Mr. Frank Holmes reports

HIVE DIGITAL PROVIDES RECAP OF CALENDAR YEAR 2023 MINING 3,260 BITCOIN

Hive Digital Technologies Ltd. has summarized unaudited production figures from the company's global bitcoin operations for the 2023 calendar year. Production totalled 3,260 bitcoin mined, and the hash rate increased by 100 per cent in the 2023 calendar year from two exahashes per second at the end of December, 2022, to four EH/s at the end of December, 2023 (all amounts are in U.S. dollars unless otherwise indicated).

Hive has maintained approximately 1 per cent of the global bitcoin mining network through 2023, mining an average of approximately nine bitcoin per day throughout the calendar year of 2023, by maintaining a growing hash rate over the course of the year, that has generally kept pace with the bitcoin mining network hash rate growth. With the total daily block rewards of the bitcoin mining network averaging 900 bitcoin per day, or 328,500 bitcoin in a calendar year, Hive earning 3,260 bitcoin for calendar 2023 is approximately 1 per cent of the bitcoin mining network.

Throughout calendar 2023 the bitcoin mining network continued to attract more efficient ASIC machines to compete for the 900 new bitcoin mined per day as Hive's network hash rate grew from approximately two EH/s from the beginning of 2023 to approximately four EH/s at the end of 2023. Accordingly, mining difficulty (1) also increased approximately 100 per cent year over year from Jan. 1, 2023, to Dec. 31, 2023. This is how Hive maintained approximately 1 per cent of the total bitcoin rewards mined in calendar 2023.

Hive ended the 2023 calendar year with approximately $17-million in cash and a bitcoin hodl position of 1,704 BTC. As mentioned in the company's Dec. 19, 2023, news release, the company's hodl strategy is such that it anticipates to be able to hodl all its bitcoin until the coming halving, which is expected to be in April, 2024, after which the number of new bitcoin mined per day will drop to 450 bitcoins per day.

Bitmain S19k Pro update

Hive also announces that further to the news releases dated Nov. 14, 2023, and Dec. 4, 2023, all 9,800 of the Bitmain S19k Pro Antminers ordered by the company have shipped. Currently, approximately 70 per cent has been installed, and it is expected that 100 per cent of these machines will be installed before January, 2024, month-end. After these miners are installed, it is expected that Hive will have 4.8 EH/s of ASICs with an average fleet efficiency of 28.7 joules per terahash.

In addition, further to the news release dated Dec. 22, 2023, upon the completion of the installation of the 7,000 Bitmain S21 Antminers ordered in December, 2023, which will begin in January, 2024, and is expected to be completed in June, 2024, it is expected that Hive will have an average fleet efficiency of 25 joules per terahash and a total of 5.6 EH/s of active mining capacity.

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 or renewable energy focus. Hive's electricity is sourced from hydro and geothermal facilities in Sweden, Canada and Iceland.

Hive is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on major stock exchanges, it is building a bridge between the digital currency and blockchain sector and traditional capital markets. Hive owns 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 space.

(1) Difficulty as defined by the Blockchain website as "a relative measure of how difficult it is to mine a new block for the blockchain."

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