Mr. Frank Holmes reports

HIVE ANNOUNCES PURCHASE OF 1,000 NEW ENERGY EFFICIENT BITMAIN S21 ANTMINERS FOR IMMEDIATE DELIVERY AND HODL INCREASE TO 2,070 BITCOIN

Hive Digital Technologies Ltd. has purchased 1,000 Bitmain S21 Antminers, which would provide 200 petahashes per second of high-efficiency bitcoin mining capacity. The S21 is the newest and most efficient Bitmain bitcoin mining ASIC system, boasting 17.5 joules per terahash. Additionally, Hive now has 2,070 bitcoin on the balance sheet as of Feb. 21, 2024.

Hive is continuing its strategic preparation for the bitcoin halving event, expected to occur in late April, 2024. Rather than expanding its footprint at this time, it is upgrading its fleet with the most efficient machines available, which in turn will lower its average costs to produce a bitcoin.

By upgrading its existing ASICs in its inventory to the S21, it will increase its target exahash from 5.3 EH/s at 24.7 J/TH by the end of June, 2024, to 5.5 EH/s by running only its most efficient machines in its 140 megawatts of operating infrastructure globally. Hive believes it is important to stay lean during the halving, as having low fixed costs and an inventory of highly efficient ASIC, it can run at variable load to minimize variable costs that will allow the company agility, thus putting Hive in a strong position to navigate the rest of 2024.

In addition, it continues to hodl 100 per cent of the bitcoin it is mining. With the halving, the bitcoin block reward will drop from 900 bitcoin per day to 450 bitcoin per day. With this predetermined scarcity in the bitcoin ecosystem, along with the strong U.S. bitcoin ETF inflows, Hive believes it is prudent to hold a treasury of bitcoin on its balance sheet.

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 green-energy-powered data centre facilities in Canada, Sweden and Iceland, where it endeavours to source geothermal and hydroelectric 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.

We seek Safe Harbor.