Vancouver, British Columbia–(Newsfile Corp. – September 11, 2024) – HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the “Company” or “HIVE”) is a world leader. The green-powered blockchain infrastructure is announcing a HODL value adjustment on unaudited production results for August 2024, announced in a press release on September 5, 2024. As of August 31, 2024, the HODL balance was 2,567 bitcoins (not 2,533). Bitcoins) worth more than $151 million (not $164 million). Previously, the number held was reduced, while Bitcoin’s price volatility caused its value to be inflated by about $13 million. This amendment does not change anything else in the September 5, 2024 news releases (all amounts in US dollars unless otherwise stated).
In addition, the Company provides details of sales in the Market (A™) from July 1-19, 2024 under the August 2023 A™ Share Program.
Executive Comment:
Frank Holmes, HIVE’s Executive Chairman, reiterated the Company’s commitment to maintaining low General and Administrative (G&A) costs, maximizing cash flow and generating strong returns per employee. While prioritizing sustainable energy use, President and CEO Aydin Kılıç highlighted ongoing fleet optimizations, predicting a hashrate increase of up to 13.5 EH/s following upgrades at its facilities in Paraguay.
The company’s HODL value and operational practices align with HIVE’s broader strategy of increasing mining performance, clean virgin Bitcoin on its balance sheet, and environmental sustainability.
Market Offer:
On August 17, 2023, the Company entered into a share distribution agreement with Stifel GMP and Canaccord Genuity Corp (the “August 2023 Share Distribution Agreement”). Pursuant to the August 2023 Share Distribution Agreement, the Company may from time to time sell. for $90 million of common shares in the capital of the Company (the “August 2023 A™ Share Program”). The August 2023 Capital Distribution Agreement was terminated on July 19, 2024.
For the period July 1, 2024 through July 19, 2024 (the “Terminal Period”), the Company issued 1,368,297 common shares (“August 2023 A™ Shares”) pursuant to the August 2023 A™ Share Program for gross proceeds. 6.09 million Canadian dollars ($4.46 million). August 2023 A™ Shares traded at an average price of C$4.45 per August 2023 A™ Share at prevailing market prices. Pursuant to the August 2023 Capital Distribution Agreement, the agent was paid a cash commission of $133,735 on gross gross revenue collected in connection with its services under the August 2023 Capital Distribution Agreement.
The Company is using the net proceeds from the August 2023 Capital Distribution Agreement for the purchase of data center equipment, strategic investments, including building BTC assets on our balance sheet, and general working capital.
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. In 2017, it went public as the first cryptocurrency mining company listed for trading on the TSX Venture Exchange with a focus on sustainable green energy.
HIVE is a technology fund focused on growth in the emerging blockchain industry. As a publicly traded company, we bridge the gap between the digital currency and blockchain sector and traditional capital markets. HIVE owns and operates state-of-the-art, green-powered data center facilities in Canada, Sweden and Iceland, where we strive to obtain green energy to mine digital assets like Bitcoin in the cloud. Since the beginning of 2021, HIVE has kept most of the BTC treasure from mining rewards in a secure vault. Our shares give investors exposure to the operating margins of digital currency mining, as well as exposure to a Bitcoin portfolio. Because HIVE also owns hard assets such as data centers and advanced multipurpose servers, we believe our stock offers investors an attractive way to gain exposure to the cryptocurrency space.
Environmental Sustainability:
- Green Energy: By sourcing green renewable energy, HIVE is committed to environmental responsibility, positioning itself as a leader in sustainable cryptocurrency mining.
- Competitive Advantage: We believe this environmentally conscious approach differentiates HIVE from competitors and aligns with evolving investor preferences.
Expanding on AI Strategy:
- Diversification: HIVE’s diversification into HPC enables us to support artificial intelligence (AI) using Nvidia (NASDAQ: ) GPU chips, demonstrating our adaptability and innovation beyond traditional Bitcoin mining.
- Revenue Streams: This strategic move into HPC expands HIVE’s revenue streams and places it at the forefront of technological advancements in both the cryptocurrency and AI industries.
HIVE’s unique value proposition includes efficient operations, a proven agile management team, financial strength, environmental sustainability and innovative expansion strategies. Beyond Bitcoin mining, HIVE is a solid part of the global boom in data center infrastructure, primarily using green renewable energy.
HIVE offers a unique growth opportunity with more than 2,500 bitcoins on its balance sheet and incremental revenue from Nvidia GPU chipsets powering data services for the AI revolution.
We encourage you to visit HIVE’s YouTube channel here To learn more about HIVE.
For more information and to sign up for HIVE’s mailing list, visit www.HIVEdigitaltechnologies.com. Follow @HIVEDigitalTech on Twitter and subscribe to HIVE’s YouTube channel.
On behalf of HIVE Digital Technologies Ltd.
“Frank Holmes”
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this news release.
Forward Information
Except for statements of historical fact, this news release contains “forward-looking information” under Canadian and United States securities laws and regulations based on expectations, estimates and projections as of the date of this news release. “Forward-Looking Information” in this news release includes, but is not limited to: the Company’s business goals and objectives; Results of operations for August 2024; purchase, deployment and optimization of mining fleet and equipment; sustainability of 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 the terms thereof.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, digital currency market volatility; The company’s ability to successfully issue digital currency; The Company may not be able to liquidate current digital currency inventory profitably as required, or at all; a significant decline in digital currency prices could have a material adverse effect 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 service periods and electricity tariffs; the speculative and competitive nature of the technology sector; reliance on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and objections; government regulations; global economic climate; dilution; the uncertainty of future capital needs and additional financing, including the Company’s ability to use its share offering program (the “A™ Program”) and the prices at which the Company may sell Common Shares in the A™ Program, as well as capital market conditions generally; Risks related to the strategy of maintaining and increasing Bitcoin holdings and the impact of Bitcoin price declines on working capital; industry competitiveness; currency exchange risks; The need to manage the company’s planned growth and expansion; the impact of product development and the need for continuous technology change; ability to maintain reliable and cost-effective power sources to manage 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 impact of government regulation and compliance on the Company and the industry; network security risks; Company’s ability to maintain properly functioning systems; trusting key personnel; global economic and financial market deterioration that impedes access to capital or increases the cost of capital; Dilution of shares resulting from Program A™ and other share issuances; construction and operation of the facilities may not occur as currently planned or at all; expansion may not occur as currently anticipated or at all; digital currency market; ability to successfully withdraw digital currency; revenue may not increase as expected or at all; current digital currency inventory may not be liquidated profitably or at all; a decline in digital currency prices could have a material adverse effect on operations; an increase in network complexity can have a significant negative impact
transactions; volatility of digital currency prices; the expected growth and sustainability of electricity for cryptocurrency mining purposes in applicable jurisdictions; inability to maintain reliable and cost-effective power sources for the Company to operate cryptocurrency mining assets; Risks of an increase in the Company’s electricity costs, an increase in its cost, changes in exchange rates, energy restrictions or regulatory changes in energy regimes in the jurisdictions in which the Company operates, and the risks of a negative impact on the Company’s profitability; the ability to complete current and future financing, any regulations or laws that would prevent the Company from conducting its business; historical prices of digital currencies and the ability to issue digital currencies that will correspond to historical prices; the inability to predict and counter the effects of pandemics on the Company’s business, including but not limited to restrictions on the price of digital currencies, capital market conditions, labor and international travel and supply chains; and, the enactment or expansion of any regulation or law that would impede or make it more expensive for the Company to conduct its business; and other related risks the company’s www.sec.gov/EDGAR and www.sedarplus.ca.
Forward-looking statements in this news release reflect the Company’s current expectations, assumptions and/or beliefs based on currently available information. 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, the timing of their implementation and related matters. The Company has also assumed that no material events outside the normal course of business of the Company have occurred. Although the Company believes that the assumptions inherent in forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and, accordingly, such information should not be relied upon unduly because of its 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.
To view the source version of this press release, visit https://www.newsfilecorp.com/release/222974.
