(MENAFN- Newsfile Corp)
Vancouver, British Columbia--(Newsfile Corp. - September 11, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE") a pioneer in green energy-powered blockchain infrastructure, announces a correction to the Hodl value in respect of its unaudited production results for August 2024 announced in press releases on September 5, 2024. The correct HODL balance as at August 31, 2024 was 2,567 Bitcoins (not 2,533 Bitcoins) with a value exceeding $151 million (not $164 million). Previously, the number of bitcoin held was understated, while the volatile nature of Bitcoin's price led to an overstatement of its value by approximately $13 million. This correction does not change anything else in the September 5, 2024 news releases ( all amounts in US dollars, unless otherwise indicated ).
Additionally, the Company reports further details on the At-The-Market (ATM) sales conducted from July 1-19, 2024, under the August 2023 ATM Equity Program.
Executive Commentary:
Frank Holmes, Executive Chairman of HIVE, reiterated the Company's commitment to maintaining low General and Administrative (G&A) costs, maximizing cash flow, and achieving strong revenue per employee while avoiding excessive share dilution. Aydin Kilic, President and CEO, highlighted the ongoing fleet optimizations, projecting an increase in hashrate to 13.5 EH/s following upgrades at their Paraguay facility, all while prioritizing sustainable energy use.
The Company's HODL value and operating practices align with HIVE's broader strategy of enhancing mining performance, clean virgin Bitcoin on its balance sheet and environmental sustainability.
At-the-Market Offering:
On August 17, 2023, the Company entered into an equity distribution agreement ("August 2023 Equity Distribution Agreement") with Stifel GMP and Canaccord Genuity Corp. Under the August 2023 Equity Distribution Agreement, the Company may, from time to time, sell up to $90 million of common shares in the capital of the Company ("the August 2023 ATM Equity Program"). The August 2023 Equity Distribution Agreement was terminated on July 19, 2024.
For the period from July 1, 2024, to July 19, 2024 (the "Terminal Period"), the Company issued 1,368,297 common shares (the "August 2023 ATM Shares") pursuant to the August 2023 ATM Equity Program for gross proceeds of C$6.09 million ($4.46 million). The August 2023 ATM shares were sold at prevailing market prices, for an average price per August 2023 ATM Share of C$4.45. Pursuant to the August 2023 Equity Distribution Agreement, a cash commission of $133,735 on the aggregate gross proceeds raised was paid to the agent in connection with its services under the August 2023 Equity Distribution Agreement.
The Company is using the net proceeds from the August 2023 Equity 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. went public in 2017 as the first cryptocurrency mining company listed for trading on the TSX Venture Exchange with a focus on sustainable green energy.
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 and operates 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 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.
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 sets HIVE apart from competitors and aligns with evolving investor preferences.
Expansion into AI Strategy:
Diversification: HIVE's diversification into HPC enables us to support artificial intelligence (AI) using Nvidia GPU chips, showcasing our adaptability and innovation beyond traditional Bitcoin mining.
Revenue Streams: This strategic move into HPC broadens HIVE's revenue streams and places it at the forefront of technological advancements in both cryptocurrency and AI industries.
HIVE's unique value proposition encompasses efficient operations, a proven agile management team, financial strength, environmental sustainability, and innovative expansion strategies. Beyond Bitcoin mining, HIVE is firmly part of the global boom in data center infrastructure, sourcing primarily green renewable energy.
HIVE presents a unique growth opportunity with over 2,500 Bitcoins on its balance sheet and growing revenue from its suite of Nvidia GPU chips 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 register to HIVE's mailing list, please visit Follow @HIVEDigitalTech on Twitter and subscribe to HIVE's YouTube channel.
On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman
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