HIVE Digital Technologies Ltd 6-K, filed Apr 7, 2025
HIVE Digital Technologies Ltd. (HIVE)
About this 6-K
HIVE Digital Technologies Ltd filed this 6-K on April 7, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2025
Commission File Number: 001-40398
HIVE Digital Technologies Ltd.
(Translation of registrant's name into English)
British Columbia, Canada
(Jurisdiction of incorporation or organization)
Suite 128, 7900 Callaghan Road
San Antonio, Texas 78229 United States of America
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
[ ] Form 20-F [X] Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
Exhibits 99.1, 99.2, 99.3, 99.4 and 99.5 to this Report on Form 6-K are incorporated by reference into the Registration Statement on Form F-10 of the Registrant, which was originally filed with the Securities and Exchange Commission on September 30, 2024 (File No. 333-282395).
EXHIBIT INDEX
| SIGNATURES | ||
| HIVE DIGITAL TECHNOLOGIES LTD. | ||
| By: | /s/ Darcy Daubaras | |
| Name: Darcy Daubaras | ||
| Title: Chief Financial Officer | ||
Date: April 4, 2025
FORM 51-102F3
MATERIAL CHANGE REPORT
Item 1 Name and Address of Company
HIVE Digital Technologies Ltd. ("HIVE" or the "Company")
# 855 - 789 West Pender Street
Vancouver, BC V6C 1H2
Item 2 Date of Material Change
March 10, 2025.
Item 3 News Release
The press release attached as Schedule "A" was released on March 10, 2025 by a newswire company in Canada.
Item 4 Summary of Material Change
The material change is described in the press release attached as Schedule "A".
Item 5 Full Description of Material Change
The material change is described in the press release attached as Schedule "A".
Item 6 Reliance of subsection 7.1(2) of National Instrument 51-102
Not applicable.
Item 7 Omitted Information
Not applicable.
Item 8 Executive Officer
Darcy Daubaras
Chief Financial Officer
T: 604-664-1078
Item 9 Date of Report
March 10, 2025.
Schedule "A"
HIVE Digital Technologies Announces
February 2025 Production Results and
Strategic Milestones
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.
San Antonio, Texas--(Newsfile Corp. - March 10, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (referred to as the "Company" or "HIVE"), a global leader in sustainable data center infrastructure, has released its unaudited production results for February 2025 (all amounts in US dollars, unless otherwise indicated).
Key Highlights for February 2025:
- Bitcoin Production: Mined 89 BTC, bringing HIVE's HODL portfolio to 2,620 BTC, valued at $220 million as of February 28, 2025, based on a BTC closing price of approximately $84,000. HODL Update: The Company's Bitcoin holdings have increased by 23% year-over-year.
- However, on a month-over-month basis, BTC holdings saw a decline as HIVE strategically sold a portion of its BTC to invest in capital assets, including Bitfarms' 200 megawatt ("MW") hydro- powered Bitcoin mining assets in Paraguay.
- Mining Capacity: Maintained an average mining capacity of 5.6 Exahash per Second ("EH/s") with fleet efficiency at 20.9 Joules per Terahash ("J/TH"). HIVE achieved a peak BTC-only hashrate of 6.2 EH/s and a peak BTC-equivalent hashrate of 6.4 EH/s.
- Operational Efficiency: Achieved an average daily production rate of 3.2 BTC, equivalent to 16 BTC per Exahash.
Executive Commentary:
Frank Holmes, Executive Chairman of HIVE, commented: "As we continue to expand and strengthen our executive team, we are aligning top-tier leadership with our strategic focus on two of the most transformative trends of our time-Bitcoin and AI. The appointment of Craig Tavares as President and Chief Operating Officer of Buzz HPC is a testament to our commitment to driving innovation and growth in high-performance computing and GPU cloud services. With over two decades of expertise in digital infrastructure, Craig's leadership will be instrumental in scaling Buzz HPC's operations and realizing our vision of reaching $100 million in revenue. His deep industry knowledge and track record of success positions us to capitalize on the immense opportunities ahead in AI-driven computing and blockchain technologies."
Aydin Kilic, President and CEO of HIVE, added: "We are focused on executing a transformative year that positions HIVE as one the largest and most efficient Bitcoin miners in the world. Our 300 MW expansion in Paraguay to 4x our hashrate from 6 EH/s to 25 EH/s by September 2025 remains on track. We expect to complete final construction and phased energization of miners for the first 100 MWs at Yguazú and 100 MW at Valenzuela in calendar Q2, 2025, which will bring us to an estimated interim target of 18 EH/s and 18 J/TH by June 30, 2025. It will be a very exciting year of growth for HIVE. We will provide updates on our ASIC procurement strategy."
Mr. Kilic continued, "Regarding our high-performance computing GPU business unit, in the last week of February, we realized $13 million of annualized run-rate revenue from our fleet of high-performance GPUs. We are on track to reach our $20 million annualized run-rate revenue target by calendar Q2 this year, based on current growth and performance trends, with new GPU servers coming online for AI processing."
Progress In Paraguay
Luke Rossy, Chief Operating Officer of HIVE, stated: "In February, our executive team conducted a site visit to Bitfarms' Yguazú facility, gaining firsthand insights into its ongoing construction. We were extremely pleased with the progress we witnessed there and are excited to finalize the strategic acquisition of Bitfarms' 200 MW Yguazú site in Q1 2025."
Photo: Foundations for the power transformer at HIVE's 100 MW Valenzuela site.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5335/243885_da6f0f209470784c_001full.jpg
Mr. Rossy continued, "Furthermore, we continue to make excellent progress on our 100 MW Valenzuela facility. With all civil and foundation works nearing completion, the site remains on track for energization by June 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 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.
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: the acquisition of the newsite in Paraguay and its potential, the timing of it becoming operational; business goals and objectives of the Company; the results of operations for February 2025; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; the receipt of government consents; 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 inability to enter into a binding agreement and complete the acquisition of the Paraguay site on the terms as announced or at all; the inability to complete the construction of the Paraguay acquisition on an economic and timely basis and achieve the desired operational performance; the ongoing support and cooperation of local authorities and the Government of Paraguay; 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 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 lawthat 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 newinformation, future events or otherwise, other than as required by law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/243885
HIVE Digital Technologies Welcomes Gabriel
Lamas as Country President of Paraguay
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.
San Antonio, Texas--(Newsfile Corp. - March 17, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE)
(NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE") a leading innovator in sustainable blockchain infrastructure, is proud to announce the appointment of Gabriel Lamas as Country President of Paraguay. Mr. Lamas will lead HIVE's operations and expansion in the region in this role, reinforcing the Company's position as a frontrunner in high-performance computing and green energy-powered data centers.
A Proven Leader in Infrastructure and Energy
Gabriel Lamas, a highly accomplished electrical engineer, brings over 20 years of expertise in infrastructure, operations, and large-scale energy projects. Fluent in three languages, he is known for his technical acumen, leadership, and unwavering discipline. A devoted family man and dedicated athlete, Lamas starts every day with a 5 a.m. workout, a testament to his relentless drive-qualities that will define his leadership at HIVE.
Lamas has played a pivotal role in shaping Latin America's digital and energy landscape. He led critical technical initiatives and large-scale operational projects as LATAM Director of Infrastructure and Operations and Global Director of Engineering and Design at Bitfarms Ltd. His leadership was also instrumental in the ITAIPU Retrofit Tender, where he oversaw the Basic Engineering phase and secured strategic contracts with top-tier contractors.
At Paraguay's National Utility, ANDE, Lamas managed dam reservoir operations, national energy demand forecasting, and transmission grid optimization. His contributions to implementing SCADA-EMS control center systems significantly enhanced the country's energy infrastructure, reinforcing his reputation as a visionary in energy efficiency and digital transformation.
Strategic Leadership For Growth
Frank Holmes, Co-Founder and Executive Chairman of HIVE, underscored Lamas' vital role in driving the Company's success in Paraguay:
"As we become the largest private electricity consumer from ANDE, Paraguay's national utility, HIVE will play a vital role in generating a steady stream of U.S. dollar-denominated revenue for the government. Gabriel's ability to execute and lead will be instrumental in ensuring our operations thrive while contributing positively to the local economy."
Beyond the public sector, Lamas has provided high-level consulting for global manufacturers of power equipment, automation, and control systems, showcasing his versatility and deep industry insight.
A Natural Fit For HIVE
HIVE CEO and President, Aydin Kilic, who, along with HIVE's COO Luke Rossy, met with Gabriel Lamas last month as part of their final due diligence in acquiring Bitfarms' assets, spoke highly of Lamas' leadership and expertise:
"When Luke Rossy and I met Gabriel during our final due diligence for acquiring Bitfarms' Paraguay assets, it was immediately clear that he was the right leader to drive our expansion. As an electrical engineer with deep experience in power infrastructure and data centers, he understands the technical and operational aspects of scaling sustainable high-performance computing. His discipline and leadership will be invaluable as we establish HIVE as Paraguay's premier digital infrastructure operator."
A Vision For The Future
Expressing his enthusiasm for his new role, Lamas stated:
"I'm honored to join HIVE at such an exciting time. The future of digital services is being shaped right now, and Paraguay is poised to play a key role in this evolution. HIVE's commitment to sustainable growth and technological excellence is truly inspiring, and I'm eager to lead our efforts in making this vision a reality."
He continued:
"As HIVE's Country President of Paraguay, I am fully committed to leveraging my expertise to drive innovation, efficiency, and sustainable expansion. I will work tirelessly to ensure that our ambitions translate into meaningful impact-leaving a lasting mark on the digital landscape."
A Transformational Year Ahead
With HIVE Digital Technologies at the forefront of sustainable data center innovation, the Company is confident that Lamas' strategic vision, operational expertise, and leadership will propel its Paraguay operations to new heights. His appointment marks an exciting new chapter as HIVE continues its transformative growth trajectory into 2025 and beyond.
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 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/244817
FORM 51-102F3
MATERIAL CHANGE REPORT
Item 1 Name and Address of Company
HIVE Digital Technologies Ltd. ("HIVE" or the "Company")
# 855 - 789 West Pender Street
Vancouver, BC V6C 1H2
Item 2 Date of Material Change
March 17, 2025.
Item 3 News Release
The press release attached as Schedule "A" was released on March 17, 2025 by a newswire company in Canada.
Item 4 Summary of Material Change
The material change is described in the press release attached as Schedule "A".
Item 5 Full Description of Material Change
The material change is described in the press release attached as Schedule "A".
Item 6 Reliance of subsection 7.1(2) of National Instrument 51-102
Not applicable.
Item 7 Omitted Information
Not applicable.
Item 8 Executive Officer
Darcy Daubaras
Chief Financial Officer
T: 604-664-1078
Item 9 Date of Report
March 17, 2025.
Schedule "A"
HIVE Digital Technologies Welcomes Gabriel
Lamas as Country President of Paraguay
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.
San Antonio, Texas--(Newsfile Corp. - March 17, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE)
(NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE") a leading innovator in sustainable blockchain infrastructure, is proud to announce the appointment of Gabriel Lamas as Country President of Paraguay. Mr. Lamas will lead HIVE's operations and expansion in the region in this role, reinforcing the Company's position as a frontrunner in high-performance computing and green energy-powered data centers.
A Proven Leader in Infrastructure and Energy
Gabriel Lamas, a highly accomplished electrical engineer, brings over 20 years of expertise in infrastructure, operations, and large-scale energy projects. Fluent in three languages, he is known for his technical acumen, leadership, and unwavering discipline. A devoted family man and dedicated athlete, Lamas starts every day with a 5 a.m. workout, a testament to his relentless drive-qualities that will define his leadership at HIVE.
Lamas has played a pivotal role in shaping Latin America's digital and energy landscape. He led critical technical initiatives and large-scale operational projects as LATAM Director of Infrastructure and Operations and Global Director of Engineering and Design at Bitfarms Ltd. His leadership was also instrumental in the ITAIPU Retrofit Tender, where he oversaw the Basic Engineering phase and secured strategic contracts with top-tier contractors.
At Paraguay's National Utility, ANDE, Lamas managed dam reservoir operations, national energy demand forecasting, and transmission grid optimization. His contributions to implementing SCADA- EMS control center systems significantly enhanced the country's energy infrastructure, reinforcing his reputation as a visionary in energy efficiency and digital transformation.
Strategic Leadership For Growth
Frank Holmes, Co-Founder and Executive Chairman of HIVE, underscored Lamas' vital role in driving the Company's success in Paraguay:
"As we become the largest private electricity consumer from ANDE, Paraguay's national utility, HIVE will play a vital role in generating a steady stream of U.S. dollar-denominated revenue for the government. Gabriel's ability to execute and lead will be instrumental in ensuring our operations thrive while contributing positively to the local economy."
Beyond the public sector, Lamas has provided high-level consulting for global manufacturers of power equipment, automation, and control systems, showcasing his versatility and deep industry insight.
A Natural Fit For HIVE
HIVE CEO and President, Aydin Kilic, who, along with HIVE's COO Luke Rossy, met with Gabriel Lamas last month as part of their final due diligence in acquiring Bitfarms' assets, spoke highly of Lamas' leadership and expertise:
"When Luke Rossy and I met Gabriel during our final due diligence for acquiring Bitfarms' Paraguay assets, it was immediately clear that he was the right leader to drive our expansion. As an electrical engineer with deep experience in power infrastructure and data centers, he understands the technical and operational aspects of scaling sustainable high-performance computing. His discipline and leadership will be invaluable as we establish HIVE as Paraguay's premier digital infrastructure operator."
A Vision For The Future
Expressing his enthusiasm for his new role, Lamas stated:
"I'm honored to join HIVE at such an exciting time. The future of digital services is being shaped right now, and Paraguay is poised to play a key role in this evolution. HIVE's commitment to sustainable growth and technological excellence is truly inspiring, and I'm eager to lead our efforts in making this vision a reality."
He continued:
"As HIVE's Country President of Paraguay, I am fully committed to leveraging my expertise to drive innovation, efficiency, and sustainable expansion. I will work tirelessly to ensure that our ambitions translate into meaningful impact-leaving a lasting mark on the digital landscape."
A Transformational Year Ahead
With HIVE Digital Technologies at the forefront of sustainable data center innovation, the Company is confident that Lamas' strategic vision, operational expertise, and leadership will propel its Paraguay operations to new heights. His appointment marks an exciting new chapter as HIVE continues its transformative growth trajectory into 2025 and beyond.
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 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/244817
HIVE Digital Technologies Completes
Acquisition of Paraguay's Yguazú Site,
Expanding Mining Capacity By 317%-From 6
EH/s to 25 EH/s in 2025
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.
San Antonio, Texas--(Newsfile Corp. - March 18, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE"), a global leader in sustainable data center infrastructure, is thrilled to announce the closing of its acquisition of Bitfarms Ltd.'s Yguazú 200- megawatt ("MW") hydro-powered facility in Paraguay. This strategic expansion marks a 317% increase in mining capacity, propelling HIVE from 6 Exahashes per second ("EH/s") today to a projected 25 EH/s by September 2025.
With this acquisition, HIVE now has a total of 300 MW of mining infrastructure in Paraguay, including its previously announced 100 MW project in Valenzuela, which is set for energization by June 2025. The company's global operational footprint will grow to 430 MW by Q3 2025, spanning Paraguay, Canada, and Sweden.
This milestone reinforces HIVE's commitment to 100% green hydroelectric energy while establishing itself as a dominant force in high-performance computing in Latin America. Paraguay provides low-cost hydroelectric power, a stable regulatory environment, and competitive operational costs, making it an ideal location for HIVE's rapid expansion.
Phased Development Plan for 200 MW Yguazú Site
The 200 MW Yguazú facility will be developed in two phases:
-
Phase 1: Expected completion by April 1, 2025. Construction is 80% complete, with infrastructure nearly ready. This phase will add approximately 6 EH/s of hashrate, expected to be fully operational by Q2 2025. HIVE will assume the remaining payments for full energization.
-
Phase 2: Expected completion by August 31, 2025. This phase will contribute 6.5 EH/s using hydro-cooled ASICs, enhancing efficiency and performance.
To achieve its ambitious 25 EH/s target, HIVE has secured ASICs for 15 EH/s of operational hashrate (including HIVE's existing 6.5 EH/s installed by March 2025 and the 8.6 EH/s order of Bitmain S21+ Hydro ASICs, announced in November 2024). Additional ASIC acquisitions will be announced in the coming months to support further growth. Once the 25 EH/s milestone is reached, HIVE targets a fleet-wide efficiency of 16.5 Joules per Terahash (J/TH), significantly reducing the cost of operations.
Strengthening U.S.-Paraguay Relations
Frank Holmes, Executive Chairman of HIVE, stated:
"This acquisition demonstrates our strategic focus on sustainable, high-growth expansion. Scaling our operations to 3% of the global network by September 2025, powered entirely by green energy, is a significant achievement. Paraguay's stability and economic policies-bolstered by President Santiago Peña's leadership and international experience-make it an excellent partner for HIVE. President Peña earned a Master's degree in Public Administration from Columbia University and worked at the International Monetary Fund (IMF) in Washington, D.C., demonstrating his deep ties to U.S. economic policy. Additionally, Paraguay maintains strong diplomatic and trade relationships with Taiwan and Israel, reinforcing its position as a key U.S. ally in Latin America.
HIVE's presence in Paraguay not only strengthens our sustainable energy strategy but also delivers direct economic benefits. Our operations contribute monthly U.S. dollar revenue to Paraguay's national utility company, ANDE, supporting local infrastructure and growth. With this expansion, HIVE is positioning itself as a major contributor to Paraguay's economic development while establishing regional leadership in Latin America's digital infrastructure industry."
Operational Excellence and Future Growth
Aydin Kilic, President and CEO of HIVE, commented:
"Our priority is delivering shareholder value while fostering sustainable local growth. This acquisition allows us to quadruple our capacity-from 6 EH/s to 25 EH/s in 2025-while maintaining one of the most energy-efficient operations in the industry. With a target efficiency of 16.5 J/TH fleet-wide, we are ensuring cost-effective, environmentally responsible operations.
Beyond technology, we are committed to investing in Paraguay's infrastructure, supporting education, and creating high-quality local jobs. Our 200 MW Yguazú facility was built to a high technical standard and provides additional 100 MW expansion potential. The regional substation we are drawing power from has 300 MW of capacity, and we have already installed placeholder infrastructure for additional transformers, should we decide to expand to a full 300 MW in the future."
Photo: 80 MVA transformer delivery to Yguazú
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5335/245021_34c6cf1194fa18e2_001full.jpg
Transaction Details
The acquisition, valued at $56 million, includes ownership of a 240 MVA substation with 200 MW of capacity, as well as all associated land and facilities. Key terms include:
- $25 million paid at closing.
- $31 million payable in equal installments over six months.
HIVE estimates the total net costs to complete the site to 200 MW will be $400,000 per MW upon completion.
Advisors and Counsel
Keefe, Bruyette & Woods, a Stifel Company, acted as the exclusive financial advisor to HIVE. Blue HF Legal LLP and BKM | Berkemeyer served as legal counsel to HIVE.
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 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.
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: the acquisition of the newsite in Paraguay and its potential, the timing of it becoming operational; 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; the receipt of government consents; 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 inability to enter into a binding agreement and complete the acquisition of the Paraguay site on the terms as announced or at all; the inability to complete the construction of the Paraguay acquisition on an economic and timely basis and achieve the desired operational performance; the ongoing support and cooperation of local authorities and the Government of Paraguay; 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 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 lawthat 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/245021
FORM 51-102F3
MATERIAL CHANGE REPORT
Item 1 Name and Address of Company
HIVE Digital Technologies Ltd. ("HIVE" or the "Company")
# 855 - 789 West Pender Street
Vancouver, BC V6C 1H2
Item 2 Date of Material Change
March 18, 2025.
Item 3 News Release
The press release attached as Schedule "A" was released on March 18, 2025 by a newswire company in Canada.
Item 4 Summary of Material Change
The material change is described in the press release attached as Schedule "A".
Item 5 Full Description of Material Change
The material change is described in the press release attached as Schedule "A".
Item 6 Reliance of subsection 7.1(2) of National Instrument 51-102
Not applicable.
Item 7 Omitted Information
Not applicable.
Item 8 Executive Officer
Darcy Daubaras
Chief Financial Officer
T: 604-664-1078
Item 9 Date of Report
March 18, 2025.
Schedule "A"
HIVE Digital Technologies Completes
Acquisition of Paraguay's Yguazú Site,
Expanding Mining Capacity By 317%-From 6
EH/s to 25 EH/s in 2025
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.
San Antonio, Texas--(Newsfile Corp. - March 18, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE"), a global leader in sustainable data center infrastructure, is thrilled to announce the closing of its acquisition of Bitfarms Ltd.'s Yguazú 200- megawatt ("MW") hydro-powered facility in Paraguay. This strategic expansion marks a 317% increase in mining capacity, propelling HIVE from 6 Exahashes per second ("EH/s") today to a projected 25 EH/s by September 2025.
With this acquisition, HIVE now has a total of 300 MW of mining infrastructure in Paraguay, including its previously announced 100 MW project in Valenzuela, which is set for energization by June 2025. The company's global operational footprint will grow to 430 MW by Q3 2025, spanning Paraguay, Canada, and Sweden.
This milestone reinforces HIVE's commitment to 100% green hydroelectric energy while establishing itself as a dominant force in high-performance computing in Latin America. Paraguay provides low-cost hydroelectric power, a stable regulatory environment, and competitive operational costs, making it an ideal location for HIVE's rapid expansion.
Phased Development Plan for 200 MW Yguazú Site
The 200 MW Yguazú facility will be developed in two phases:
-
Phase 1: Expected completion by April 1, 2025. Construction is 80% complete, with infrastructure nearly ready. This phase will add approximately 6 EH/s of hashrate, expected to be fully operational by Q2 2025. HIVE will assume the remaining payments for full energization.
-
Phase 2: Expected completion by August 31, 2025. This phase will contribute 6.5 EH/s using hydro-cooled ASICs, enhancing efficiency and performance.
To achieve its ambitious 25 EH/s target, HIVE has secured ASICs for 15 EH/s of operational hashrate (including HIVE's existing 6.5 EH/s installed by March 2025 and the 8.6 EH/s order of Bitmain S21+ Hydro ASICs, announced in November 2024). Additional ASIC acquisitions will be announced in the coming months to support further growth. Once the 25 EH/s milestone is reached, HIVE targets a fleet- wide efficiency of 16.5 Joules per Terahash (J/TH), significantly reducing the cost of operations.
Strengthening U.S.-Paraguay Relations
Frank Holmes, Executive Chairman of HIVE, stated:
"This acquisition demonstrates our strategic focus on sustainable, high-growth expansion. Scaling our operations to 3% of the global network by September 2025, powered entirely by green energy, is a significant achievement. Paraguay's stability and economic policies-bolstered by President Santiago Peña's leadership and international experience-make it an excellent partner for HIVE. President Peña earned a Master's degree in Public Administration from Columbia University and worked at the International Monetary Fund (IMF) in Washington, D.C., demonstrating his deep ties to U.S. economic policy. Additionally, Paraguay maintains strong diplomatic and trade relationships with Taiwan and Israel, reinforcing its position as a key U.S. ally in Latin America.
HIVE's presence in Paraguay not only strengthens our sustainable energy strategy but also delivers direct economic benefits. Our operations contribute monthly U.S. dollar revenue to Paraguay's national utility company, ANDE, supporting local infrastructure and growth. With this expansion, HIVE is positioning itself as a major contributor to Paraguay's economic development while establishing regional leadership in Latin America's digital infrastructure industry."
Operational Excellence and Future Growth
Aydin Kilic, President and CEO of HIVE, commented:
"Our priority is delivering shareholder value while fostering sustainable local growth. This acquisition allows us to quadruple our capacity-from 6 EH/s to 25 EH/s in 2025-while maintaining one of the most energy-efficient operations in the industry. With a target efficiency of 16.5 J/TH fleet-wide, we are ensuring cost-effective, environmentally responsible operations.
Beyond technology, we are committed to investing in Paraguay's infrastructure, supporting education, and creating high-quality local jobs. Our 200 MW Yguazú facility was built to a high technical standard and provides additional 100 MW expansion potential. The regional substation we are drawing power from has 300 MW of capacity, and we have already installed placeholder infrastructure for additional transformers, should we decide to expand to a full 300 MW in the future."
Photo: 80 MVA transformer delivery to Yguazú
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5335/245021_34c6cf1194fa18e2_001full.jpg
Transaction Details
The acquisition, valued at $56 million, includes ownership of a 240 MVA substation with 200 MW of capacity, as well as all associated land and facilities. Key terms include:
- $25 million paid at closing.
- $31 million payable in equal installments over six months.
HIVE estimates the total net costs to complete the site to 200 MW will be $400,000 per MW upon completion.
Advisors and Counsel
Keefe, Bruyette & Woods, a Stifel Company, acted as the exclusive financial advisor to HIVE. Blue HF Legal LLP and BKM | Berkemeyer served as legal counsel to HIVE.
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 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.
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: the acquisition of the newsite in Paraguay and its potential, the timing of it becoming operational; 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; the receipt of government consents; 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 inability to enter into a binding agreement and complete the acquisition of the Paraguay site on the terms as announced or at all; the inability to complete the construction of the Paraguay acquisition on an economic and timely basis and achieve the desired operational performance; the ongoing support and cooperation of local authorities and the Government of Paraguay; 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 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 lawthat 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/245021