HIVE Digital Technologies Ltd.

02/13/2025 | Press release | Distributed by Public on 02/13/2025 05:02

HIVE Digital Technologies Announces January 2025 Production Results and Strategic Milestones (Form 6-K)

HIVE Digital Technologies Announces January 2025 Production Results and Strategic Milestones

This news release constitutes a "designated news release" for the purposes of the Company's
prospectus supplement dated October 3, 2024 to its short form base shelf prospectus dated
September 11, 2024.

San Antonio, Texas--(Newsfile Corp. - February 6, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (referred to as the "Company" or "HIVE"), a global leader in sustainable data center infrastructure, has released its unaudited production results for January 2025 (all amounts in US dollars, unless otherwise indicated).

Key Highlights for January 2025:

  • Bitcoin Production: Mined 102 BTC, bringing HIVE's HODL portfolio to 2,657 BTC, valued at $271 million as of January 31, 2025, based on a BTC closing price of approximately $102,000.
  • HODL Update: The Company's Bitcoin holdings increased by 34% year-over-year. However, on a month-over-month basis, BTC holdings saw a decline as HIVE strategically sold a portion of its BTC to invest in capital assets, including Bitfarms' 200 megawatt ("MW") hydro-powered Bitcoin mining assets in Paraguay.
  • Mining Capacity: Maintained an average mining capacity of 5.7 Exahash per Second ("EH/s") with fleet efficiency at 22 Joules per Terahash ("J/TH"). HIVE achieved a peak BTC-only hashrate of 6 EH/s and a peak BTC-equivalent hashrate of 6.4 EH/s.
  • Operational Efficiency: Achieved an average daily production rate of 3.3 BTC, equivalent to 18 BTC per Exahash.

Strategic Developments:

  • Paraguay Expansion: In January, HIVE announced the transformative acquisition of a 200 MW hydro-powered Bitcoin mining facility in Paraguay from Bitfarms Ltd. This acquisition is expected to accelerate the Company's growth and increase its global Bitcoin mining hashrate to an anticipated 25 EH/s by September 2025, a 317% increase from its current 6 EH/s.

  • Operational Investment: The Company estimates the total net cost to complete the Bitfarms site at $400,000 per MW. This acquisition, combined with existing operations in Canada and Sweden, is expected to increase HIVE's total operational capacity to approximately 430 MW by Q3 2025.

  • Efficiency Focus: To maintain disciplined spending and maximize operational performance, HIVE is investing cash flow into upgrading its existing fleet with more energy-efficient mining machines, supporting long-term sustainability and lower Bitcoin production costs.

  • Leadership Expansion: HIVE announced the appointment of Lieutenant General (Ret.) John R. Evans Jr. to its Global Strategy Advisory Committee. This marks a significant step in HIVE's mission to responsibly expand its global footprint as data centers increasingly become a national security priority.

Executive Commentary:

Frank Holmes, Executive Chairman of HIVE stated: "Our latest acquisition lays the foundation for transformational growth in 2025, expanding our operations 317% to 25 EH/s. This acquisition makes us one of Latin America's largest Bitcoin mining operators. We are deepening our relationship with Paraguay President Santiago Peña and key political leaders to support our growing presence there, which will bring mutual economic benefits for HIVE shareholders and the local community."

Aydin Kilic, President and CEO of HIVE, added: "HIVE continues to execute strategic mergers and acquisitions in the industry. This expansion in Paraguay, funded by our strong balance sheet, aligns with our focus on maximizing cash return on invested capital. Upon full deployment, we are targeting a blended fleet efficiency of 16.5 J/TH, positioning HIVE among the most energy-efficient Bitcoin miners globally. With consistent top industry rankings for uptime efficiency, we remain committed to operational excellence."

About HIVE Digital Technologies Ltd.

HIVE Digital Technologies Ltd. is a pioneering technology company advancing sustainable blockchain and AI infrastructure powered by green energy. As the first cryptocurrency miner to go public on the TSX Venture Exchange in 2017, HIVE has grown into a global leader in digital asset mining and AI computing. With operations in Canada, Sweden, and soon Paraguay, HIVE continues to innovate while reducing its environmental footprint.

For more information, visit hivedigitaltech.com, or connect with us on:

X: https://x.com/HIVEDigitalTech

YouTube:https://www.youtube.com/@HIVEDigitalTech

Instagram: https://www.instagram.com/hivedigitaltechnologies/

LinkedIn: https://linkedin.com/company/hiveblockchain

On Behalf of HIVE Digital Technologies Ltd.

"Frank Holmes"

Executive Chairman

For further information, please contact:

Nathan Fast, Director of Marketing and Branding

Frank Holmes, Executive Chairman

Aydin Kilic, President & CEO

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.