Mr. Aydin Kilic reports

HIVE DIGITAL TECHNOLOGIES SURPASSES 22 EH/S AND ACCELERATES CONVERSION FROM TIER-1 TO TIER-3 DATA CENTERS FOR AI CLOUD EXPANSION IN SWEDEN

Hive Digital Technologies Ltd. has surpassed 22 exahashes per second in global bitcoin-mining capacity -- marking 267-per-cent year-to-date growth -- while accelerating the conversion of Tier 1 data centres into Tier 3 high performance computing facilities to expand its artificial intelligence cloud footprint in Sweden.

Hive achieves major mining milestone

Hive's 22 EH/s milestone reflects the successful expansion of its hydro-powered Valenzuela facility in Paraguay, the company's third 100-megawatt green campus in the country. The site draws renewable energy from the Itaipu dam, one of the world's largest hydroelectric sources.

Current production has reached 9.5 bitcoin per day with fleet efficiency of approximately 17.8 joules per terahash and a 55-per-cent mining margin* after electricity costs at a $47 hash price, demonstrating Hive's operational efficiency across multiple countries and nine time zones.

With additional ASIC miners coming on-line, Hive expects to reach 25 EH/s by U.S. Thanksgiving, targeting fleet efficiency of 17.5 J/TH. Management reports EH/s growth as material to revenue and cash flow expansion, noting that digital infrastructure companies are typically valued at multiples of revenue and cash flow.

Accelerating AI cloud expansion in Sweden

Hive is expanding its European AI cloud operations by converting an existing Tier 1 data centre in Boden, Sweden, into a Tier 3 liquid-cooled HPC facility -- a strategy that provides a faster path to cash flow, typically nine months versus three years for a greenfield build.

Engineering and design are complete, with construction commencing this quarter. The upgraded facility will deliver a robust critical load, supporting 2,000 Nvidia GPUs for enterprise-grade AI and GPU cloud workloads across the European Union.

This expansion builds on Hive's AI operations in downtown Stockholm, active for the past two years, which have served early enterprise clients and validated demand for green, low-latency compute in northern Europe.

Together with the Buzz data centre in Toronto, which will host an additional 2,000 GPUs in 2026, and planned growth in New Brunswick, Hive has secured power and land at three strategic locations for next-generation, renewable-powered HPC operations.

Through its co-location partnership with Bell Canada, Hive's Buzz division can rapidly deploy AI cloud GPU infrastructure, enabling flexible scaling to meet enterprise demand. Across its global pipeline, Hive expects to operate approximately 6,000 GPUs by 2026, serving both AI training and inference workloads.

Executive commentary

Frank Holmes, co-founder and executive chairman, stated: "Crossing 22 EH/s marks another major milestone for Hive as we build one of the world's most efficient and sustainable bitcoin-mining fleets. At the same time, our AI strategy accelerates the conversion of Tier 1 data centres into Tier 3 HPC facilities, positioning Hive as a dual-engine digital power company that bridges blockchain and the AI super cycle."

Mr. Holmes continued: "It is now widely recognized that bitcoin miners were the original builders of Tier 1 digital infrastructure networks -- developing substations, fibre connectivity and energy-optimization systems that laid the foundation for today's hyperscale AI data centres. This model is now being replicated globally, including in West Texas, where projects such as Stargate, a $500-billion (U.S.) HPC campus, mirror the pioneering work of early bitcoin-mining companies that sourced stranded or surplus renewable energy."

Aydin Kilic, president and chief executive officer, added: "Repurposing existing infrastructure allows Hive to reach cash flow generation much faster than greenfield projects. Our operational strength enables us to grow both bitcoin mining and AI cloud services in parallel, all powered by renewable energy."

Johanna Thornblad, Swedish country president, commented: "The Boden expansion reinforces Sweden's leadership in sustainable digital infrastructure. Building on our two years of AI operations in Stockholm, this conversion project will deliver enterprise-grade AI capacity to the EU market faster and more efficiently than traditional data centre builds."

Outlook and financing

All hardware for Hive's Paraguayan expansion is fully financed and delivered, supported by fixed-rate hydroelectric power ensuring predictable, scalable economics. The company continues to model robust annual recurring revenue potential from both bitcoin production and AI cloud contracts, consistent with non-generally accepted accounting principles industry standards.

Hive targets 25 EH/s by late 2025 and 35 EH/s during 2026, while scaling its HPC division fivefold over the same period.

* As used herein, mining margin is calculated by dividing the mining profit (revenue generated from mining activities minus power costs related to those activities) by the total revenue generated from mining activities and expressed as a percentage. In mining, the most significant expense is power cost. In this estimate, Hive is assuming an average of five U.S. cents per kilowatt-hour for indicative purposes. ARR, as a metric, represents revenue only, and does not represent profitability. ARR is presented herein as a measure of growth. These non-GAAP measures should be read in conjunction with and should not be viewed as alternatives to or replacements for measures of operating results and liquidity presented in accordance with GAAP in Hive's quarterly and annual financial statements. All financial projections reflect current market sentiment and public disclosures as of September, 2025; actual outcomes may vary. Investors should conduct their own due diligence.

About Hive Digital Technologies Ltd.

Founded in 2017, Hive is the first publicly listed company to mine digital assets powered exclusively by green energy. Today, Hive builds and operates next-generation blockchain and AI data centres across Canada, Sweden and Paraguay, serving both bitcoin and high performance computing clients. Hive's twin-turbo engine infrastructure -- driven by bitcoin mining and Nvidia GPU accelerated AI computing -- delivers scalable, environmentally responsible solutions for the digital economy.

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