Mr. Frank Holmes reports

HIVE DIGITAL ANNOUNCES NEW PURCHASE OF 5,000 BITMAIN S19K PRO ASIC MINERS AS PRODUCTION APPROACHES 5 EXAHASH

Hive Digital Technologies Ltd. has provided a strategic update and has purchased 5,000 Bitmain S19k Pro ASIC miners.

With an efficiency of 23 joules per terahash, these 5,000 S19k Pro ASIC miners are expected to be delivered within 30 days and will allow the company to upgrade a portion of its fleet, improving its average J/TH efficiency, while their fast-tracked delivery will also enable Hive to quickly generate cash flow and returns. The company expects these latest-generation machines to be cash flow positive after the bitcoin halving next year. This purchase is in addition to the 4,800 S19k Pro miners announced on Nov. 14, 2023.

The installation of the new 5,000 S19k Pro miners will significantly improve its global fleet efficiency, enhancing it to approximately 29 J/TH. This latest purchase demonstrates its focus on increasing its hash rate while also improving its overall average fleet efficiency, which will lower and optimize its cost of production per bitcoin ahead of the coming bitcoin halving in April, 2024, with its goal to hit 6.0 exahashes.

Hive has procured approximately 29,000 ASICs since the recent bottom of the market in November, 2022, totalling approximately 3.35 exahashes.

Each ASIC miner purchase has been made with the intent to maximize return on invested capital by seeking machine offers with low dollar-per-terahash prices and near immediate delivery. This reflects its strategic and analytical approach to secure the best opportunities for its shareholders, as opposed to making large orders, with drawn out delivery periods, risking dilution and vulnerability to market changes.

About Hive Digital Technologies Ltd.

Hive went public in 2017 as the first cryptocurrency mining company listed for trading on the TSX Venture Exchange with a sustainable green energy focus.

Hive is a growth-oriented technology stock in the emergent blockchain and high performance computing industry. As a company whose shares trade on major stock exchanges, it is building a bridge between the digital currency and blockchain sectors and traditional capital markets. Hive owns state-of-the-art, green-energy-powered data centre facilities in Canada, Sweden and Iceland, where it endeavours to source green energy to mine digital assets such as bitcoin on the cloud. Since the beginning of 2021, Hive has held in secure storage the majority of its treasury of BTC derived from mining rewards. Its shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of bitcoin. Because Hive also owns hard assets such as data centres and advanced multiuse servers, it believes its shares offer investors an attractive way to gain exposure to the cryptocurrency and high performance computing space.

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