This news release constitutes a “certain news release” for the purpose of supplementing the Company’s prospectus dated October 3, 2024 to its short base shelf prospectus dated September 11, 2024.
Vancouver, British Columbia and San Antonio, Texas–(Newsfile Corp. – January 02, 2025) – HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the “Company” or “HIVE”), a global leader in sustainable blockchain infrastructure, announced that it has reached 6.0 Exahashes per second (“EH/ s”) operational hashrate, recording a 47% year-over-year increase from 4.08 EH/s as of December 31, 2023.
This milestone was prompted by the upgrade of the Company’s mining fleet with state-of-the-art Avalon machines procured from Canaan Inc (NASDAQ:)., increasing both the efficiency and capacity of its operations.
Furthermore, HIVE is proud to have secured highly competitive energy prices in Sweden, adding to its protected position with electricity costs below 2 cents per kilowatt-hour and underlining its commitment to increasing operational cost efficiency and profitability.
The company anticipates reaching 15 EH/s of global hashrate capacity by the end of 2025, with a combined fleet efficiency of 17 joules per terahash (“J/TH”) following the full development of its strategic 100 MW hydroelectric expansion in Paraguay.
Executive Comment:
Frank Holmes, CEO of HIVE, stated: “After successfully managing our second Bitcoin halving event as a company, HIVE is setting a new standard for efficiency and innovation in Bitcoin mining. By optimizing our existing fleet and securing attractive pricing for our operations in Sweden, we are not only reducing the cost of Bitcoin production, but also increasing the return on investment and paving the way for transformative growth in 2025.”
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 impact on the environment.
For more information visit hivedigitaltech.com or connect with us at:
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 additional information, please contact:
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Information about the future
In addition to statements of historical fact, this release contains “forward-looking information” within the meaning of applicable Canadian and US securities laws and regulations that are based on expectations, estimates and projections as of the date of this release. “Forward-looking information” in this release includes, but is not limited to: the Company’s business and objectives; acquisition, deployment and optimization of mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; and other forward-looking information regarding the intentions, plans and future actions of the parties to the transactions described herein and their terms.
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 digital currency markets; the company’s ability to successfully mine digital currency; the company may not be able to profitably liquidate its current holdings of digital currency as needed or at all; a significant drop in digital currency prices may have a significant negative impact on the Company’s operations; the regulatory environment for cryptocurrencies in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated service conditions and electricity prices; the speculative and competitive nature of the technology sector; dependence on continued growth in the use of blockchain and cryptocurrency; lawsuits and other legal proceedings and disputes; state regulations; global economic climate; dilution; future capital needs and the uncertainty of additional financing, including the Company’s ability to use the Company’s Program A™ and the prices at which the Company may sell Program A™ Common Shares, as well as capital market conditions generally; risks related to the strategy of maintaining and increasing the share of Bitcoin and the impact of a decline in the price of Bitcoin on working capital; the competitive nature of the industry; foreign currency risks; the need for the Company to manage its planned growth and expansion; the effects of product development and the need for constant technology change; the ability to maintain reliable and economical sources of energy to run its cryptocurrency mining assets; the impact of energy restrictions or regulatory changes in energy regimes in the jurisdictions in which the Company operates; protection of property rights; the effect of government regulations and compliance on the company and the industry; network security risks; the Company’s ability to maintain properly functioning systems; reliance on key personnel; a deterioration in the global economy and financial markets that impedes access to capital or increases the cost of capital; share dilution resulting from program A™ and other share issuances; construction and operation of facilities may not proceed as currently planned or at all; the expansion may not materialize as currently expected or at all; 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 business; an increase in network difficulty may have a significant negative impact on operations; digital currency price volatility; the expected growth and sustainability of electricity for cryptocurrency mining purposes in applicable jurisdictions; inability to maintain reliable and economical sources of energy for the Company in order to manage assets for cryptocurrency mining; the risks of an increase in the Company’s costs for electricity, costs, changes in currency exchange rates, reductions in energy consumption or regulatory changes in energy regimes in the jurisdictions in which the Company operates and adverse impact on the Company’s profitability; the ability to complete current and future financing, any regulations or laws that will prevent the company from doing business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; the inability to predict and mitigate the effects of pandemics on the Company’s operations, including but not limited to the effects of pandemics on digital currency prices, capital market conditions, labor and international travel restrictions and supply chains; and, the adoption or extension of any regulation or law that will prevent the Company from doing business or make it more expensive to do so; and other related risks as more fully set forth in the Company’s disclosure documents in the Company’s filings at www.sec.gov/EDGAR and www.sedarplus.ca.
Forward-looking information in this 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 goals, objectives or future plans, their timing and related matters. The Company also assumed that no significant events outside the normal course of the Company’s operations occur. Although the Company believes that the assumptions contained in the forward-looking information are reasonable, the forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be placed on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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