Mr. Aydin Kilic reports

HIVE DIGITAL TECHNOLOGIES SURPASSES 8 EH/S OF BITCOIN HASHRATE AND SECURES ASIC ORDERS TO 25 EH/S

Hive Digital Technologies Ltd. has surpassed 8.0 exahashes per second of global bitcoin mining hash rate, marking another key milestone in the company's strategic expansion toward its 25 EH/s target in calendar fourth quarter 2025. This rapid growth is being driven by the successful energization of Hive's recently completed first 100-megawatt hydro-powered facility in Yguazu, Paraguay. As of today, Hive reports a total operating hash rate of 8.3 EH/s and remains on track to reach its phase 1 objective of 11.5 EH/s by the end of June, 2025, with additional capacity expected to come on-line in the weeks ahead. Moreover, Hive has fully financed its ASIC orders to increase to 18 EHs in third quarter 2025, strategically using its bitcoin treasury for this rapid growth.

Hive's second 100 megawatts in Yguazu, Paraguay, scheduled for completion this summer, will provide the infrastructure for growth from 11.5 EH/s to 18 EH/s. Hive has further deposits and options to purchase in place for bitcoin mining ASICs to reach the 2025 target of 25 EH/s, with the third 100 MW of bitcoin mining infrastructure coming on-line in calendar Q4 2025 in Valenzuela, Paraguay.

Executive commentary

Frank Holmes, co-founder and executive chairman of Hive, stated: "We are now well on our way to the 18 EH/s summer target; crossing the eight EH/s threshold signals our bold momentum forward. Based on current bitcoin mining rewards, at 18 EH/s, Hive would be mining approximately 10 bitcoin per day."

Mr. Holmes continued: "With bitcoin over $100,000 (U.S.), Hive is positioned to do almost $1-million (U.S.) in daily revenue by this summer with our fully funded growth plans. This achievement demonstrates Hive's ability to responsibly scale operations with green energy while securing the bitcoin network and driving long-term shareholder value. We are proud to lead the next wave of innovation in digital infrastructure."

Aydin Kilic, president and chief executive officer of Hive, added: "I am tremendously proud of our global team for executing at such a high level. Since our May 9, 2025, update, we have already added another 1.0 exahash to bring our total hash rate to 8.3 EH/s. This pace of deployment underscores the strength of our infrastructure strategy and our commitment to operational excellence. We are also increasing our global fleet efficiency. We will be at 20 J/TH globally once we are at 11.5 EH/s before the end of June, 2025, and 19 J/TH when we are at 18 EH/s by the end of summer 2025. Over all, this improvement in our global fleet efficiency means less energy will be required per bitcoin mined, and, as we execute on our 300 MW growth in Paraguay, our global cost of power is expected to decrease as well. Hive estimates its average cost of bitcoin production to decrease by 10 to 20 per cent by autumn 2025, based on lower global average energy prices and improved global fleet efficiency."

Strategic use of bitcoin treasury

During the quarter, Hive strategically deployed a portion of its bitcoin treasury to acquire next-generation ASIC mining equipment through a special agreement. The company pledged bitcoin to settle the purchase at a market price of $87,000 (U.S.) per BTC and secured an option to repurchase the equivalent amount of bitcoin at the same price -- allowing Hive a unique opportunity to capture potential upside in BTC price appreciation.

This arrangement enabled Hive to increase its mining fleet without significant cash outlay or equity dilution, while maintaining bitcoin exposure through this special agreement. The transaction was structured while bitcoin prices were under pressure due to a global tariff war, positioning Hive to continue its growth trajectory while markets stabilize. As of today, Hive holds 610 BTC in its treasury. The company's goal is to rebuild its hodl, along with increasing its operating bitcoin mining capacity to 25 EH/s. For context, bitcoin averaged below $66,000 (U.S.) for the 2024 calendar year and traded below $30,000 (U.S.) as recently as October, 2023. Management believes it is prudent to deploy BTC mined at lower prices during the past two bitcoin cycles to finance strategic growth, while retaining the option to reclaim BTC holdings as prices appreciate.

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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