HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 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 months ended June 30, 2022, and should be read in conjunction with the accompanying unaudited condensed interim consolidated financial statements and related notes for the three months ended June 30, 2022. 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, the Electronic Data Gathering, Analysis and Retrieval ("EDGAR") system maintained by the Securities and Exchange Commission (the "SEC") at www.sec.gov/EDGAR 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 August 16, 2022.

BUSINESS OVERVIEW

HIVE Blockchain Technologies Ltd. is a growth oriented company listed on the TSX Venture Exchange ("TSXV") and the NASDAQ Capital Markets Exchange ("NASDAQ").  Because the Company substantially holds the Bitcoin and trades Ethereum that it derives from its mining operations, we view the Company as 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.  These facilities mainly produce newly minted Bitcoin and Ethereum continuously in the cloud.  Our cryptocurrency assets 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, sourced primarily from renewable hydroelectricity or geothermal energy.  Our major data centres are: 1) A Bitcoin mining operation at a facility in New Brunswick, Canada that we own, currently equipped with approximately 16,400 new generation ASIC mining rigs with an aggregate operating hash rate of approximately 1,400 PH/s, utilizing approximately 56MW of power capacity; 2) A Bitcoin mining operation at a leased facility in Quebec, Canada, currently equipped with approximately 6,800 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; 3) In Sweden, a leased facility equipped with approximately 17,600 custom and efficient GPU rigs with an aggregate operating hash rate of approximately 5,750 gigahashes per second (GH/s) currently mining Ethereum and utilizing approximately 17MW power; and; 4) In Iceland, a leased facility equipped with approximately 2,450 custom and efficient GPU rigs with an aggregate operating hash rate of approximately 560 GH/s currently mining Ethereum and Ethereum Classic while utilizing approximately 2.5MW of power.  In addition to the above major data centers, HIVE has 350 PH/s of Bitcoin mining capacity from approximately 4,700 ASIC mining rigs utilizing approximately 10MW of power in Iceland and Sweden.  All the mining power is being utilized by HIVE to generate mining rewards that are paid in Bitcoin and Ethereum and that we generally retain in secure storage.  We have not pledged or staked our BTC or ETH as collateral against debt or other obligations of any kind, although we may consider a limited debt financing in the future if terms are favourable.

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.

Q1 Quarterly Highlights- June 30, 2022

• Generated revenue of $44.2 million, with a gross mining margin¹ of $27.0 million
• Mined 821 Bitcoin and 7,675 Ethereum during the period ended June 30, 2022
• Net loss of $95.3 million for the period
• Decreased working capital by $112.4 million during the three-month period ended June 30, 2022
• Digital currency assets of $71.4 million, as at June 30, 2022
• Impairment on miner equipment of $6.3 million
• Impairment on equipment deposits of $4.7 million.

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.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 Expressed in US Dollars unless otherwise indicated

The Company is a reporting issuer in each of the Provinces and Territories of Canada and is a reporting issuer under the Securities Exchange Act of 1934 in the United States.  The Company's shares are listed for trading on the TSXV, under the symbol "HIVE.V", as well as on the NASDAQ Capital Market under "HIVE" and on the Open Market of the Frankfurt Stock Exchange under the symbol "HBFA.F". 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 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 Digital 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.

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HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 Expressed in US Dollars unless otherwise indicated

OUTLOOK

Operations

In addition to our crypto-currency mining operations, the Company has continued its efforts to upgrade and expand its facilities to enable HIVE to offer High Performance Computing to companies in the gaming, artificial intelligence and graphics rendering industries. 

COVID-19 and Upgrade Program

AAs it relates to the continuing impact from the COVID-19 virus, 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 normal 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 located in sparsely populated areas near the Arctic Circle in Europe, in rural Quebec and in New Brunswick near the border of Maine.  Most management operations can be accomplished remotely, and any necessary equipment maintenance can be achieved by minimal staff utilizing personal protective equipment and maintaining physical distancing.  In spite of the preventative measures undertaken, 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 over the past 6 months 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 and its variants 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.

The negative impact on the global supply chain related to the COVID-19 pandemic has continued to present challenges including increased shipping costs and obtaining equipment from China on a timely basis. 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.  In addition, the cost of air and sea freight have surged over 100%. The chip shortage, high shipping costs, and challenging logistical processes are global issues associated with the COVID-19 pandemic.

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HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 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;

August 1, 2021 - August 15, 2022

Source: bitinfocharts.com

• The economics of Ethereum mining have remained consistent after the London hardfork in early August. Despite difficulty increases in Winter 2021, strong Ethereum price action has kept Ethereum mining economics within a range of US$0.06 to US$0.10 per MH/s per day for the fiscal period from September 2021 to December 2021.  These results are consistent with Summer 2021 Ethereum mining economics prior to the London hardfork. There was general speculation that the new fee structure for miners (originally designed to lower transaction fees to make Ethereum a more economical blockchain for end-users) would have a negative impact on profitability. While the London hardfork in early August 2021 has not correlated to a negative impact on Ethereum mining economics in the months that followed, in January 2022 we did experience an Ethereum price correction to below US$3,000 which yielded mining economics in the US$0.04 to US$0.06 per MH/s range. However, in February 2022, signs of recovery emerged as Ethereum’s price moved above US$3,000. We had seen a strong support at US$0.04 per MH/s from February through to May, however afterwards Ethereum prices had come down to approximately USD$1,000, where mining economics were in the $0.015 per MH/s range. The Company believes that represented the interim revenue floor for Ethereum mining, until the market shows signs of recovery. On a 3-year review, the lowest Ethereum mining revenues encountered in the most bearish periods of 2019 and 2020, Ethereum mining was US$0.01 per MH/s. The reason being that, below certain revenues thresholds, many miners cannot profitably operate and shut down, and thus the Difficulty adjusts, so that hashprice will not drop below the interim revenue floor. Indeed, since this interim low of $0.015 per MH/s range, we have since seen Ethereum mining economics recover to a hashrate of almost $0.03 per MH/s per day.

• The Company believes proof of work mining is essential for Ethereum, as a robust, immutable, and decentralized Layer 1 cryptocurrency for blockchain technology thriving, as code-based machinations (such as algorithmic stablecoins and DeFi protocols) have been where exploits and margin calls have originated, causing detriment to the broader eco-system.  The Company notes that the proof-of-work cryptocurrency standard has been questioned as being too energy intensive.  We became members of The Bitcoin Mining Council to educate the public because there has been substantial disinformation on the amount of energy being consumed for PoW ‘Proof of Work’ mining.  Hive created a three minute video in 4 languages for the public to better understand the facts and can be viewed on YouTube.  There is a stated desire within the Ethereum eco-system to move to a proof-of-stake (“PoS”) format, which would be less energy intensive, however, there is a risk that regulatory bodies may take the position that PoS coins are securities.  PoW has been recognized as the only way to make a digital asset like Bitcoin. The Company believes the broader Ethereum ecosystem derives resilience, decentralization and high security by Ethereum remaining as a proof-of-work system despite wide-ranging pressures on the Ethereum Foundation to transition into PoS, including recent blog posts suggesting a September 2022 Merge date. The Company notes that it cannot ascertain with certainty, when or if Ethereum will transition to Proof of Stake, as there have been numerous historical instances of changes to these targets.

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HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 Expressed in US Dollars unless otherwise indicated

• Ethereum mining economics have rebounded in August, outperforming Bitcoin. The Company notes the Ethereum mining floor was 1.5 cents per MH/s per day in late June 2022 and have since rebounded to almost 3 cents per MH/s per day, approximately a 90% recovery in Ethereum hashrate economics. This was driven by a substantial difficulty drop of approximately 10% at the end of June 2022, and more recently in late July and August, a rally in Ethereum price in the $1,500 to $1,900 range. The Company’s Ethereum mining operations continue to be profitable.
• Finally, the Company notes that its Ethereum mining operations are very competitive on a global scale.  There are millions of hobbyist miners from the gaming and design world who use their GPU chips to mine when they go to sleep.  Currently, with ETH prices at approximately $1,000 USD, the Company’s legacy fleet of ETH mining GPUs (such as the RX580 which is approximately 80% of our fleet) still generate approximately $0.30 per KWHR of revenue, and the Company’s new generation Nvidia data centre grade GPUs generate approximately $0.40 to $0.50 per KWHR of revenue. With respect to power costs in Sweden where these cards are operated, the Company recently hedged 24MW of power in Sweden at approximately $0.03 per KWHR. Therefore, by expressing revenues in $/KWHR (which are currently in the ranges of $0.30 to $0.50 per KWHR) it is easy to compare to power cost (at approximately $0.03 per KWHR), to have a good indication of profit margins. The Company’s Ethereum mining operations are still profitable with a healthy margin.

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

August 1, 2021 - August 15, 2022

Source: bitinfocharts.com

• Bitcoin market conditions for miners during the Winter of 2021 were similar to the strongly favourable conditions from February to May 2021, where $/TH/day revenues were between US$0.25 to US$0.45. However, following near year-round highs in November 2021, December saw a correction in Bitcoin price which affected mining economics, putting mining economics in the US$0.20 to US$0.30 per $/TH per day range. This downward trend continued in January 2022, putting the range from US$0.16 to US$0.25 per $/TH/day revenues, although stabilizing and receiving to approximately US$0.20 per $/TH/day in early February 2022.  This was a result of increased Difficulty.  Bitcoin prices fell below US$40,000 in January, 2022, only to find support and emerge above US$40,000 in February, 2022.  HIVE has encountered some seasonal high electricity prices in some of its operating jurisdictions (including electrical curtailment at the request of utility providers for load-balancing). Nonetheless, mining economics are still relatively healthy on a historical basis (comparing the last three years), and also are still profitable across the board for all of HIVE's Bitcoin operations, despite temporary seasonal electricity high prices due to the extreme weather conditions and resource availability in neighbouring jurisdictions.
• More recently, after June 2022, we have seen Bitcoin price fall into the $20,000 range, fluctuating between $18,000 to $24,000 throughout July and August 2022. Difficulty has adjusted accordingly, as the reduction in Bitcoin price meant the mining margins for some miners became unprofitable, and accordingly they would have shut down their operations, thus lowering the network hashrate, thus lowering the network difficulty. As such, this has had a stabilizing effect on the Bitcoin hashprice, as we have seen a floor around 7-8 cents per TH/s per day. This reflects the fundamental hashrate economy, whereby, through variance in either Bitcoin price or Difficulty, we see that the hashprice never goes below 7 cents per TH/s per day, and in fact even if we go back 3 years, and study the crypto bear markets, most notably during 2020 where the market crash from COVID and also the post-halving bear market (where block rewards were halved but Bitcoin price had not rallied yet), we still saw the 7 cent per TH/s per day floor. Currently hashrate economics have recovered to above the 10 cent per TH/s per day levels. As evidenced by HIVE’s gross mining margins, the Company is still able to mine profitably during these periods.

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HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 Expressed in US Dollars unless otherwise indicated

Industry subject to evolving regulatory and tax landscape

Both the regulatory and tax landscape for digital companies is evolving.  The changing regulatory landscape applies  to sectors that are based on blockchain, distributed ledger, technology and the mining, the use, sale and holding of tokens, or digital currencies, and the blockchain technology networks that support them.

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

The Company's headquarters are in Vancouver, British Columbia, Canada and as such the Company is subject to the jurisdiction of the laws of the Province of British Columbia and the federal laws of Canada.  The Company intends to manage its data centres and trading operations from Bermuda in order 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.

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 it had reached a settlement agreement (the "Settlement Agreement") with Genesis Mining Ltd. ("Genesis") intended to resolve 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.

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HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 Expressed in US Dollars unless otherwise indicated

Subsequent to entering into the Settlement Agreement, the Company received invoices from Genesis under the master services agreement pursuant to which Genesis had been provided ongoing service to HIVE, which invoices 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 Company's facility located in Iceland.

Additionally, after the Settlement Agreement, the Company is disputing with Genesis the amounts owed to the Company under the cloud mining agreement. For additional information, see the annual information form of the Company for the year ended March 31, 2022.

INTEL SUPPLY AGREEMENT

On March 7, 2022, the Company entered into a Supply Agreement with Intel Corporation for the purchase of its new generation of application specific integrated circuits ("ASICs") designed specifically for processing SHA-256 cryptographic hash functions and associated software, known as Intel's "Blockscale".

The Company has also entered into a manufacturing agreement with an ODM (original design manufacturer) that has expertise in electronics manufacturing and experience manufacturing integrated systems for Intel. The ODM will integrate Intel's Blockscale ASICs into an air-cooled Bitcoin mining system. The Company's engineering team will draw on its expertise in hardware and software implementation and will work closely with Intel and the ODM partner on the systems integration. These miners are expected to be delivered over a period of one year starting in the second half of calendar year 2022, the effect of which, when installed, would be an expected increase of over 1 Exahash per second of Bitcoin mining hashrate. This target reflects a revised hashrate from previous estimates, as the Company has adjusted capital allocation targets for the interim period, focusing on near term growth.

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 1,000,000 common shares on closing valued at a total of $18.6 million (C$23.7 million). 200,000 of the common shares were allocated to a holdback subject to an earn-out payable upon meeting certain earn-out conditions. All 200,000 common shares allocated to the holdback were issued as March 31, 2022.

As part of the acquisition agreement, the Company agreed to spend C$6,000,000 on construction and development at the data centre campus owned by GPU Atlantic. The Company is currently on track to fulfill this commitment.

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

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HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 Expressed in US Dollars unless otherwise indicated

Current assets	$	671,709
Plant and equipment		12,898,994
Land		662,910
Buiding		4,576,290
Sales taxes refunds		75,780
Intangible assets*		696,192
Goodwill**		13,154,585
Accounts payable		(3,198,591	)
Long-term debt		(10,978,065	)
Net Assets Acquired	$	18,559,804

Consideration paid		Contingent to April 15, 2021		Closing to March 31, 2022
Closing common shares - 800,000		15,174,278		15,174,278
Milestone common shares - 200,000		3,385,526		2,017,054
Total consideration	$	18,559,804	$	17,191,332

As part of the transaction, the Company also acquired a $10,978,065 (C$13,639,249) term loan included in the long-term debt acquired.

*Intangible asset represent 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.

INVESTMENT IN VALOR

On April 21, 2021, the Company completed a share swap transaction with Valor Inc. ("Valor") (formerly DeFi Technologies Inc.), pursuant to which HIVE received 10,000,000 common shares of Valor, in exchange for 800,000 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 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 C$15.00 per Share.  Interest will be payable monthly, and principal will be payable quarterly.  In addition, U.S. Global will be issued 5 million common share purchase warrants (the "January 2021 Warrants"). Each five whole January 2021 Warrants will entitle U.S. Global to acquire one common at an exercise price of C$15.00 per Share for a period of three years from closing.  The Company has been paying down this debt on a quarterly basis and the total debt as of period end is $10.6 million.

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HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 Expressed in US Dollars unless otherwise indicated

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 was provided the option to sell up to US$100 million of common shares in the capital of the Company at their discretion (the "ATM Equity Program"). The termination of the ATM Equity Program was effective as of March 8, 2022.

For the year ended March 31, 2022, the Company issued 2,174,500 common shares (the "ATM Shares") pursuant to the ATM Equity Program for proceeds of C$43,588,175 ($34,956,134). The ATM Shares were sold at prevailing market prices, for an average price per ATM Share of C$19.44. Pursuant to the Equity Distribution Agreement associated with the Equity Distribution Agreement, a cash commission of $1,048,683 on the aggregate gross proceeds raised was paid to the agent in connection with its services under the Equity Distribution Agreement.

The Company used the net proceeds from the Equity Distribution Agreement for the purchase of data centre equipment, strategic investments especially in building our BTC assets on our balance sheet and ended the year ended March 31, 2022 with 2,596 BTC, and general working capital.

BOUGHT-DEAL PRIVATE PLACEMENT

On November 30, 2021, the Company completed an agreement with Stifel GMP as lead underwriter and sole bookrunner to include a syndicate of underwriters (the "Underwriters"), whereby the Underwriters agreed to purchase, on a bought-deal basis, 3,834,100 special warrants of the Company (the "Special Warrants") at a price of C$30.00 per Special Warrant for aggregate gross proceeds to the Company of C$115,023,000 (the "Offering").

On January 11, 2022, each Special Warrant was deemed to be converted into one Unit comprised of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant being a "January 2022 Warrant").  Each January 2022 Warrant is exercisable for one share on or before May 30, 2024, at an exercise price of C$30.00 per Share.  The funds were used to expand our BTC production and data center build out.

BOREALIS HOSTING AGREEMENT

On November 25th, 2021, HIVE Blockchain Iceland ehf entered into a service agreement with Borealis Data Park ehf, for the hosting of equipment in Iceland. The agreement enables the hosting of approximately 1200 new generation Bitcoin miners, or 4.5 MW of capacity, over a period of 36 months, using green energy. The completion of the Borealis facility, and subsequent installation of HIVE ASIC miners, resulted in the hashrate coming online in March 2022.

SHARE CONSOLIDATION

On May 24, 2022, the Company underwent a consolidation of the Common Shares (the "Consolidation") on the basis of five pre-consolidation Common Shares for one post-consolidation Common Share. Unless otherwise stated, all references to Common Shares in this MD&A are to post-Consolidation Common Shares

CONSOLIDATED RESULTS OF OPERATIONS

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

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HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 Expressed in US Dollars unless otherwise indicated

		Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022
								Restated			Restated			Restated
Revenue	$	44,178,526		$	49,783,515		$	68,844,789		$	53,573,052		$	38,982,673
Operating and maintenance		(17,161,751	)		(26,910,860	)		(6,526,317	)		(7,593,349	)		(6,220,684	)
Depreciation		(25,752,181	)		(35,503,723	)		(14,992,288	)		(9,626,529	)		(6,899,182	)
		1,264,594			(12,631,068	)		47,326,184			36,353,174			25,862,807
Gross mining margin		27,016,775			22,872,655			62,318,472			45,979,703			32,761,989
Gross mining margin % (1)		61%			46%			91%			86%			84%
Gross margin %		3%			(25%)			69%			68%			66%
Revaluation of digital currencies (2)		(72,154,408	)		1,082,011			(1,083,669	)		1,702,190			(1,675,953	)
Gain (loss) on sale of digital currencies		(83,585	)		(30,908	)		(7,061	)		7,782			81,469
Share based compensation		(953,362	)		(1,279,573	)		(1,672,614	)		(1,478,637	)		(2,322,426	)
General expenses		(3,365,316	)		(4,313,365	)		(2,862,011	)		(2,050,097	)		(1,727,466	)
Foreign exchange gain (loss)		(3,656,510	)		6,333,881			(1,676,763	)		(1,888,166	)		528,868
Impairment of goodwill and intangibles		-			(13,330,029	)		-			-			-
Impairment of miner equipment		(6,336,558	)		-			-			-			-
Impairment of equipment deposits		(4,678,000	)		-			-			-			-
Gain on sale of mining assets		-			2,206,531			-			-			-
Unrealized (loss) gain on investments		(8,683,081	)		(13,073,179	)		11,875,641			6,168,239			(5,808,523	)
Change in fair value of derivative liability		4,371,195			3,812,361			590,837			914,392			5,433,635
Change in fair value of escrow share liability		-			404,489			40,193			86,765			837,026
Gain on sale of subsidiary		-			-			-			-			3,171,275
Finance expense		(989,514	)		(736,835	)		(1,338,151	)		(888,075	)		(907,051	)
Tax expense		-			(2,416,000	)		-			-			-
Net income from continuing operations	$	(95,264,545	)	$	(33,971,684	)	$	51,192,586		$	38,927,567		$	23,473,661
EBITDA (1)	$	(68,522,850	)	$	4,684,874		$	67,523,025		$	49,442,171		$	31,279,894
Adjusted EBITDA (1)	$	11,228,283		$	11,789,084		$	69,648,278		$	48,217,461		$	25,836,337

(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.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 Expressed in US Dollars unless otherwise indicated

Revenue

For the period ended June 30, 2022, revenue was $44.2 million, an increase of approximately 13% from the prior period. The increase was primarily the increased production of Bitcoin as a result of the Quebec and GPU Atlantic facility acquisitions, and from the installation of newly acquired miners for those facilities partially offset by decrease in cryptocurrency prices,

Gross Mining Margin and Gross Mining Margin %

For the period ended June 30, 2022, HIVE’s gross mining margin percentage was 61% against 83% for the prior period.

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 highest gross margins were in mining ETH.

The average monthly Ethereum market data from April 2022 to June 2022 was as follows:

		April		May		June		Average
Ethereum		2022		2022		2022		YTD F2023
Average price	$	3,097	$	2,188	$	1,383	$	2,223
Average daily total miner revenue in ETH, i.e. fees plus newly minted coins		18,876		20,566		16,764		18,735
Average daily hashrate		1,039,778		1,085,566		998,432		1,041,259

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

The average monthly Ethereum market data from April 2021 to March 2022 was as follows:

		April		May		June		July		August		September
Ethereum		2021		2021		2021		2021		2021		2021
Average price	$	2,298	$	3,141	$	2,336	$	2,131	$	3,098	$	3,337
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
Average daily hashrate		529,139		604,692		559,149		521,910		615,597		699,841
		October		November		December		January		February		March
Ethereum		2021		2021		2021		2022		2022		2022		F2022
Average price	$	3,819	$	4,434	$	4,045	$	3,055	$	2,868	$	2,876	$	3,120
Average daily total miner revenue in ETH, i.e. fees plus newly minted coins		24,286		26,985		22,575		27,798		22,344		18,226		22,166
Average daily hashrate		755,796		841,066		914,570		971,448		1,007,127		1,008,990		752,444

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

Page 11

HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 Expressed in US Dollars unless otherwise indicated

For reference, the following chart shows Ethereum price vs Ethereum miners' revenues in Ether block rewards and transaction fees vs network hash rate* for the 24-month period from July 2020 to June 2022:

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 2022 to June 2022 was as follows:

		April		May		June		Average
Bitcoin		2022		2022		2022		YTD F2023
Average price	$	41,435	$	31,713	$	24,384	$	32,511
Average daily total miner revenue in BTC, i.e. fees plus newly minted coins		931		919		911		920
Average daily difficulty (in millions)		28,561,641		30,502,528		29,992,443		29,685,538

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

Page 12

HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 Expressed in US Dollars unless otherwise indicated

The average monthly Bitcoin market data from April 2021 to March 2022 was as follows:

		April		May		June		July		August		September
Bitcoin		2021		2021		2021		2021		2021		2021
Average price	$	57,207	$	46,443	$	35,845	$	34,445	$	45,709	$	45,940
Average daily total miner revenue in BTC, i.e. fees plus newly minted coins		994		978		776		907		990		947
Average daily difficulty (in millions)		23,317,563		23,162,908		20,408,893		14,471,974		15,565,176		18,410,092
		October		November		December		January		February		March		Average
Bitcoin		2021		2021		2021		2022		2022		2022		F2022
Average price	$	57,912	$	60,621	$	49,263	$	41,114	$	40,763	$	41,966	$	46,436
Average daily total miner revenue in BTC, i.e. fees plus newly minted coins		959		925		938		950		926		927		935
Average daily difficulty (in millions)		19,864,683		22,196,881		23,588,402		25,144,523		27,209,429		27,569,750		21,742,523

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

For reference, the following chart shows Bitcoin price vs Bitcoin miners' revenues (in Bitcoin block rewards and transaction fees) vs block difficulty* for the 24-month period from July 2020 to June 2022:

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.  The next halving which will reduce the reward to 3.125 Bitcoin per block is currently projected to happen in April or May 2024.

Page 13

HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 Expressed in US Dollars unless otherwise indicated

Total Assets

Total assets decreased to $319.2 million as at June 30, 2022 from $452.3 million at March 31, 2022, primarily due to the decrease in digital currencies by $98.6 million, decrease in investments by $9.1 million, decrease in long-term deposits by $16.0 million, decrease in cash by $1.3 million, a decrease in a right of use asset consisting of a long-term office lease by $1.3 million and a decrease in amounts receivable and prepaids by $0.3 million.

The significant assets consisted of cash of $4.0 million, amounts receivable and prepaids of $7.7 million, investments of $7.9 million, digital currencies of $71.4 million, data centre equipment of $171.2 million, long-term receivable of $1.8 million, long term deposits of $43.7 million, and right of use assets of $11.3 million.

Total Liabilities

Total liabilities decreased to $59.2 million as at June 30, 2022 from $63.2 million as of March 31, 2022, primarily due to the decrease in convertible loans by $4.6 million decrease in loans payable by $1.4 million, decrease in lease liability by $1.1 million offset by the increase in accounts payable and accrued liabilities by $3.9 million.

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2022

During the three-month period ended June 30, 2022, the Company recorded net loss before tax of $95.3 million (Q1 F2022 - net income of $23.5 million).

Revenue:

• Revenue of $44.2 million, including the mining of 7,675 Ethereum and 821 Bitcoin.

Operating expenses:

• Operating and maintenance costs were $17.2 million consisting of fees paid to suppliers including local electricity providers, as well as service provider Blockbase Consulting GmbH ("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 $25.8 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 $34.6 million during the three-month period ended June 30, 2022; the Company recognized a loss on sale of $22.3 million in relation to the sale of digital currencies with a cost base of $56.9 million.

Revaluation of digital currencies:

• The Company recorded a loss of $72.2 million related to the quarterly revaluation of its portfolio of digital currencies.

Other items:

• Share based compensation expense of $1.0 million in relation to the options and restricted share units vested in the period;
• Foreign exchange loss of $3.7 million;
• General and administrative expense of $3.4 million;
• Unrealized loss on investments of $8.7 million;
• Change in fair value of derivative liability of $4.4 million;
• Impairment of miner equipment of $6.3 million;
• Impairment of equipment deposits of $4.7 million; and
• Finance expense of $1.0 million.

Page 14

HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 Expressed in US Dollars unless otherwise indicated

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

During the three-month period ended June 30, 2021, the Company recorded net income before tax of $23.5 million.

Revenue:

• Revenue of $37.2 million from the mining of digital currencies, including 9,700 Ethereum and 225 Bitcoin; and
• Hosting revenue of $1.7 million earned from the hosting of ASIC miners for clients.

Operating expenses:

• Operating and maintenance costs were $6.2 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 $6.9 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 $13.8 million during the three-month period ended June 30, 2021; the Company recognized a gain on sale of $4.1 million in relation to the sale of digital currencies with a cost base of $9.7 million.

Revaluation of digital currencies:

• The Company recorded a loss of $1.7 million related to the quarterly revaluation of its portfolio of digital currencies.

Other items:

• Share based compensation expense of $2.3 million in relation to the options and restricted share units vested in the period;
• General and administrative expense of $1.7 million;
• Realized loss on investments of $5.8 million;
• Change in fair value of derivative liability of $5.4 million;
• Change in fair value of escrow share liability of $0.8 million;
• Gain on sale of subsidiary of $3.2 million;
• Foreign exchange gain of $0.5 million; and
• Finance expense of $0.9 million.

Page 15

HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 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	Restated
	Q1 2023		Q4 2022		Q3 2022	Q2 2022
	$		$		$	$
Revenue	44,178,526		49,783,515		68,844,789	53,573,052
Net income	(95,264,545	)	(33,971,684	)	51,192,586	38,927,567
Basic income per share	(1.16	)	(0.43	)	0.66	0.51
Diluted income per share	(1.16	)	(0.43	)	0.62	0.47

	Restated			Restated
	Q1 2022	Q4 2021		Q3 2021	Q2 2021
	$	$		$	$
Revenue	38,982,673	33,420,171		13,707,879	12,989,592
Net income	23,473,661	(1,823,163	)	14,957,738	9,210,973
Basic income per share	0.31	(0.03	)	0.22	0.13
Diluted income per share	0.30	(0.03	)	0.21	0.13

LIQUIDITY AND CAPITAL RESOURCES

The Company commenced earning revenue from digital currency mining in mid-September 2017.  The Company is reliant on external financing to take advantage of growth opportunities while preserving its crypto currency assets.  The Company's ability to continue as a going concern is dependent on the Company's ability to efficiently mine and liquidate digital currencies.

As at June 30, 2022, the Company had a working capital balance of $61.7 million (March 31, 2022 - $174.1 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 June 30, 2022 as compared to March 31, 2022 was a decrease of $1.3 million as a result of the following cash flows:

• Cash provided by operating activities of $14.9 million;
• Cash used in investing activities of $13.8 million related to the purchase of mining equipment, investments, and deposits on mining equipment; and
• Cash used in financing activities of $2.2 million for lease and debt payments.

OUTSTANDING SHARE DATA

At June 30, 2022 and at the date of this report, the following securities were outstanding:

Total Outstanding as of:	June 30, 2022	Date of this report:	Exercise price range:
Shares outstanding	82,241,988	82,248,988
Restricted Share Units	61,500	54,500
Stock options	2,846,516	2,846,516	C$1.35 - C$25.35
Warrants	3,573,727	3,573,727	C$6.20 - C$30.00

Page 16

HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 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 revenue 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:		Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022
Revenue (1)	$	44,178,526		$	49,783,515		$	68,844,789		$	53,573,052		$	38,982,673
Less:
Operating and maintenance costs:		(17,161,751	)		(26,910,860	)		(6,526,317	)		(7,593,349	)		(6,220,684	)
Gross Mining Margin	$	27,016,775		$	22,872,655		$	62,318,472		$	45,979,703		$	32,761,989
Gross Mining Margin %		61%			46%			91%			86%			84%

(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:

Calculation of EBITDA & Adjusted EBITDA:	Q1 F2023		Q4 F2022		Restated Q3 F2022		Restated Q2 F2022		Restated Q1 F2022
Net income	(95,264,545	)	(33,971,684	)	51,192,586		38,927,567		23,473,661
Add the impact of the following:
Finance expense	989,514		736,835		1,338,151		888,075		907,051
Depreciation	25,752,181		35,503,723		14,992,288		9,626,529		6,899,182
Unrealized gain (loss) on investments	-		-		-		-		-
Tax expense	-		2,416,000		-		-		-
EBITDA	(68,522,850	)	4,684,874		67,523,025		49,442,171		31,279,894
Revaluation of digital currencies	72,154,408		(1,082,011	)	1,083,669		(1,702,190	)	1,675,953
Revaluation of derivative liability	(4,371,195	)	(3,812,361	)	(590,837	)	(914,392	)	(5,433,635	)
Change in fair value of escrow share liability	-		(404,489	)	(40,193	)	(86,765	)	(837,026	)
Impairment of goodwill and intangibles	-		13,330,029		-		-		-
Impairment of miner equipment	6,336,558		-		-		-		-
Impairment of equipment deposits	4,678,000		-		-		-		-
Gain on sale of mining assets	-		(2,206,531	)	-		-		-
Share-based compensation	953,362		1,279,573		1,672,614		1,478,637		2,322,426
Adjusted EBITDA	11,228,283		11,789,084		69,648,278		48,217,461		25,836,337

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

Page 17

HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 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 June 30, 2022, the Company had $nil (March 31, 2022 - $22,275) due to directors for the reimbursement of expenses included in accounts payable and accrued liabilities.

(b)As at June 30, 2022, the Company had $69,424 (March 31, 2022 - $nil) due to a company controlled by a director of the Company included in accounts payable and accrued liabilities.  For the period ended June 30, 2022, the Company paid $96,558 (June 30, 2021 - $26,420) 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 June 30, 2022, key management compensation includes salaries and wages paid to key management personnel and directors of $225,972 (June 30, 2021 - $140,547) and share-based payments of $312,891 (June 30, 2021 - $1,078,380).

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The Company has prepared the consolidated financial statements in accordance with IFRS.  Significant accounting policies are described in Note 2 of the Company's financial statements as at and for the year ended March 31, 2022.

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 June 30, 2022, and include: functional currency, classification of digital currencies as current assets, asset acquisitions, and revenue from digital currency mining.

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 June 30, 2022.

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HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 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 their 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 Bitcoin, Ethereum, and Ethereum Classic.  The table below shows the impact for every 10% variance in the price of each of these digital currencies on the Company's earnings before tax, based on their closing prices at June 30, 2022.

		Impact of 10% variance in price
Bitcoin	$	6,327,000
Ethereum		804,122
Ethereum Classic		4,269

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 including its annual information form for the year ended March 31, 2022, and this MD&A, all of which are available on SEDAR at www.sedar.com and on the SEC's EDGAR system at www.SEC.gov/EDGAR, and should be read in conjunction with the more detailed risk factors outlined therein.

The Company is exposed to risk related 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 (including weather) 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, if one or more such storage solutions failed, 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.

An additional risk to the Company arises from the potential shift from blockchains using  a proof-of-work validation model (such as 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 if a proof-of-stake standard is adopted.  This change may have a material adverse effect on the Company.

Page 19

HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 Expressed in US Dollars unless otherwise indicated

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 applicable, 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.

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 sale of our digital currency assets to pay expenses may reduce the attractiveness of the Company as an investment, which would negatively impact our share price.

Given the novelty of digital currency mining and associated businesses, insurance covering crypto assets is generally not available, or uneconomical for the Company to obtain.  As a result, we may have inadequate insurance coverage.  While the Company takes measures to mitigate against losses of phyical equipment, facility damage and mined digital currency held in inventory, our insurance may be inadequate to cover such losses, especially the loss of digital currency.  In particular, we may be unduly exposed to loss as a result of 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 may liquidate a portion of its digital currency inventory, partially to mitigate against the aforementioned risk.

The Company also has risks associated with the continually evolving tax and regulatory environments in the countries where 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.

Some jurisdictions have taken steps to limit or disallow entirely the use of fossil fuels to generate energy for crypto currency mining.  Some jurisdictions have indicated that in the event their electrical grids are over-taxed by demand for electricity, allocation of power to crypto currency mining would be one of the first allocations to be curtailed or eliminated during periods of high demand.  While the Company's facilities are located in jurisdictions that have historically been friendly to crypto mining, there is no assurance that such policies will continue.  In particular, the political environment may be subject to change as aging electrical grids are called upon to carry more electricity to meet seasonal demands. 

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 ASIC equipment will not be completed and delivered 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.

Page 20

HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 Expressed in US Dollars unless otherwise indicated

CAUTION REGARDING FORWARD LOOKING INFORMATION

This Management Discussion and Analysis contains certain "forward-looking information" within the meaning of Canadian and United States 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 ASIC 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; including timing thereof; expected electrical and mining capacity; 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.

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 ASIC 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) and EDGAR (www.sec.gov/EDGAR).  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 Full Certificate in accordance with Form 52-109F1 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.

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HIVE Blockchain Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations June 30, 2022 Expressed in US Dollars unless otherwise indicated

Evaluation of Disclosure Controls and Procedures

No changes were made in the Company' design of internal controls over financial reporting during the quarter ended June 30, 2022, that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting.

Inherent Limitations of the Effectiveness of Internal Control

Due to inherent limitations in all controls systems, a control system can provide only reasonable, not absolute, assurance that the objective of the control system is met and may not prevent or detect misstatements or instances of fraud. Management's estimates may be incorrect, or assumptions about future events may be incorrect, resulting in varying results. Additionally, controls may be circumvented by the unauthorized acts of individuals, by collusion of two or more people or by Management override.

Additional information relating to the Company is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/EDGAR.

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, EDGAR at www.sec.gov/EDGAR 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.

SUBSEQUENT EVENT

Subsequent to the period ended June 30, 2022, 7,000 common shares were issued as a result of 7,000 restricted share units having been exercised.

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