Mr. Aydin Kilic reports

HIVE DIGITAL TECHNOLOGIES ANNOUNCES FEBRUARY 2025 PRODUCTION RESULTS AND STRATEGIC MILESTONES

Hive Digital Technologies Ltd. has released its unaudited production results for February, 2025 (all amounts are in U.S. dollars unless otherwise indicated).

Key highlights for February, 2025:

• Bitcoin production: mined 89 BTC, bringing Hive's hodl portfolio to 2,620 BTC, valued at $220-million as of Feb. 28, 2025, based on a BTC closing price of approximately $84,000;
• Hodl update: the company's bitcoin holdings have increased by 23 per cent year over year; however, on a month-over-month basis, BTC holdings saw a decline as Hive strategically sold a portion of its BTC to invest in capital assets, including Bitfarms' 200-megawatt hydro-powered bitcoin mining assets in Paraguay;
• Mining capacity: maintained an average mining capacity of 5.6 exahashes per second with fleet efficiency at 20.9 joules per terahash; Hive achieved a peak BTC-only hash rate of 6.2 EH/s and a peak BTC-equivalent hash rate of 6.4 EH/s;
• Operational efficiency: achieved an average daily production rate of 3.2 BTC, equivalent to 16 BTC per exahash.

Executive commentary

Frank Holmes, executive chairman of Hive, commented: "As we continue to expand and strengthen our executive team, we are aligning top-tier leadership with our strategic focus on two of the most transformative trends of our time: bitcoin and AI. The appointment of Craig Tavares as president and chief operating officer of Buzz HPC is a testament to our commitment to driving innovation and growth in high performance computing and GPU cloud services. With over two decades of expertise in digital infrastructure, Craig's leadership will be instrumental in scaling Buzz HPC's operations and realizing our vision of reaching $100-million in revenue. His deep industry knowledge and track record of success positions us to capitalize on the immense opportunities ahead in AI-driven computing and blockchain technologies."

Aydin Kilic, president and chief executive officer of Hive, added: "We are focused on executing a transformative year that positions Hive as one the largest and most efficient bitcoin miners in the world. Our 300 MW expansion in Paraguay to four times our hash rate from six EH/s to 25 EH/s by September, 2025, remains on track. We expect to complete final construction and phased energization of miners for the first 100 MW at Yguazu and 100 MW at Valenzuela in calendar Q2 2025, which will bring us to an estimated interim target of 18 EH/s and 18 J/TH by June 30, 2025. It will be a very exciting year of growth for Hive. We will provide updates on our ASIC procurement strategy."

Mr. Kilic continued: "Regarding our high performance computing GPU business unit, in the last week of February, we realized $13-million of annualized run-rate revenue from our fleet of high performance GPUs. We are on track to reach our $20-million annualized run-rate revenue target by calendar Q2 this year, based on current growth and performance trends, with new GPU servers coming on-line for AI processing."

Progress in Paraguay

Luke Rossy, chief operating officer of Hive, stated: "In February, our executive team conducted a site visit to Bitfarms' Yguazu facility, gaining first-hand insights into its ongoing construction. We were extremely pleased with the progress we witnessed there and are excited to finalize the strategic acquisition of Bitfarms' 200 MW Yguazu site in Q1 2025."

Mr. Rossy continued: "Furthermore, we continue to make excellent progress on our 100 MW Valenzuela facility. With all civil and foundation works nearing completion, the site remains on track for energization by June, 2025."

About Hive Digital Technologies Ltd.

Hive is a pioneering technology company advancing sustainable blockchain and AI infrastructure powered by green energy. As the first cryptocurrency miner to go public on the TSX Venture Exchange in 2017, Hive has grown into a global leader in digital asset mining and artificial intelligence computing. With operations in Canada, Sweden and, soon, Paraguay, Hive continues to innovate while reducing its environmental footprint.

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