HIVE Digital Technologies (HIVE) Reports March 2024 Bitcoin Production

HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE") a pioneer in green energy-powered blockchain infrastructure, proudly announces its unaudited production figures for March 2024, with approximately $160 million of Bitcoin on the balance sheet. The Company has increased its Bitcoin holdings by 10% and its HODL position at month-end was 2,287 Bitcoin on the balance sheet. HIVE has maintained over 4.5 Exahash ("EH/s") of Bitcoin mining capacity, on average, for March 2024 (all amounts in US dollars, unless otherwise indicated).

March 2024 Highlights:

• Production: HIVE successfully mined 224 Bitcoin in March 2024, utilizing its state-of-the-art ASIC and GPU mining operations. This achievement represents an impressive average of 49.7 Bitcoin per Exahash, with a consistent average hashrate of 4.5 EH/s throughout the month, and an 11% increase in monthly average hashrate.
• Daily Production: HIVE averaged a production of 7.2 BTC per day, underscoring its operational efficiency and robust mining capabilities.
• Mining Capacity Increase: HIVE concluded March with a 4.7 EH/s ASIC mining capacity, reflecting a notable 13% increase in month-end hashrate. The Company's HODL position at the end of March 2024 was 2,287 BTC, which was a 7% increase from the prior month.

Strategic HODL Increase:

As of April 4, 2024, HIVE's HODL position increased further to 2,315 Bitcoin, up from 2,131 BTC at the end of February 2024.

This continued increase aligns with the Company's strategy to strive to HODL, anticipating heightened demand for Bitcoin due to the adoption of Bitcoin as an alternative asset class, as witnessed with strong fund flows into the recent launch and approval of spot Bitcoin ETFs. The Company has strived to manage for highest cash flow return on invested capital (CFROIC) on a per share basis, while remaining sensitive to shareholder dilution in its overall strategy. HIVE believes that as the Halving event in April nears closer, the short-term volatility in the Company's stock price will remain high, and investors must be aware that, like its peers, is typically correlated with Bitcoin, but with a greater amplitude in price volatility.

Executive Insights:

Frank Holmes, Executive Chairman, emphasized HIVE's strategic foresight, stating, "Our HODL strategy is to have a healthy balance sheet similar to what we had for the last Halving event in 2020. We ended the quarter with a strong working cash position of approximately $160 million in Bitcoin and cash of $11 million with G&A costs to mine a Bitcoin under $6,000.

Halving Preparation:

Aydin Kilic, President and CEO, highlighted the Company's technological stability with the integration of Bitmain S21 Antminers into its mining fleet, stating, "We have approximately 2,000 S21 Antminers arriving and expected to be installed before the Halving event. Additionally, HIVE has approximately 3,000 additional S21 Antminers being delivered by June 2024. In total, HIVE will receive 5,095 S21 Antminers within the next three months, bringing our total target hashrate to 5.5 EH/s and a global average fleet efficiency of 25 J/TH."

Operational Excellence and Future Outlook:

HIVE remains at the forefront of the blockchain technology sector, continuously enhancing its mining efficiency and expanding its green energy-powered data center facilities across Canada, Sweden, and Iceland. With a keen focus on financial stability, growth and innovation, HIVE is well-positioned to navigate the volatile crypto market dynamics while securing balanced growth and value for its stakeholders.

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