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.

Vancouver, British Columbia--(Newsfile Corp. - November 11, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE"), a leader in sustainable blockchain infrastructure, is pleased to announce a major order for 6,500 Canaan Avalon A1566 ASIC Miners from Canaan Inc. (NASDAQ: CAN) and provide an update on its Paraguay facility.

Executive Insights:

Frank Holmes, Executive Chairman, remarked, "Our disciplined capital management allows us to seize opportunities for ASIC upgrades, boosting efficiency and adding accretive value while building our Bitcoin HODL. With construction underway for our 100 MW green energy facility in Paraguay, we are using cash flow from operations to drive growth and capitalize on our position as both a Bitcoin proxy and an operational business. HIVE is committed to accretive investments that elevate shareholder value and cash flow."

Next Generation ASIC Fleet Upgrade:

Aydin Kilic, President and CEO of HIVE, stated, "Our recent order of the Canaan Avalon A1566 marks a significant advancement in our optimized-ROI investment strategy. These top-of-the-line ASIC miners from the Avalon series offer 185 TH/s per machine with a unit efficiency of 16.5 J/TH, setting a new benchmark in our fleet's performance. With the first batch of 500 units arriving and set to be operational this week, the remaining 6,000 units are scheduled for delivery over four monthly installments from December 2024 through March 2025."

This fleet upgrade will replace older 30 J/TH ASICs, boosting HIVE's total capacity to 6 EH/s and enhancing fleet efficiency to 20.5 J/TH by March 2025, up from the current 5.6 EH/s at 22.3 J/TH. The Avalon A1566 was selected based on its superior ROI under both bear and bull market conditions. With structured payments upon shipment readiness, HIVE maximizes capital efficiency while working closely with the Canaan team to support our deployment strategy. HIVE has secured favorable pricing and payment terms to allow for the best ROI on deployed capital.

We want to express our sincere gratitude to HIVE for choosing Canaan's mining solutions for their operations. Securing a significant order is always rewarding, but it holds particular meaning when it comes from HIVE- a long-standing customer and a pioneer in Bitcoin mining. With a dedicated, highly skilled team spread across the globe, HIVE has been able to maximize the utilization rate of its mining sites, resulting in some of the highest Bitcoin production per active hashrate in the industry," said Nangeng Zhang, Chairman and CEO of Canaan. "HIVE is an important partner, especially given their commitment to transparency in business and their strong focus on ESG principles. We can all learn from them as a leading player in their field."

Paraguay Update:

Mr. Kilic also commented on HIVE's 100 MW expansion in Paraguay: "We are excited to report that construction has officially begun, with photos below showcasing our progress, and the electrical equipment is already ordered. We anticipate 30 MW of mining capacity, equivalent to roughly 2 EH/s, to come online by early calendar Q2 2025, raising HIVE's total hashrate to 8 EH/s by the end of calendar Q2 2025, following our internal upgrades to 6 EH/s by March 2025."

The full 100 MW in Paraguay is projected to be fully operational by calendar Q3 2025, achieving a targeted hashrate of 12.5 EH/s with a fleet efficiency of 17.6 J/TH. This expansion underscores HIVE's commitment to sustainable growth and operational excellence, reinforcing its position as a leader in environmentally-conscious blockchain infrastructure.

Figure 1

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About HIVE Digital Technologies Ltd.

HIVE Digital Technologies Ltd. is a pioneering technology company focused on advancing sustainable blockchain and AI infrastructure powered by green energy. HIVE was the first cryptocurrency miner to go public on the TSX Venture Exchange in 2017 and is committed to reducing environmental impact and optimizing operational efficiency. With data centers in Canada, Sweden, and soon Paraguay, HIVE is a global leader in digital asset mining and AI computing solutions.

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

For more information and to register for 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

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 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 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 pandemics on the business of the Company, including but not limited to the effects of pandemics 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.ca.

The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs 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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