HIVE Digital Technologies Ltd. (HIVE) is pleased to announce its unaudited production results for August 2024. The Company successfully mined 112 Bitcoins, increasing its total Bitcoin holdings by 1%, for a balance of 2,533 BTC. HIVE also announced the acquisition of 1,000 Bitmain S21 Pro Antminers for immediate delivery to upgrade its existing set of machines, increasing its overall mining efficiency and performance. HIVE maintained an impressive average Bitcoin mining performance of over 5.0 Exahash per second (“EH/s”) throughout the month, while continuing its commitment to green energy, primarily sourcing hydropower to power its data centers (all amounts are in US dollars unless otherwise indicated).

Highlights of August 2024:

• Production: 112 Bitcoins Mined in August 2024

• Maintained production capacity: The month ended with an ASIC mining efficiency of 5.3 EH/s, leading to a total fleet efficiency of 23 joules per terahash (“J/TH”).

• HODL position: Bitcoin holdings rose to 2,533 BTC, up 1% from the previous month.

• Mining efficiency: Averaging 22.4 Bitcoin per Exahash, August ended with a performance of 5.3 EH/s and a consistent average hashrate of 5.0 EH/s.

• Daily production: An average of 3.6 BTC per day, indicating operational efficiency and solid mining capabilities.

Strategic HODL Growth:

HIVE emphasizes that with Bitcoin HODL exceeding $164 million as of August 31, 2024, the Company’s enterprise value remains attractive compared to its industry peers.

Management insights:

Frank Holmes, Executive Chairman, commented: “We remain focused on our strategy of maintaining the lowest G&A costs per Bitcoin mined, maximizing return on cash flow on invested capital, and achieving high revenue per employee while minimizing share dilution. Our disciplined approach, supported by a global team operating across nine time zones, positions HIVE as one of the leanest Bitcoin mining operations with an attractive EV-to-EBITDA multiple, maintaining over 2,500 pure green Bitcoins on our balance sheet.”

Aydin Kilic, President and CEO, added: “Over the past month, we have optimized our fleet performance to an average hash rate of around 5.2 EH/s by tuning the firmware of our 30 J/TH machines, increasing their performance to 27-28 J/TH. This has led to a global fleet performance of around 23 J/TH. We plan to continue this optimization over the next nine months by upgrading our remaining 30 J/TH ASICs. This will increase our installed hash rate on existing facilities to 6.9 EH/s for a total fleet performance of 19 TH/s.”

He added, “To support this strategy, we have acquired 1,000 Bitmain S21 Pro Antminers for immediate delivery to upgrade our existing hardware set. In addition, we have purchased 300 Bitmain S19 XP miners to fully utilize the available space at our Lachute facility. These machines were purchased and installed in August.”

With this monthly upgrade strategy, HIVE’s updated target hashrate is expected to reach 13.5 EH/s, with a global mixed fleet capacity of 16.9 J/TH upon completion of the Paraguay facility. This will be achieved while maintaining our green energy strategy that prioritizes the exploit of hydroelectric power to power our data centers.

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