section above.  Any final decisions by tax or regulatory agencies with jurisdiction over the Company may have a material adverse impact on the Company's financial position and operations

The Company cautions that current global uncertainty with respect to the spread of the COVID-19 virus and its effect on the broader global economy may have a significant negative effect on the Company. In particular, as a result of the uncertainty surrounding the impact of COVID-19 on global supply chains, including increased shipping costs and delays in obtaining equipment from China, the Company faces risks that the Company's program to update and expand the Company's GPU equipment will not complete as currently anticipated, which may cause material adverse effects on the Company's operations and results. Further, while the precise impact of the COVID-19 virus on the Company remain unknown, rapid spread of the COVID-19 virus may have a material adverse effect on global economic activity and can result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could affect interest rates, credit ratings, credit risk, inflation, business, financial conditions, results of operations and other factors relevant to the Company.

HIVE has undertaken a program to upgrade and expand its GPU equipment to maintain its Ethereum mining industry footprint. HIVE intended to complete this project by the end of 2020, however the negative impact on the global supply chain related to the COVID-19 pandemic has presented challenges including increased shipping costs and obtaining equipment from China on a timely basis, which has led to delays of the project into calendar 2021. Additionally, the Company faces uncertainty in the availability of equipment from suppliers as it relates to the Company's ASIC equipment.

CAUTION REGARDING FORWARD LOOKING INFORMATION

This Management Discussion and Analysis contains certain "forward-looking information" within the meaning of Canadian securities legislation.  Forward-looking information is based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties.  Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Forward-looking information in this Management Discussion and Analysis includes information about the Company's use and profitability of the Company's computing power; plans for an aggressive growth and scaling up strategies; the Company's strategic partnership with Blockbase, including expected enhancements of the efficiency of the Company's GPU mining operations and reduced cost thereon; the Company's strategy to rapidly acquire, develop and operate data centres and potential growth of the Company's computing capacity; the Company's program to upgrade and expand its GPU equipment to maintain its Ethereum mining industry footprint, including timing thereon; expected electrical and mining capacity; the Company's plans to upgrade and expand its GPU equipment; the Company's plans to manage its data centres and trading operations from Bermuda; the value of the Company's digital currency inventory; the business goals and objectives of the Company, and other forward-looking information including but not limited to information concerning the intentions, plans and future actions of the Company.

Page 21
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

The forward-looking information in this Management Discussion and Analysis 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 Management Discussion and Analysis, the Company has made assumptions about the expected delivery time for GPU equipment; 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.

This Management Discussion and Analysis also contains "financial outlook" in the form of gross mining margins, which are 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 Management Discussion and Analysis are based on the assumptions disclosed in this Management Discussion and Analysis, 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.

Risk factors that could cause future results to differ materially from those anticipated in these forward-looking statements and financial outlook are described in the Risk Factors contained in this Management Discussion and Analysis, and the Risk Factors contained the Company's various filings on SEDAR (www.sedar.com).  Readers are cautioned not to place undue reliance on forward-looking information or financial outlook, which speak only as of the date hereof.  We undertake no obligation to publicly release the results of any revisions to forward-looking information or financial outlook that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events except as required by law.

MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

In connection with National Instrument ("NI") 52-109 (Certification of Disclosure in Issuer's Annual and Interim Filings) adopted in December 2008 by each of the securities commissions across Canada, the Chief Executive Officer and Chief Financial Officer of the Company will file a Venture Issuer Basic Certificate with respect to the financial information contained in the unaudited condensed interim financial statements and the audited annual financial statements and respective accompanying Management's Discussion and Analysis.

Additional information relating to the Company is available on SEDAR at www.sedar.com.

FURTHER INFORMATION

Additional information relating to the Company, including filings that the Company has made and may make in the future with applicable securities authorities, may be found on or through SEDAR at www.sedar.com or the Company's website at www.hiveblockchain.com. Additional information, including directors' and officers' remuneration and indebtedness, principal holders of Company's securities and securities authorized for issuance under equity compensation plans, is also contained in the Company's most recent management information circular for the most recent annual meeting of Shareholders of the Company. In addition to press releases, securities filings and public conference calls and webcasts, the Company intends to use its investor relations page on its website as a means of disclosing material information to its investors and others and for complying with its disclosure obligations under applicable securities laws. Accordingly, investors and others should monitor the website in addition to following the Company's press releases, securities filings, and public conference calls and webcasts. This list may be updated from time to time.

Page 22
HIVE Blockchain Technologies Ltd. <br>Management's Discussion and Analysis of Financial Condition and Results of Operations<br><br> <br>September 30, 2021<br><br> <br>Expressed in US Dollars unless otherwise indicated
---

SUBSEQUENT EVENT

On November 9, 2021, the Company entered into an agreement with Stifel GMP as lead underwriter and sole bookrunner to include a syndicate of underwriters (the "Underwriters"), whereby the Underwriters will purchase, on a bought-deal basis, 16,670,000 special warrants of the Company (the "Special Warrants") at a price of $6.00 per Special Warrant for aggregate gross proceeds to the Company of $100,020,000 (the "Offering"). The completion of the Offering will be subject to receipt of all necessary regulatory and corporate approvals or consents.

Page 23
HIVE Blockchain Technologies Ltd.: Exhibit 99.7 - Filed by newsfilecorp.com

Form 52-109F2 - IPO/RTO

Certification of Interim Filings Following

an Initial Public Offering, Reverse Takeover or

Becoming a Non-Venture Issuer

I, Frank Holmes, Interim Chief Executive Officer of HIVE Blockchain Technologies Ltd., certify the following:

  1. Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of HIVE Blockchain Technologies Ltd. (the "issuer") for the interim period ended September 30, 2021.

  2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

  3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date:  November 15, 2021

/s/ Frank Holmes
Frank Holmes
Interim Chief Executive Officer

NOTE TO READER

In contrast to the usual certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (NI 52-109), namely, Form 52-109F2, this Form 52-109F2 - IPO/RTO does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109.  In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate.

Investors should be aware that inherent limitations on the ability of certifying officers of an issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 in the first financial period following

• completion of the issuer's initial public offering in the circumstances described in s. 5.3 of NI 52-109;

• completion of a reverse takeover in the circumstances described in s. 5.4 of NI 52-109; or

• the issuer becoming a non-venture issuer in the circumstances described in s. 5.5 of NI 52-109;

may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

HIVE Blockchain Technologies Ltd.: Exhibit 99.8 - Filed by newsfilecorp.com

Form 52-109F2 - IPO/RTO

Certification of Interim Filings Following

an Initial Public Offering, Reverse Takeover or

Becoming a Non-Venture Issuer

I, Darcy Daubaras, Chief Financial Officer of HIVE Blockchain Technologies Ltd., certify the following:

  1. Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of HIVE Blockchain Technologies Ltd. (the "issuer") for the interim period ended September 30, 2021.

  2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

  3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date:  November 15, 2021

/s/ Darcy Daubaras
Darcy Daubaras
Chief Financial Officer

NOTE TO READER

In contrast to the usual certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (NI 52-109), namely, Form 52-109F2, this Form 52-109F2 - IPO/RTO does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109.  In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate.

Investors should be aware that inherent limitations on the ability of certifying officers of an issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 in the first financial period following

• completion of the issuer's initial public offering in the circumstances described in s. 5.3 of NI 52-109;

• completion of a reverse takeover in the circumstances described in s. 5.4 of NI 52-109; or

• the issuer becoming a non-venture issuer in the circumstances described in s. 5.5 of NI 52-109;

may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.