San Antonio, Texas, May 2025 — HIVE Digital Technologies Ltd. (TSX.V: HIVE) (Nasdaq: HIVE) (FSE:YO0) (the “Company” or “HIVE) a global leader in sustainable digital infrastructure, is pleased to announce that following the acquisition of Bitfarms’ Yguazú assets in Paraguay and the completion of the first 100 MW phase, while construction advances at HIVE’s Valenzuela site, the Company is rapidly accelerating operations. HIVE has now surpassed 7 Exahash per second (EH/s) of global Bitcoin mining hashrate, representing a 10% month-over-month increase of peak hashrate, with further growth expected every few weeks as new ASIC miners are deployed (all amounts in US dollars, unless otherwise indicated).
Rapid Hashrate Expansion
As of today, HIVE reports a total Bitcoin mining hashrate of 7.3 EH/s (a 10% increase on peak hashrate realized last month of 6.6 EH/s), driven by the energization of its first 100 MW hydro-powered facility in Paraguay. Leveraging both the acquired Bitfarms’ infrastructure and HIVE’s proprietary buildout, the Company is adding approximately 1 EH/s of additional capacity per month, and expects to accelerate this pace to 1 EH/s every two weeks as new hardware arrives. HIVE remains on track to achieve its Phase 1 target of 11.5 EH/s by the end of June 2025.
Key Highlights for April 2025
• Bitcoin Production: 102 Bitcoin produced during April, averaging 3.4 BTC per day or 15.8 BTC per Exahash.
• Mining Efficiency: Average hashrate of 6.5 EH/s during the month, with fleet efficiency of 20.7 joules per terahash; peak hashrate reached 6.6 EH/s.
Executive Commentary
Frank Holmes, Co-Founder and Executive Chairman of HIVE, stated: “We’re excited by the traction we’re gaining after acquiring Bitfarms’ assets and launching our own site in Paraguay. This expansion provides HIVE with a strategic advantage to scale production using clean hydroelectric power. However, we remain vigilant, as global supply chain challenges and trade tensions over tariffs could introduce potential disruptions. With the Bitcoin price back above $100,000 as of this news release, we expect to reach six Bitcoin per day by the end of June, nearly doubling April’s average daily production. Our disciplined capital allocation, including the redeployment of 30 MW of BUZZ Miners, has already saved us $27 million in capex, accelerating our near-term growth.”
Aydin Kilic, President and CEO of HIVE, added: “Our team has worked around the clock to ensure we hit our milestones. As a performance leader in the industry, HIVE wants to demonstrate to its shareholders and investors the Company’s expertise and proficiency in building and operating data centers globally.
We are pleased to announce that construction of Phase 2 is well underway, which will utilize the Bitmain S21+ Hydro ASIC miners, and the Bitmain Hydro AntSpace containers for our Phase 2 infrastructure in Yguazú have shipped, which will bring online our second 100 MW in Paraguay, and are expected to land in early June. HIVE’s Phase 2 expansion in Paraguay will add an additional 6.5 Exahash of Bitmain S21+ Hydro ASICs, bringing our total hashrate to 18 EH/s by the end of summer.”
Paraguay Expansion Update
HIVE has completed construction and energization of the initial 100 MW phase at the Yguazú site, utilizing a mix of proprietary BUZZ Miners and the latest Bitmain S21+ air-cooled units, with over 20,000 machines expected onsite by the end of May.
Photo: Security team overseeing the safe transport of HIVE’s Bitcoin mining equipment to Yguazú. Phase 2 is progressing rapidly, centered around Bitmain S21+ Hydro miners. Over 13,400 hydro-cooled units, adding 4.3 EH/s, have already shipped, with complete Phase 2 expected to contribute an additional 6.5 EH/s — bringing HIVE’s total global capacity to approximately 18 EH/s.
Photo: Setting the stage at Yguazú for the arrival of next-gen Bitmain Hydro containers.
Luke Rossy, Chief Operating Officer of HIVE, commented “Looking ahead, we’re preparing our Valenzuela site for an additional 100 MW of air-cooled containers. This expansion, ramping up between August and November, will position HIVE to surpass 25 EH/s globally, establishing us among the largest Bitcoin miners in the world.”
At-the-Market Offering
For the three-month period ended March 31, 2025, the Company issued 25,206,407 common shares (the “October 2024 ATM Shares”) pursuant to the October 2024 ATM Equity Program for gross proceeds of C$96.9 million ($67.4 million). The October 2024 ATM shares were sold at prevailing market prices, for an average price per October 2024 ATM Share of C$3.84. Pursuant to the October 2024 Equity Distribution Agreement, a cash commission of $1.8 million on the aggregate gross proceeds raised was paid to the agent in connection with its services under the October 2024 Equity Distribution Agreement.
The Company is using the net proceeds from the October 2024 Equity Distribution Agreement for the purchase of data center equipment, strategic investments, and general working capital.
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 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.
