HIVE Digital Announces May 2024 Bitcoin Production, HODL Grew 3% to 2,451 Bitcoins,

This news release constitutes a “designated news release” for the purposes of the Company’s amended and restated prospectus supplement dated August 17, 2023, to its short form base shelf prospectus dated May 1, 2023.

Vancouver, British Columbia–(Newsfile Corp. – June 10, 2024) – 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 May 2024. In May the Company mined 119 Bitcoin, increasing its Bitcoin holdings by 3%, now totalling 2,451 Bitcoin on the balance sheet. HIVE maintained an average Bitcoin mining capacity of over 4.9 Exahash (“EH/s”) in May 2024 (all amounts in US dollars, unless otherwise indicated).

May 2024 Highlights:

  • Production: Mined 119 Bitcoin in May 2024.

  • Mining Capacity Increase: Ended May with a 5.0 EH/s ASIC mining capacity.

  • HODL Position: Increased to 2,451 BTC, a 3% increase from the prior month, while Bitcoin has made all-time highs.

  • Mining Efficiency: Achieved an average of 24.5 Bitcoin per Exahash, ending the month of May with 5.0 EH/s, with an average hashrate of 4.9 EH/s throughout May.

  • Daily Production: Averaged a production of 3.8 BTC per day, showcasing operational efficiency and robust mining capabilities.

Strategic HODL Increase:

As of June 9, 2024, HIVE’s HODL position increased further to 2,468 BTC, up from 2,451 BTC at the end of May 2024.

The Company notes that with a Bitcoin HODL value of over $170 million as at June 9, 2024, its enterprise value looks very attractive compared to its peers.

Executive Insights:

Frank Holmes, Executive Chairman, commented on the Company’s strategic vision:

“We have successfully navigated our second Bitcoin Halving event, overcoming numerous challenges over the past four years. Our team has demonstrated exceptional skill in driving high efficiency and maintaining positive operating cash flow, even during the 2022 market downturn and the unfortunate transition of Ethereum from proof-of-work to proof-of-stake. Despite significant macroeconomic headwinds, HIVE has remained resilient, consistently generating positive operating income. We continue to evaluate growth opportunities with a focus on lean operations, profitable mining, sourcing green energy which has been a big challenge, and striving for the best cash flow return on invested capital per share (CFROIC) for our shareholders. I am incredibly proud of our team and their unwavering dedication.”

Operational Update:

Aydin Kilic, President and CEO, emphasized the Company’s technological stability: “We ended the month of May with 5.0 EH/s and we are on track to reach our 5.5 EH/s interim goal and achieve a global average fleet efficiency of 25 Joules per Terahash (J/TH) once our remaining S21 Antminers (“S21s”) ship. Thus far, from our total order quantity of 8,165 S21s, 6,495 S21s have been shipped and installed. Of the remaining 1,670 S21s, 428 S21s are shipping this week, leaving 1,242 S21s from our June batch, which are expected to ship soon.”

We are also strategically optimizing the firmware of our fleet to improve the efficiency of our 30 J/TH ASICs, getting their efficiency below 30 J/TH. While this has lowered the total hashrate from these machines across our fleet by approximately 120 Petahash per second, it has improved their efficiency, thus improving their unit economics and making them more profitable on a dollar per kilowatt hour basis.

Luke Rossy, Chief Operating Officer, had the following to add: “We are pleased to announce the upcoming acquisition of 1,000 Bitmain S21 Pro Antminers, the latest and most efficient machines on the market, having a hashrate of 234 Terahash per second and an efficiency of 15 J/TH. These units are expected to ship this month and are integral to our strategy of continually upgrading our fleet whilst growing our HODL position.”

About HIVE Digital Technologies Ltd.

HIVE Digital Technologies Ltd. went public in 2017 as the first cryptocurrency mining company listed for trading on the TSX Venture Exchange with a focus on sustainable green energy.

HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns and operates state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we endeavour to source green energy to mine digital assets such as Bitcoin on the cloud. Since the beginning of 2021, HIVE has held in secure storage the majority of its treasury of BTC derived from mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of Bitcoin. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.

Environmental Sustainability:

  • Green Energy: By sourcing green renewable energy, HIVE is committed to environmental responsibility, positioning itself as a leader in sustainable cryptocurrency mining.

Expansion into AI Strategy:

  • Diversification: HIVE’s diversification into HPC enables us to support artificial intelligence (AI) using Nvidia GPU chips, showcasing our adaptability and innovation beyond traditional Bitcoin mining.

HIVE’s unique value proposition encompasses efficient operations, a proven agile management team, financial strength, environmental sustainability, and innovative expansion strategies. Beyond Bitcoin mining, HIVE is firmly part of the global boom in data center infrastructure, sourcing primarily green renewable energy.

HIVE presents a unique growth opportunity with over 2,400 Bitcoins on its balance sheet and growing revenue from its suite of Nvidia GPU chips powering data services for the AI revolution.

We encourage you to visit HIVE’s YouTube channel here to learn more about HIVE.

For more information and to register to HIVE’s mailing list, please visit www.HIVEdigitaltechnologies.com. Follow @HIVEDigitalTech on Twitter and subscribe to HIVE’s YouTube channel.

On Behalf of HIVE Digital Technologies Ltd.

“Frank Holmes”
Executive Chairman

For further information please contact:
Frank Holmes
Tel: (604) 664-1078

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-Looking Information

Except for the statements of historical fact, this news release contains “forward-looking information” within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. “Forward-Looking information” in this news release includes but is not limited to: business goals and objectives of the Company; the results of operations for May 2024; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.

Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the volatility of the digital currency market; the Company’s ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company’s operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining…

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