Mr. Aydin Kilic reports

Hive DIGITAL TECHNOLOGIES ANNOUNCES 100% COMPLETION OF FIRST 100 MW INFRASTRUCTURE IN PARAGUAY AND STRATEGIC OPERATIONAL HIRE

Hive Digital Technologies Ltd. has completed 100 per cent of phase 1 infrastructure at its flagship Yguazu facility in Paraguay -- a 100-megawatt air-cooled data centre backed by a fully energized 200-megawatt substation. In addition, Hive is proud to welcome Carlos Anibal Torres as its new Paraguayan operations project manager, a key leadership hire, as the company accelerates expansion in the region.

Paraguayan phase 1: energized, equipped and scaling

Hive has completed construction and energization of the 100-megawatt phase 1 infrastructure at the Yguazu site, enabling capacity for five exahashes per second of next-generation ASIC miners. The company is currently operating 200 petahashes of hash rate at the site using its proprietary Buzz miners, with a total of 8,000 Buzz miners expected on-line by the end of April.

Initial deliveries of new-generation ASICs, including Bitmain S21+ units, have begun arriving on site, with over 20,000 units expected before the end of May. The company expects to scale to five EH/s in Paraguay and 11.5 EH/s total hash rate across all operations by the end of second quarter 2025.

Luke Rossy, chief operating officer of Hive, stated: "We are executing with conviction. We aim to reach 25 EH/s by fall 2025, producing over 12 bitcoins daily at current difficulty levels. With our Paraguay site energized and racking under way, Hive is positioned for a transformative year of growth."

Aydin Kilic, president and chief executive officer of Hive, added: "As of March 31, we secured deposits for 4.3 EH/s of Bitmain S21+ miners, funded through disciplined treasury management. Our fiscal year-end marked a strategic pivot -- no debt, just smart execution. Our expansion from 6.5 EH/s to 11.5 EH/s has been paid, and we're moving fast."

Mr. Rossy continued: "With 100 MW of infrastructure complete, we're now racking and energizing machines. It's exciting to see the momentum build. We're also proud to welcome Carlos Torres to our leadership team -- he brings the operational depth we need as we scale in Paraguay alongside our local team led by Gabriel Lamas, our country operations president."

About Carlos A. Torres Perez

Mr. Torres Perez is an accomplished engineer with over 15 years of experience in large-scale infrastructure and energy systems. With degrees in electronic engineering and civil engineering, he has led digital transformation initiatives and energy deployment projects across Paraguay, including industrial-scale mining sites, smart grid infrastructure and advanced electrical systems.

"This is the moment to move fast, think boldly and execute with precision. Paraguay has the talent, energy and vision to lead, and Hive recognized that. This is more than a buildout. It's a foundation for the digital future. As operations project manager, I'll ensure we set new standards and deliver results that speak for themselves."

Incentive grants

Extensive research from Harvard Business School underscores the value of non-linear rewards and variable long-term incentives in fostering a strong organizational culture and enhancing employee retention. These incentives align employees' interests with the company's long-term success, promoting innovation, resilience and a commitment to strategic initiatives essential for sustained growth and competitive advantage.

Hive's management continues to demonstrate strength and resilience by expanding its bitcoin and HPC footprints -- all while maintaining one of the industry's lowest general and administrative costs per bitcoin mined and minimizing shareholder dilution. To recognize the Hive team's efforts, Hive has granted restricted share units that do not vest for one year, ensuring that management stays focused on sustainable and responsible growth.

As part of this initiative, Hive is granting 2,797,000 RSUs to select employees, officers, directors and eligible consultants. These RSUs were issued under the company's RSU plan and are subject to the TSX Venture Exchange's statutory one-year minimum vesting period.

The company would like also to correct a minor misstatement included in a prior disclosure where, on Feb. 17, 2025, the company announced that 1.09 million RSUs were issued to select employees, officers, directors and eligible consultants, when the number should have read 1,117,000.

About Hive Digital Technologies Ltd.

Hive is a pioneering technology company advancing sustainable blockchain and 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.

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