Mr. Frank Holmes reports

Hive DIGITAL ANNOUNCES BITCOIN PRODUCTION AND HODL GROWTH IN FEBRUARY 2024 TO 2,131 BITCOINS

Hive Digital Technologies Ltd. has released its unaudited production figures for February, 2024. The company has increased its bitcoin holdings by 10 per cent, and its hodl position at month-end was 2,131 bitcoin on its balance sheet. The company has maintained over 4.06 exahashes per second of bitcoin mining capacity on average for February, 2024.

February, 2024, highlights:

• Production: Hive mined 200 bitcoin in February, 2024, utilizing its state-of-the-art ASIC and GPU mining operations. This achievement represents an impressive average of 60.5 bitcoin per exahash, with a consistent average hash rate of 4.06 EH/s throughout the month.
• Daily production: The company averaged a production of 6.9 BTC per day, underscoring its operational efficiency and robust mining capabilities.
• Mining capacity increase: Hive concluded February with a 4.2 EH/s ASIC mining capacity, reflecting a notable 9-per-cent increase month over month. The company's hodl position at the end of February, 2024, was 2,131 BTC, which was a 10-per-cent increase from the prior month.

Strategic hodl increase

As of March 4, 2024, Hive's hodl position increased further to 2,159 bitcoin, up from 2,131 BTC at the end of February, 2024.

This continuing increase aligns with the company's strategy to strive to hodl, anticipating heightened demand for bitcoin due to the adoption of bitcoin as an alternative asset class as witnessed with stunning fund flows into the recent launching of bitcoin exchange-traded funds. Hive believes as it approaches the halving event in April, the short-term volatility will remain high, and investors must be aware that Hive like its peers is usually correlated with bitcoin but with a greater amplitude in price volatility.

Executive insights

Frank Holmes, executive chairman, emphasized Hive's strategic foresight, stating, "Our hodl strategy is to have a healthy balance sheet similar to what we had for the last halving event in 2020."

Technological advancements:

Aydin Kilic, president and chief executive officer, highlighted the company's technological stability with the integration of Bitmain S21 Antminers into its mining fleet. "These advanced machines not only bolster our mining efficiency but also provide sustainable stability by significantly reducing the cost of bitcoin production," Mr. Kilic noted.

Operational excellence and future outlook

Hive remains at the forefront of the blockchain technology sector, continuously enhancing its mining efficiency and expanding its green-energy-powered data centre facilities across Canada, Sweden and Iceland. With a keen focus on financial stability, growth and innovation, Hive is well positioned to navigate the volatile crypto market dynamics while securing balanced growth and value for its stakeholders.

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 industry. As a company whose shares trade on a major stock exchange, it is 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 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 ETH and 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.

We seek Safe Harbor.