Vancouver, British Columbia--(Newsfile Corp. - September 7, 2023) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE") is pleased to announce the unaudited production figures from the Company's global Bitcoin operations for the month of August 2023, with 274 Bitcoin produced in August. The Company has maintained over 3.67 Exahash ("EH/s") of Bitcoin mining capacity on average for August 2023, including ASIC and GPU BTC hashrate (all amounts in US dollars, unless otherwise indicated).

Summary Overview:

• HIVE produced 274 Bitcoin in the month of August, from ASIC and GPU mining operations, representing an average of 74.7 Bitcoin Per Exahash, with an average hashrate of 3.67 EH/s for the month of August 2023;
• HIVE produced an average of 8.8 BTC per day in August 2023;
• HIVE ended the month with 3.69 EH/s of mining capacity, including ASIC and GPU BTC hashrate.

AI and HPC Update

Aydin Kilic, President & CEO of HIVE stated, "We are thrilled to announce our order of high performance SuperMicro servers, which will further increase our AI compute infrastructure capacity by over 2.5 times." The Company notes it recently announced that its AI and HPC infrastructure compute tripled. Thus, this new order with SuperMicro, further increases the compute capacity by a factor of 2.5x. Once installed, these servers will provide the compute backbone to allow 2,400 of our Nvidia GPUs to perform AI and HPC compute, in addition to our 400 Nvidia GPUs which were part of our successful beta test earlier this year, where we realized $1 million of annual run rate revenue. The Company expects all these SuperMicro servers to be installed and operational by the end of October 2023. This is a major milestone towards our year-end target of realizing $15 million of annual run rate revenue from this growing phase of our business."

"Additionally, we are excited to announce the expansion of our AI and HPC infrastructure offering into North America, in addition to our current operations in Sweden. Our North American AI and HPC infrastructure will be based in Canada, and the first servers are expected to come online in September. HIVE is also excited to receive our enterprise grade networking equipment, which will upgrade our AI and HPC servers in Sweden. This will allow 100 GBe interconnect speeds and will allow us to serve users with high-end AI and HPC compute demands. Enterprise grade network equipment for our Canadian facility is expected to follow shortly thereafter."

Where HIVE has been a technology leader in crypto-mining, our team with the knowledge and experience of operating a fleet of approximately 150,000 GPUs during the Ethereum mining era, now aspires to apply their expertise to the Company's long-term blue-sky vision to implement our 38,000 Nvidia GPUs for HPC and AI workloads."

August 2023 Production Figures

Mr. Kilic continued "Our focus has been to upgrade our fleet of ASICs, as well as find new generation ASICs available for immediate delivery, so they can be quickly installed to realize cash flow return on invested capital."

Luke Rossy, VP of Operations commented "We expected to have an additional 1,700 BuzzMiners installed in New Brunswick in August. We have installed 300 BuzzMiners so far, however, 1,400 remain due to delays in our PDU upgrades. These are normal, course-of-business delays. We are happy to report progress where all of the 2,000 Bitmain S19 XP Antminers have been installed in our Lachute facility in Quebec. The acquisition of these machines was announced less than one month ago."

The Company's total Bitcoin production in August 2023 was:

• 260 BTC produced from ASICs from an average hashrate of 3.5 EH/s from ASICs in August;
• 8.4 BTC produced per day on average from ASICs, and 74.7 BTC/EH from ASICs in August;
• 3.69 EH/s of BTC month end Hashrate as of August 31, comprised of 3.531 EH/s of ASIC BTC hashrate and 0.163 EH/s of GPU BTC Hashrate;
• This represents a 1% month over month end increase in BTC ASIC hashrate (July 31 month end was 3.64 EH/s);
• Monthly average of 3.67 EH/s, comprised of an average of 3.485 EH/s of ASIC mining capacity and average of 186 PH/s of Bitcoin GPU mining capacity during the month of August;
• This is a 6% month over month increase in BTC average hashrate from ASICs and GPUs combined (July average BTC hashrate was 3.46 EH/s).

Bitcoin Global Network Mining Difficulty Is Volatile

Network difficulty factors are a significant variable in the Company's gross profit margins. The Bitcoin network difficulty was 52.33 T as of August 1, and increased to an all-time high of 55.62 T as of August 31. Accordingly, Bitcoin mining difficulty ended the month about 6% higher than the beginning of the month.

The Bitcoin Network Difficulty is a publicly available statistic, which reflects the total number of Bitcoin miners online and is important in analyzing a company's gross profit margins, and number of Bitcoin produced. This data is available on many websites, here is one citation: https://www.blockchain.com/explorer/charts/difficulty

As more people mine Bitcoin (difficulty increases), the daily Bitcoin block reward which presently is fixed at 900 Bitcoin per day, gets split amongst more miners; thus, each miner receives a smaller portion of the block reward. Conversely, as Bitcoin prices fall, many miners may lose money, and power down, thus taking their hashrate off the network, causing Network Difficulty to decrease.

Those miners with the lowest costs of production, by virtue of having more efficient machines and/or lower energy costs, are able to continue their production during these volatile cycles. Not all miners will continuously mine during the month, as a result some miners will produce less Bitcoin than expected, relative to their advertised hashrate. For the foregoing reasons, HIVE will self-curtail part of its operations if the unhedged spot energy prices are uneconomical, thereby leaving part of its total gross hashrate unutilized.

All Bitcoin miners are striving to use the most efficient Bitcoin ASIC chips, and we are happy that we have been able to upgrade our global fleet during this crypto market downturn.

Clarification to August 11, 2023, Release

In the Company's press release dated August 11, 2023, it disclosed that, pursuant to the at-the-market equity program established by the prospectus supplement dated May 10, 2023 (the "May 2023 ATM") it had issued an aggregate of 534,400 common shares over the TSX Venture Exchange from the period between May 10, 2023 and June 30, 2023 at an average price of C$4.92, and paid cash commission of $60,901.00. The Company clarifies and confirms that the average price of the shares issued during this period pursuant to the May 2023 ATM was C$5.02 and the total commissions paid were $60,808.53.

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 sustainable green energy focus.

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 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 ETH and 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.

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
info@hivedigitaltech.com

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 August 2023; 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 facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, including the Company's ability to utilize the Company's at-the-market equity offering program (the "ATM Program") and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.com.

The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.

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