HIVE Digital Technologies Announces May 2024 Production Numbers

This press release constitutes formal notice for the use of the Company’s updated supplemental prospectus dated August 17, 2023, which amends and supplements the short form base shelf prospectus dated May 1, 2023.

HIVE Digital Technologies Ltd. (HIVE) is pleased to announce unaudited Bitcoin production information for May 2024. During May, the Company issued 119 Bitcoins, a 3% increase in its Bitcoin inventory, and currently has a total of 2,451 Bitcoins on its financial statements. HIVE maintained an average Bitcoin mining capacity of over 4.9 Exahash per second (“EH/s”) in May 2024 (all financial numbers are in US dollars unless otherwise statedin).

May 2024 Valuable Points:

• Production:119 Bitcoins were mined in May 2024.
• Mining Capacity Increase:It finished May with 5.0 EH/s of application-specific integrated circuit (ASIC) mining capacity.
• Growth in Bitcoin Inventory:At a time when Bitcoin reached its highest price ever, it rose by 3% compared to the previous month to 2,451 BTC.
• Mining Efficiency:With an average of 24.5 Bitcoins obtained for each Exahash, May was completed with a capacity of 5.0 EH/s and an average hashrate of 4.9 EH/s throughout the month.
• Daily Production:It demonstrated efficient operations and strong mining performance, producing an average of 3.8 BTC every day.

Strategic Bitcoin Inventory Growth:

As of June 9, 2024, HIVE’s Bitcoin inventory has increased from 2,451 BTC at the end of May 2024 to 2,468 BTC.

The company observes that with the Bitcoin inventory value exceeding 170 million dollars as of June 9, 2024, the market price is very attractive compared to its peers in the industry.

Manager Comments:

Chief Executive Officer Frank Holmes shared his thoughts on the Company’s strategic direction:

“We have successfully managed our second Bitcoin Halving event, overcoming many hiccups over the past four years. Our team has demonstrated a remarkable ability to achieve high efficiency and maintain positive cash flow from operations, even amidst the 2022 market downturn and Ethereum’s unfortunate shift from proof of work to proof of stake. Despite significant economic challenges, HIVE has remained strong and consistently generates positive operating income, delivering on cost-effective operations, profitable mining, the important challenge of securing renewable power sources, and providing the highest cash flow per share invested capital (CFROIC) for our investors. “I am extremely proud of our team and their steadfast commitment while focusing on targeting return.”

Operational Update:

President and CEO Aydın Kılıç underlined the technological consistency of the Company: “We completed the month of May with a mining capacity of 5.0 EH/s and achieved our medium goal of reaching 5.5 EH/s and using our extraordinary S21 Antminers (“S21s). “) we are on track to achieve global average mining fleet efficiency of 25 Joules per Terahash (J/TH). To date, we have received and installed 6,495 S21s out of a total order of 8,165. 428 of the remaining 1,670 S21s are shipping this week “And the last 1,242 units from our June shipment are expected to be shipped shortly.”

We are also consciously improving the software of our mining equipment to increase the efficiency of our 30 J/TH ASICs and reduce their power consumption below 30 J/TH. Although this has reduced the collective hashrate value of these devices by approximately 120 Petahash per second, it has increased their profitability per kilowatt hour by increasing their efficiency.

Operations Manager Luke Rossy added: “We are excited to announce the purchase of 1,000 Bitmain S21 Pro Antminers, which are among the most advanced and power-efficient mining devices currently available, with a hashrate of 234 Terahashes per second and an efficiency of 15 J/TH. “It is scheduled for delivery this month and forms a valuable module in our strategy to continually upgrade our mining equipment as we expand our Bitcoin inventory.”

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