Mr. Frank Holmes reports

HIVE DIGITAL TECHNOLOGIES ANNOUNCES ENERGIZATION AND COMMENCEMENT OF OPERATIONS AT YGUAZU SITE AND MARCH 2025 PRODUCTION RESULTS

Hive Digital Technologies Ltd. has released its unaudited production results for March, 2025, and shared a key milestone: the commencement of mining operations at its hydro-powered 200-megawatt site in Yguazu, Paraguay (all amounts in U.S. dollars, unless otherwise indicated).

Key highlights for March, 2025:

• Bitcoin production: Hive mined 108 bitcoin during the month, increasing its hodl balance to 2,201 bitcoin as of March 31, 2025, valued at approximately $180-million based on a bitcoin price of $82,000.
• Strategic capital deployment: Year-over-year bitcoin holdings temporarily decreased by 4 per cent as the company prudently reinvested bitcoin proceeds into long-term capital assets, including its new green-powered infrastructure in Paraguay.
• Mining efficiency: Hive operated at an average hash rate of 6.3 exahashes per second, with a fleet efficiency of 20.7 joules per terahash. The company achieved peak bitcoin-only hash rate of 6.2 exahashes per second and a bitcoin-equivalent hash rate of 6.4 exahashes per second.
• Daily production rate: Hive produced an average of 3.5 bitcoin per day, or 17.6 bitcoin per exahash.

Operations commence in Paraguay

Hive has officially energized phase 1 of its 200-megawatt site in Yguazu, Paraguay, and is now mining bitcoin at an initial production rate of 100 petahashes. The site is expected to scale steadily in the weeks ahead, with additional mining capacity set to be deployed in phases over the coming months.

Luke Rossy, chief operating officer of Hive, commented: "We've successfully completed all infrastructure commissioning and testing for phase 1 at our Yguazu site, including the substation and data centre that will host incoming ASICs [application-specific integrated circuits]. We're energizing our first 100 megawatts now, with phase 2's remaining 100 megawatts expected to follow shortly. I'm proud of our local operations team in Paraguay, whose efforts have been critical to meeting our ambitious schedule."

Mr. Rossy also noted progress at Hive's Valenzuela site: "More than 65 per cent of the infrastructure needed to host over 20,000 miners is already in place. We've completed the civil works for the site's substation exit bay and remain on track with equipment deliveries and installation timelines."

Path to growth of four times

Hive has established a robust pipeline of next-generation mining equipment and is fully financed to support its expansion in Paraguay. With a disciplined capital strategy and efficient infrastructure, the company is poised to increase its global mining capacity from approximately six exahashes per second to 25 exahashes per second by the end of calendar 2025.

Executive commentary

Frank Holmes, co-founder and executive chairman of Hive, stated: "The successful energization of our hydro-powered Yguazu facility marks a pivotal milestone in Hive's expansion. We are now mining with our first machines on line and producing at 100 petahash, with additional capacity coming on line each week. This steady, scalable growth reflects the strength of our capital base and our disciplined approach to infrastructure investment. Over the next eight months, we aim to quadruple our production as we bring our fully funded pipeline of projects to life. I'm incredibly proud of our global team's focus and execution as we continue to build a sustainable and high-performing digital infrastructure company."

Aydin Kilic, president and chief executive officer of Hive, added: "We continue to execute our growth plan at an accelerated pace. Our global team has worked tirelessly to ensure our expansion in Paraguay progresses efficiently and sustainably. With all major systems in place and ASIC deployments now under way, we are on track to become one of the world's leading green-powered bitcoin miners, delivering consistent value through innovation and energy efficiency."

About Hive Digital Technologies Ltd.

Hive Digital Technologies is a pioneering technology company advancing sustainable blockchain and AI (artificial intelligence) 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 AI computing. With operations in Canada, Sweden and Paraguay, Hive continues to innovate while reducing its environmental footprint.

We seek Safe Harbor.