Mr. Aydin Kilic reports

HIVE DIGITAL TECHNOLOGIES REACHES 2% OF GLOBAL BITCOIN NETWORK, MINING 9 BTC DAILY AND SURPASSING 20 EH/S

Hive Digital Technologies Ltd. has exceeded 20 exahashes per second of global bitcoin mining capacity following the continued successful deployment of ASICs at its phase 3 Valenzuela facility in Paraguay.

Phase 3 represents Hive's third 100-megawatt development of green energy infrastructure in Paraguay, powered by hydroelectric energy from the Itaipu dam, reinforcing the company's commitment to sustainable bitcoin mining. With a year-to-date hash rate increase of approximately 233 per cent, Hive is mining nine bitcoin per day at a global fleet efficiency of 18 joules per terahash, achieving a mining margin of 55 per cent after electricity costs. This represents approximately 2 per cent of the bitcoin network, based on the current difficulty of 142 trillion, with all figures publicly verifiable through bitcoin block explorers.

With phase 3 construction substantially complete and installations progressing ahead of schedule, Hive achieved the 19 EH/s target, with the latest additions bringing Hive's global fleet to 20 EH/s, marking a key milestone in the company's road map toward its target of 25 EH/s by U.S. Thanksgiving.

Upon completion of phase 3, Hive anticipates reaching daily bitcoin production of approximately 12 BTC, based on current network difficulty. At that scale, Hive expects to be operating at an efficiency of approximately 17.5 J/TH.

Management commentary

Frank Holmes, co-founder and executive chairman, commented: "I am deeply proud of the drive and resilience our team has shown as we scale Hive's global green energy operations ahead of schedule. We are gaining strong momentum across our dual engines of bitcoin mining and AI cloud computing, two transformative forces that complement and strengthen each other. With a Navy Seal mindset, our teams are moving forward with focus and determination across nine time zones and three continents. Also, we have hired 40 young engineers to help manage our facilities."

Commitment to impact investing in community education

Hive is dedicated to making a positive impact in the communities where it operates, with a particular focus on supporting educational initiatives. As part of its mission to combine technological innovation with social responsibility, Hive has prioritized impact investing in children's education, in Paraguay, where its phase 3 Valenzuela facility is located.

Mr. Holmes continued: "Earlier this month, we were honoured to celebrate the ribbon cutting of our completed Yguazu facility, the culmination of a year of vision, strategy and relentless execution. Just as meaningful, members of our team visited a grade school in the city of Valenzuela, where we were honoured by seeing the joy on students who are now learning in classrooms with air conditioning, and improvements like new chalkboards made possible through our local goal to upgrade grade school facilities and provide another level of faith and hope in young minds who are the future of Paraguay. These moments remind us that our mission goes beyond technology: It's also about creating a positive impact in the communities where we work. We are dedicated to making a difference by investing in kids' education as a key part of Hive's mission, ensuring that our growth benefits future generations in a lasting way."

Aydin Kilic, president and chief executive officer, stated: "We are currently 2 per cent of the global bitcoin mining infrastructure, which is a significant milestone considering bitcoin's market exceeds $2-trillion capitalization. With ongoing policy discussions around digital asset adoption in the United States, Hive is positioned as a globally distributed data centre company with a focus on green energy. Reaching 20 EH/s is a major validation of our disciplined growth strategy and the hard work of our global team. We are delivering on our commitments: Funding is secured, infrastructure is on-line and every additional exahash is compounding value for our shareholders. We strive to lead the industry in return on invested capital, thereby maximizing value for our shareholders. Additionally, we believe it is essential to maintain low-cost operations at the corporate level, as reflected in the general and administrative costs relative to revenue."

Mr. Kilic added: "During my recent visit to Paraguay, I was deeply impressed by the incredible execution of our teams on the ground. Their technical skill and organization have delivered 99-per-cent uptime and strong performance. This milestone solidifies our position in the bitcoin network, and reinforces our commitment to geographic diversification, operational excellence and long-term shareholder value. As we push toward 25 EH/s by U.S. Thanksgiving, our momentum has never been stronger."

Operational outlook

All ASIC purchases for phase 3 are financed, and all ASICs have been shipped. Over 40 per cent of the phase 3 ASICs are on site and being installed, with the rest scheduled for delivery this month. Hive expects growth to remain aligned with the economics of its Paraguayan operations. Each additional exahash contributes directly to daily bitcoin production and revenue potential, while operating costs remain stable under fixed-rate hydroelectric power and minimal incremental labour. Power expenses scale proportionally with machine usage and remain consistent with current cost structures. Actual results may vary depending on network difficulty and prevailing bitcoin prices.

About Hive Digital Technologies Ltd.

Founded in 2017, Hive builds and operates sustainable blockchain and artificial intelligence infrastructure data centres, powered exclusively by renewable hydroelectric energy. With a global footprint in Canada, Sweden and Paraguay, Hive is committed to operational excellence, green energy leadership, and scaling the future of digital finance and computing, while creating long-term value for its shareholders and host communities.

We seek Safe Harbor.