Mr. Aydin Kilic reports

HIVE DIGITAL TECHNOLOGIES SEPTEMBER BITCOIN PRODUCTION AT 267 BTC, CLIMBS 8% MOM AND 138% YOY, SURPASSING 21 EH/S AND NOW PRODUCING 9 BTC PER DAY

Hive Digital Technologies Ltd. has released its September, 2025, production figures and has provided an update on the commissioning of its phase 3 Valenzuela facility.

September, 2025, production highlights:

• Bitcoin produced: 267 BTC (up 8 per cent month over month from 247 BTC in August, 2025, and up 138 per cent year over year from 112 BTC in September, 2024);
• Average daily production: nine BTC per day;
• Hash rate: averaged 19.4 exahashes per second with a peak of 21.7 EH/s;
• Fleet efficiency: 18 joules per terahash;
• BTC per EH/s: 13.8 BTC.

Phase 3 Valenzuela commissioning ahead of schedule

Hive's 100-megawatt phase 3 Valenzuela build is nearing completion. Civil works are concluded, hydro containers are installed and the control centre is live. The focus has shifted to energizing ASICs, with new units being steadily integrated into production.

• Hash rate growth: Hive's average hash rate rose 19 per cent month over month from 16.3 EH/s in August to 19.4 EH/s in September.
• Network outperformance: This growth outpaced the 16-per-cent increase in bitcoin network difficulty (from 130 trillion to 151 trillion). These figures are publicly verifiable through bitcoin block explorers.
• Record production: Despite consecutive all-time-high bitcoin network difficulty, Hive mined 267 BTC in September -- a year-to-date high -- underscoring its operational strength.

As of today, Hive's global bitcoin mining fleet totals 21.8 EH/s, powered entirely by renewable hydroelectric energy. With additional ASICs scheduled to come on-line in October, Hive remains on track to scale to 25 EH/s by U.S. Thanksgiving, at an average efficiency of approximately 17.5 J/TH.

Management commentary

Frank Holmes, co-founder and executive chairman, commented: "Hive's September milestones demonstrate the power of a focused, dual-engine strategy as our global bitcoin mining fleet now produces over nine BTC per day. Our executive team was in Paraguay last month, and Gabriel Lamas, Hive's country president, is doing an outstanding job while phase 3 Valenzuela continues to advance ahead of schedule. At the same time, Buzz HPC, under Craig Tavares's leadership, is expanding our AI cloud capabilities and forming strategic partnerships with Bell Canada, Dell Canada, Vast Data and other leading AI companies in Canada to broaden access to enterprise-scale compute. Hive is a unique Canadian data centre company that only sources green hydroelectric energy to power its operations. With data centres spanning nine time zones, across Canada, Sweden and Paraguay, we've built a truly global footprint that reflects our commitment to sustainability, capital efficiency and long-term value creation."

Aydin Kilic, president and chief executive officer, added: "With construction substantially complete at our phase 3 100-megawatt site in Valenzuela, approximately 50 per cent of the hash rate capacity is now on-line, with commissioning of the remaining hydro containers well under way. The next wave of ASICs is set for installation next week, keeping us on track for 25 EH/s by American Thanksgiving. With disciplined energy management and optimized fleet efficiency, our current nine-BTC-per-day production (at bitcoin network difficulty of 151 T) demonstrates the resilience of our Paraguay-based engineering and technical teams. As we approach the successful completion of our targets for 2025, Hive looks ahead to further expansion in global operations for 2026, with our cash flow from the bitcoin mining business providing funding and growth for our HPC and GPU AI cloud business. As stewards of capital, our goal is to lead the sector in ROIC to provide value for our shareholders. We are always looking for long-term accretive opportunities, and we believe increased sustainable cash flow is the key to long-term success in these industries."

Future production and economics

As previously disclosed, all ASIC purchases for phase 3 are financed and have shipped. Hive expects future growth to follow the economics of its Paraguayan operations. Each additional exahash increases daily bitcoin production and revenue potential, while operating costs remain stable with fixed-rate hydroelectric power and minimal labour increases. Power expenses scale with machine usage and align with current cost structures. Results may vary depending on network difficulty and 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.

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