Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

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 November, 2024

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 370, 1095 West Pender Street, Vancouver

British Columbia, V6E 2M6, Canada

(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 and 99.2, 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

99.1	Unaudited Condensed Interim Consolidated Financials for the three and six months ended September 30, 2024 and 2023
99.2	Management's Discussion and Analysis for the three and six months ended September 30, 2024 and 2023
99.3	Form 52-109F2 Certification of Interim Filings (CEO) dated November 12, 2024
99.4	Form 52-109F2 Certification of Interim Filings (CFO) dated November 12, 2024

SIGNATURES

HIVE DIGITAL TECHNOLOGIES LTD.

By: /s/ Darcy Daubaras

Name: Darcy Daubaras
Title: Chief Financial Officer

Date: November 12, 2024

HIVE Digital Technologies Ltd.

Condensed Interim Consolidated Financial Statements
For the three and six months ended September 30, 2024 and 2023
(In thousands of U.S. dollars)
(Unaudited)

HIVE Digital Technologies Ltd.
Condensed Interim Consolidated Statements of Financial Position
(In thousands of US dollars)
(Unaudited)

			September 30,			March 31,
	Notes		2024			2024

Assets
Current assets
Cash		$	7,241		$	9,678
Amounts receivable and prepaids	6		6,654			6,929
Investments	5		24,446			6,974
Digital currencies	7		165,177			161,645
			203,518			185,226

Plant and equipment	8		115,220			95,356
Long term receivable	6		2,664			2,595
Deposits, net of provision	9		5,714			15,917
Right of use asset	14		7,570			8,488
Total assets		$	334,686		$	307,582

Liabilities and equity
Current liabilities
Accounts payable and accrued liabilities	11	$	19,802		$	10,604
Current portion of convertible loan - liability component	10		2,052			1,679
Current portion of lease liability	14		2,873			2,525
Term loan	13		4,631			5,608
Current portion of loans payable	12		1,492			2,788
Current income tax liability			5,779			4,148
			36,629			27,352

Convertible loan - liability component	10		741			1,875
Convertible loan - derivative component	10		32			120
Loans payable	12		11,185			10,400
Lease liability	14		4,878			5,728
Deferred tax liability			1,690			2,415
Total liabilities			55,155			47,890

Equity
Share capital	17		535,607			499,208
Equity reserve			26,989			24,741
Accumulated other comprehensive income			69,211			83,614
Accumulated deficit			(352,276	)		(347,871	)
Total equity			279,531			259,692
Total liabilities and equity		$	334,686		$	307,582

Nature of operations (Note 1)
Commitments and contingencies (Note 15)
Subsequent events (Note 27)

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements

Page 1

HIVE Digital Technologies Ltd.
Condensed Interim Consolidated Statements of Loss and Comprehensive (Loss) Income
(In thousands of US dollars, except share and per share data
(Unaudited)

			Three months ended Sept 30,						Six months ended September 30,
	Notes		2024			2023			2024			2023
Revenue from digital currency mining	7	$	20,765		$	22,514		$	50,401		$	45,858
High performance computing hosting			1,883			253			4,488			474
			22,648			22,767			54,889			46,332

Cost of sales
Operating and maintenance costs	21		(21,482	)		(18,096	)		(42,283	)		(33,622	)
Depreciation	8,14		(16,138	)		(16,567	)		(29,953	)		(33,050	)
			(14,972	)		(11,896	)		(17,347	)		(20,340	)

Revaluation of digital currencies	7		-			(422	)		-			(422	)
Loss on sale of digital currencies	7		(166	)		(2,254	)		(1,406	)		(2,829	)

Expenses
General and administrative	20		(3,381	)		(3,563	)		(6,824	)		(6,330	)
Foreign exchange (loss) gain			(540	)		(354	)		(211	)		1,091
Share-based compensation	17		(2,234	)		(4,044	)		(2,723	)		(6,017	)
			(6,155	)		(7,961	)		(9,758	)		(11,256	)

Unrealized gain (loss) on investments	5		8,383			34			16,115			(631	)
Change in fair value of derivative liability	10		21			417			88			274
Provision on sales tax receivables	7		966			-			966			-
Gain (loss) on sale of equipment			5,190			26			9,509			(241	)
Other income (expenses)			131			(11	)		257			(122	)
Finance expense	19		(743	)		(876	)		(1,503	)		(1,814	)
Net loss before tax for the period			(7,345	)		(22,943	)		(3,079	)		(37,381	)

Tax expense			(318	)		(1,605	)		(1,326	)		(3,419	)
Net loss for the period		$	(7,663	)	$	(24,548	)	$	(4,405	)	$	(40,800	)

Other comprehensive (loss) income
Other comprehensive (loss) income to be reclassified to profit or loss in subsequent periods:
Revaluation of digital currencies	7	$	4,812		$	(4,310	)	$	(15,890	)	$	58
Translation adjustment			2,934			(437	)		1,487			398
Net loss and comprehensive (loss) income for the period		$	83		$	(29,295	)	$	(18,808	)	$	(40,344	)

Basic loss per share		$	(0.06	)	$	(0.29	)	$	(0.04	)	$	(0.48	)
Diluted loss per share		$	(0.06	)	$	(0.29	)	$	(0.04	)	$	(0.48	)

Weighted average number of common shares outstanding
Basic	18		118,593,637			85,052,418			114,664,155			84,614,638
Diluted	18		118,593,637			85,052,418			114,664,155			84,614,638

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements

Page 2

HIVE Digital Technologies Ltd.
Condensed Interim Consolidated Statements of Changes in Equity
(In thousands of US dollars, except shares issued)
(Unaudited)

	Share capital					Accumulated other
				Equity		comprehensive		Accumulated		Total
	Shares issued	Amount		reserve		income		deficit		equity
		$		$		$		$		$
At March 31, 2023	84,172,711	419,213		18,864		7,404		(296,666	)	148,815
Share-based compensation	-	-		1,973		-		-		1,973
Shares offering	534,400	1,966		-		-		-		1,966
Vesting of restricted stock units	14,900	72		(72	)	-		-		-
Issuance costs	-	(125	)	-		-		-		(125	)
Exercise of options	-	-		-		-		-		-
Loss for the period	-	-		-		-		(16,252	)	(16,252	)
Translation adjustment	-	-		-		835		-		835
Revaluation gain on digital currencies	-	-		-		4,368		-		4,368
At June 30, 2023	84,722,011	421,126		20,765		12,607		(312,918	)	141,580
Share-based compensation	-	-		4,044		-		-		4,044
Shares offering	1,452,837	6,768		-		-		-		6,768
Vesting of restricted stock units	37,500	167		(167	)	-		-		-
Issuance costs	-	(247	)	-		-		-		(247	)
Exercise of options	12,500	98		(45	)	-		-		53
Loss for the period	-	-		-		-		(24,548	)	(24,548	)
Translation adjustment	-	-		-		(437	)	-		(437	)
Revaluation gain on digital currencies	-	-		-		(4,310	)	-		(4,310	)
At September 30, 2023	86,224,848	427,912		24,597		7,860		(337,466	)	122,903


At March 31, 2024	106,080,151	499,208		24,741		83,614		(347,871	)	259,692
Share-based compensation	-	-		489		-		-		489
Shares offering	11,166,160	31,903		-		-		-		31,903
Vesting of restricted stock units	39,150	162		(162	)	-		-		-
Issuance costs	-	(2	)	-		-		-		(2	)
Income for the period	-	-		-		-		3,258		3,258
Translation adjustment	-	-		-		(1,447	)	-		(1,447	)
Revaluation loss on digital currencies	-	-		-		(20,702	)	-		(20,702	)
Realized loss on digital currencies	-	-		-		-		-		-
At June 30, 2024	117,285,461	531,271		25,068		61,465		(344,613	)	273,191
Share-based compensation	-	-		2,234		-		-		2,234
Shares offering	1,368,297	4,324		-		-		-		4,324
Vesting of restricted stock units	68,950	313		(313	)	-		-		-
Issuance costs	-	(301	)	-		-		-		(301	)
Loss for the period	-	-		-		-		(7,663	)	(7,663	)
Translation adjustment	-	-		-		2,934		-		2,934
Revaluation gain on digital currencies	-	-		-		4,812		-		4,812
Realized loss on digital currencies	-	-		-		-		-		-
At September 30, 2024	118,722,708	535,607		26,989		69,211		(352,276	)	279,531

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements

Page 3

HIVE Digital Technologies Ltd.
Condensed Interim Consolidated Statements of Cash Flows
(In thousands of US dollars)
(Unaudited)

		Six months ended September 30,
		2024			2023

Operating activities
Net loss for the period:	$	(4,405	)	$	(40,800	)
Adjusted for:
Revenue recognized from digital currency mined		(50,401	)		(45,858	)
Depreciation		29,953			33,050
Unrealized (gain) loss on investments		(16,115	)		631
Change in fair value of derivative liability		(88	)		(274	)
Provision on sales tax receivables		(966	)		-
(Gain) loss on sale of equipment		(9,509	)		241
Accretion on convertible debt		739			964
Tax expense		1,326			3,419
Share-based compensation		2,723			6,017
Interest expense		452			466
Foreign exchange		342			(449	)
Changes in non-cash working capital items:
Amounts receivable and prepaids		1,172			(519	)
Digital currencies		30,979			64,925
Accounts payable and accrued liabilities		8,778			(365	)
Cash (used in) provided by operating activities		(5,020	)		21,448

Investing activities
Deposits on equipment		(613	)		(3,834	)
Investments		(1,128	)		(250	)
Proceeds on disposal of equipment		9,723			320
Purchase of equipment		(32,593	)		(22,303	)
Payment of security deposits		(3,360	)		-
Cash used in investing activities		(27,971	)		(26,067	)

Financing activities
Exercise of options		-			53
Shares offering, net of issuance costs		35,924			8,362
Repayment of loans		(2,406	)		(706	)
Repayment of debenture		(1,500	)		(1,504	)
Lease payments made		(1,522	)		(1,397	)
Cash provided by financing activities		30,496			4,808

Effect of exchange rate changes on cash		58			(18	)
Net change in cash during the period		(2,437	)		171
Cash, beginning of period		9,678			4,373
Cash, end of period	$	7,241		$	4,544

Supplemental cash flow information
Recognition of right of use assets and lease liabilities	$	432		$	-

Supplemental disclosures:
Interest paid	$	913		$	920
Income taxes paid	$	415		$	-

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements

Page 4

HIVE Digital Technologies Ltd.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and six months ended September 30, 2024, and 2023
(In thousands of US dollars unless otherwise indicated)
(Unaudited)

1. Nature of Operations

HIVE Digital Technologies Ltd. (the "Company") was incorporated in the province of British Columbia on June 24, 1987. The Company is a reporting issuer in each of the Provinces and Territories of Canada and is listed for trading on the TSXV, under the symbol "HIVE.V", as well on the Nasdaq's Capital Markets Exchange under "HIVE", and on the Open Market of the Frankfurt Stock Exchange under "YO0.F". On July 12, 2023 the Company completed a name change from HIVE Blockchain Technologies Ltd. to HIVE Digital Technologies Ltd. The Company's head office is located at Suite 370, 1095 West Pender Street, Vancouver, BC, V6E 2M6, and the Company's registered office is located at Suite 2500, 700 West Georgia Street, Vancouver, BC, V7Y 1B3.

In connection with the Company's change of business filed in September 2017 ("Change of Business"), the Company acquired data center equipment in Iceland. Following the initial acquisition, the Company acquired additional data center equipment in Iceland and Sweden throughout fiscal 2018. Phases one and two of Sweden commenced operations on January 15, 2018 and March 31, 2018 respectively, while phase three commenced operations on April 30, 2018. On April 9, 2020 the Company acquired a data center in Quebec, Canada, and on April 15, 2021 the Company acquired a data center in New Brunswick, Canada. The Company is in the business of providing infrastructure solutions, including the provision of computational capacity to distributed networks, in the blockchain industry. The Company's operations are focused on the mining of digital currencies to upgrade, expand and scale up its data center operations. Digital currencies are subject to risks unique to the asset class and different from traditional assets. Additionally, the Company may at times hold assets with third party custodians or exchanges that are limited in oversight by regulatory authorities.

On May 24, 2023, the Company incorporated a wholly owned subsidiary, Bikupa Real Estate AB, to function as a holding entity to facilitate the acquisition of a data center. On July 5, 2024, the Company incorporated a wholly owned subsidiary, Paraguay Digital Ltd., to function as a holding entity to facilitate data center development and infrastructure in Paraguay.

2. Basis of Presentation and Material Accounting Policy Information

(a) Statement of Compliance

These unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34, "Interim Financial Reporting of the International Financial Reporting Standards" ("IFRS Accounting Standards") as issued by the International Accounting Standards Board ("IASB") and follow the same accounting policies and methods of application as the Company's March 31, 2024, annual audited financial statements, unless otherwise noted. These condensed interim consolidated financial statements do not include all the information required for full annual financial statements and accordingly, they should be read in conjunction with the Company's most recent annual statements.

The condensed interim consolidated financial statements have been prepared on a cost basis except for the convertible loan - derivative component and digital assets that have been measured at fair value. In addition, these condensed interim consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. The condensed interim consolidated financial statements are presented in United States dollars ("US dollars" or "$"), except where otherwise indicated.

The Company is in the business of the mining and sale of digital currencies to upgrade, expand, and scale up its mining operations, many aspects of which are not specifically addressed by IFRS Accounting Standards.

Page 5

HIVE Digital Technologies Ltd.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and six months ended September 30, 2024, and 2023
(In thousands of US dollars unless otherwise indicated)
(Unaudited)

2. Basis of Presentation and Material Accounting Policies (continued...)

(a) Statement of Compliance (continued...)

The Company is required to use certain critical accounting estimates and make judgements as to the application of IFRS Accounting Standards and the selection of accounting policies. The Company has disclosed its presentation, recognition and de-recognition, and measurement of digital currencies, and the recognition of revenue as well as significant assumptions and judgements; however, if specific guidance is enacted in the future, the impact may result in changes to the Company's earnings and financial position as presented.

These unaudited condensed interim consolidated financial statements were approved and authorized for issuance by the Board of Directors on November 12, 2024.

(b) New Accounting Standards Adopted by the Company

Amendment to IAS 1 - Non-current liabilities with covenants

These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments also aim to improve information an entity provides related to liabilities subject to these conditions. These amendments are effective for annual periods beginning on or after 1 January 2024.

Amendments to IAS 1 - Classification of Liabilities as Current or Non-current

In January 2020, the IASB issued amendments to IAS 1 - Classification of Liabilities as Current or Non-current. These amendments clarify the requirements relating to determining if a liability should be presented as current or non-current in the statement of financial position. Pursuant to the new requirements, the assessment of whether a liability is presented as current or non-current is based on the contractual arrangements in place as at the reporting date and does not impact the amount or timing of recognition. These amendments are effective for annual periods beginning on or after January 1, 2024, with early application permitted.

Amendment to IFRS 16 - Leases on sale and leaseback

These amendments include requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. These amendments are effective for annual periods beginning on or after 1 January 2024.

The adoption of the amendments listed above did not have a significant impact on the Company's condensed interim consolidated financial statements.

Page 6

2. Basis of Presentation and Material Accounting Policies (continued...)

(c) Future Accounting Standards

Amendments to IAS 21 - Lack of Exchangeability

An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations. These amendments are effective for annual periods beginning on or after 1 January 2025 (early adoption is available).

Presentation and Disclosure in Financial Statements ("IFRS 18")

The IASB issued IFRS 18 standard on presentation and disclosure in financial statements which will replace IAS 1, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:

the structure of the statement of profit or loss, including specified totals and subtotals;
required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements; and
enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.

IFRS 18 was issued in April 2024 and applies to an annual reporting period beginning on or after 1 January 2027.

The Company continues to review changes to IFRS Accounting Standards and the impact to the Company's condensed interim consolidated financial statements.

3. Significant Estimates and Judgements

The preparation of the unaudited condensed interim consolidated financial statements necessitates management to make various judgments, estimates, and assumptions regarding the recognition and measurement of assets, liabilities, income, and expenses. These judgments and estimates are based on management's best understanding of future events, circumstances, and potential actions taken by the Company. It should be noted that the actual results may deviate from these assumptions and estimates.

The assessments and underlying assumptions are regularly reviewed. If any revisions are made to the assumptions or estimates and they only affect the current period, they are recognized in that particular period. However, if the revisions impact both the current and future periods, they are recognized in the period of the revision and in subsequent periods.

The significant judgments made by management while applying the Company's accounting policies and the primary sources of estimation uncertainty remain consistent with those outlined in the audited annual consolidated financial statements for the year ended March 31, 2024.

Page 7

4. Asset Acquisition

On November 29, 2023, the Company acquired a data center in Sweden. In consideration, the Company issued 345,566 common shares of the Company to the vendor, made a cash payment totalling $647 and $500 in holdback common shares payable that are included in accounts payable and accrued liabilities as at September 30, 2024 (Note 11). The Company also incurred $141 in acquisition costs which were capitalized to the cost of the assets.

The $500 in holdback common shares payable shall be paid at the later of: (i) the six month anniversary of the closing date; and (ii) the date on which any claims made by the Company within six months of the closing date relating to a breach of warranty under the property transfer agreement have been finally settled, and shall be composed of such number of Common Shares equal to $500 less any amount payable by the Vendor to the Company in respect of such claim. As of the date of this document, the holdback common shares have not been paid out.

The Company determined that this transaction is an asset acquisition as the assets acquired did not constitute a business as defined by IFRS 3. The following table summarizes the consideration transferred, the estimated fair value of the identifiable assets acquired and liabilities assumed as the date of the acquisition:


Cash paid	$	647
Shares issued		1,088
Holdback payable		500
Acquisition costs		141
Total consideration	$	2,376


Land	$	86
Building		1,587
Equipment		446
VAT receivables		360
Total assets		2,479
Current liabilities		(103	)
Net assets acquired	$	2,376

Page 8

5. Investments

As at September 30, 2024 the Company holds a number of investments in both private and public companies. The Company's investment holdings that are not traded in active markets by the Company are considered investments. Investments are accounted for as financial assets which are initially recognized at fair value and subsequently measured through fair value through profit or loss.

The continuity of investments was as follows:

		Investments
Balance, March 31, 2023	$	2,866
Additions		341
Unrealized gain on investments		3,743
Foreign exchange		24
Balance, March 31, 2024	$	6,974
Additions		1,128
Unrealized gain on investments		16,115
Foreign exchange		229
Balance, September 30, 2024	$	24,446

6. Amounts Receivable and Prepaids

		September 30, 2024			March 31, 2024
Sales tax receivable **	$	8,409		$	6,818
Prepaid expenses and other receivables		5,471			7,667
Receivable on sale of subsidiary*		1,816			1,816
Amounts receivable and prepaids (gross)	$	15,696		$	16,301

Provision and liability on sales tax receivable, opening		(6,777	)		-
Additions		(310	)		(6,777	)
Recovery and reversal		1,276			-
Foreign exchange		(567	)		-
Provision on sales tax receivable		(6,378	)		(6,777	)
Less: current portion for receivables and prepaids		(6,654	)		(6,929	)
Long term portion	$	2,664		$	2,595

* Receivable is conditional upon ruling by the by the Swedish Tax Authority related to an ongoing value added tax process. If the ruling is favourable, amounts will be received, otherwise, the amounts will not be collectible. Management has assessed the collectability using a probability model under a range of scenarios and this receivable reflects the results of that process.

** During the year ended March 31, 2024, after examination of the history of claims and payments received from various authorities, together with regulatory challenges, the Company assessed the collectability of its sales tax receivable balance. As a result, the Company determined that there is uncertainty over the collection of certain amounts, and recorded a provision of $4.5 million for these receivables. During the period ended September 30, 2024, an additional provision was recognized of $0.3 million and the Company recovered $0.8 million in relation to the provision of $4.5 million and reversed an additional $0.5 million of the same provision as a result of further examination of the sales tax provision amounts. The Company also received an assessment of $2.3 million for sales tax payable that is included in the provision as a result of a sales tax audit related to periods prior to the acquisition of 9376-9974 Quebec Inc. in 2021 and the recovered amount of $0.8 million has been applied against the sales tax payable.

Page 9

7. Digital Currencies

Digital currencies are recorded at their fair value on the date they are received as income from digital currency mining and are revalued to their current market value less costs to sell at each reporting date.

The Company's holdings of digital currencies consist of the following:

		September 30, 2024		March 31, 2024
Bitcoin	$	164,860	$	161,258
Ethereum Classic		113		196
Other coins		204		191
Total	$	165,177	$	161,645

The continuity of digital currencies was as follows:

Bitcoin		Amount		Number of coins
Digital currencies, March 31, 2023	$	65,772		2,332
Digital currency mined		111,002		3,123
Digital currency sold		(92,600	)	(3,168	)
Revaluation adjustment		77,084		-
Digital currencies, March 31, 2024		161,258		2,287
Digital currency mined		50,370		789
Digital currency sold		(31,014	)	(472	)
Revaluation adjustment		(15,754	)	-
Digital currencies, September 30, 2024	$	164,860		2,604

Ethereum Classic
Digital currencies, March 31, 2023	$	117		5,718
Digital currency mined		1		28
Revaluation adjustment		78		-
Digital currencies, March 31, 2024		196		5,746
Revaluation adjustment		(83	)	-
Digital currencies, September 30, 2024	$	113		5,746

In the three and six months period ended September 30, 2024, the Company mined 340 Bitcoin and 789 Bitcoin respectively, compared with 801 and 1,635, respectively for the period ended September 30, 2023. During the three and six months period ended September 30, 2024, the Company sold digital currencies for proceeds totalling $14.1 million and $29.6 million, respectively (September 30, 2023 - $28.2 million and $61.7 million, respectively) with a cost of $14.3 million and $31.0 million, respectively (September 30, 2023 - $30.5 million and $64.5 million, respectively) and recorded a loss on sale of $0.2 million and $1.4 million, respectively (September 30, 2023 - loss on sale of $2.3 million and $2.8 million, respectively).

For the three and six months period ended September 30, 2024, the Company recognized a $4.8 million gain and a loss of $15.9 million, respectively, in accumulated other comprehensive income (September 30, 2023 – a $4.3 million gain and $0.1 million gain, respectively) in connection to the revaluation on its digital currencies.

Page 10

8. Plant and Equipment

Cost		Equipment			Land		Building and Leaseholds			Total
Balance, March 31, 2023	$	229,187		$	663	$	26,528		$	256,378
Disposals		(5,584	)		-		-			(5,584	)
Additions		69,360			-		375			69,735
Acquisition		446			86		1,587			2,119
Foreign exchange on translation		(416	)		-		(40	)		(456	)
Balance, March 31, 2024	$	292,993		$	749	$	28,450		$	322,192
Disposals		(37,048	)		-		-			(37,048	)
Additions		47,686			232		465			48,383
Foreign exchange on translation		871			-		104			975
Balance, September 30, 2024	$	304,502		$	981	$	29,019		$	334,502


Accumulated depreciation		Equipment			Land		Building and Leaseholds			Total
Balance, March 31, 2023	$	166,236		$	-	$	2,914		$	169,150
Disposals		(4,784	)		-		-			(4,784	)
Depreciation		61,302			-		2,230			63,532
Foreign exchange on translation		(970	)		-		(92	)		(1,062	)
Balance, March 31, 2024	$	221,784		$	-	$	5,052		$	226,836
Disposals		(36,834	)		-		-			(36,834	)
Depreciation		27,294			-		1,179			28,473
Foreign exchange on translation		833			-		(26	)		807
Balance, September 30, 2024	$	213,077		$	-	$	6,205		$	219,282

Carrying amount
Balance, March 31, 2024	$	71,209		$	749	$	23,398		$	95,356
Balance, September 30, 2024	$	91,425		$	981	$	22,814		$	115,220

9. Deposits

The deposits relate to required amounts on account with electricity providers in Sweden, Paraguay and for equipment purchases, consisting of:

Description		September 30, 2024			March 31, 2024
ANDE*	$	3,360		$	-
Atnorth		307			292
Bodens Energi		272			258
Equipment deposits		12,654			26,307
Vattenfall AB		1,252			1,191
Deposits excluding provision		17,845			28,048

Equipment deposit provision, opening		(12,131	)		(27,331	)
Reclassed amounts		-			15,200
Provision on equipment deposits		(12,131	)		(12,131	)
Total	$	5,714		$	15,917

The Company is exposed to counterparty risk through the advances made for certain mining equipment ("Deposits") it places with its suppliers in order to secure orders over a set delivery schedule. The risk of a supplier failing to meet its contractual obligations may result in late deliveries and/or the value of the deposits is not realised as a result of non delivery of equipment or delivery of equipment with reduced quality. The Company attempts to mitigate this risk by procuring mining hardware from the established suppliers and with whom the Company has existing relationships and knowledge of their reputation in the market.

*During the period ended September 30, 2024, the Company entered a 100 MW power supply agreement with the National Administration of Electricity (“ANDE”) in Paraguay. The Company paid $3.4 million security deposit for one month of estimated consumption of electric energy and power per terms of the agreement.

The Company has a commitment to pay for another two months of estimated consumption before sixty calendar days from the start of the supply or within 12 months following the signing of the power supply agreement, whichever, occurs first. In addition, the Company will need to provide a real guarantee, valid until April 1, 2028, for an amount equivalent to two months of estimated consumption of electric energy and power within 12 months of signing the power supply agreement. These commitment amounts are included in Note 15(c) and are refundable to the Company after the agreement has concluded and the sums resulting from the final statement of account from ANDE are settled.

Page 11

10. Convertible Loan

The Debentures mature on the date that is 60 months from the date of issuance, bearing interest at a rate of 8% per annum. The Debentures will be issued at par, with each Debenture being redeemable by the Company at any time, and convertible at the option of the holder into common shares (each, a "Share") in the capital of the Company at a conversion price of C$15 per Share. Interest will be payable monthly and the principal will be payable quarterly. In addition, U.S. Global was issued 5 million common share purchase warrants (the "Warrants"). Each five whole Warrant entitles U.S. Global to acquire one common at an exercise price of C$15 per Share for a period of three years from closing. The Warrants expired unexercised on January 12, 2024.

The Company determined that the Convertible Loan contained an embedded derivative, and that the conversion feature does not qualify as equity as it does not satisfy the "fixed for fixed" requirement as the number of potential common shares to be issued is contingent on a variable carrying amount for the financial liability. The financial liability is variable because the functional currency of Hive Digital Technologies Ltd. is Canadian dollars and the Convertible Loan is denominated in US dollars, therefore the number of common shares to be issued depends on the foreign exchange rate at the date of settlement. Consequently, the conversion feature is classified as a derivative liability.

The Company allocated the proceeds of $15 million first to the derivative component for $8.6 million, with the residual value to the liability component for $6.4 million. The derivative component was valued on initial recognition using the Black-Scholes option pricing model with the following assumptions: a risk-free interest rate of 0.69%; an expected volatility of 105%; an expected weighted average life of 2.71 years; a forfeiture rate of zero; and an expected dividend of zero.

Page 12

10. Convertible Loan (continued...)

Liability Component

Balance, March 31, 2023	$	4,729
Principal payment		(3,000	)
Interest payment		(587	)
Accretion and interest		2,412
Balance, March 31, 2024		3,554
Principal payment		(1,500	)
Interest payment		(203	)
Accretion and interest		942
Balance, September 30, 2024		2,793
Less: Current portion		(2,052	)
Non-current portion	$	741

Derivative Component

Balance, March 31, 2023	$	482
Change in fair value of liability		(362	)
Balance, March 31, 2024		120
Change in fair value of liability		(88	)
Balance, September 30, 2024	$	32

The derivative component is remeasured each reporting period. As at September 30, 2024, the derivative component was revalued at $0.03 million (March 31, 2024 - $0.1 million) using the Black-Scholes option pricing model with the following assumptions: share price of C$4.32 (March 31, 2024 - C$4.56) an expected weighted average risk-free interest rate of 3.46% (March 31, 2024 - 4.5%); an expected weighted average volatility of 72% (March 31, 2024 - 79%); and an expected weighted average life of 0.84 years (March 31, 2024 - 1.1 years).

For the three and six months period ended September 30, 2024, the Company recorded a gain in the change in the fair value of the derivative liability of $0.02 million and $0.09 million, respectively (September 30, 2023 - $0.4 million and $0.3 million, respectively).

11. Accounts Payable and Accrued Liabilities

The components of accounts payable and accrued liabilities are as follows:

		September 30, 2024		March 31, 2024
Accounts payable	$	16,677	$	7,466
Accrued liabilities		1,752		1,878
Holdback payable (Note 4)		500		500
Other payable		873		760
Total	$	19,802	$	10,604

Included in accounts payable is $10.1 million for equipment received during the period ended September 30, 2024, with Net30 terms, that was paid by the Company after the current period ended.

Page 13

12. Loans Payable

On March 31, 2021, as part of the sale of the net assets in Boden Technologies AB, the Company incurred a loan payable. The facility bears interest at the Swedish government borrowing rate plus 1% per annum and has a maturity date of December 31, 2035. Principal payment plus interest is payable annually. The loan payable is contingently forgiven based on a favourable ruling from the Swedish Tax Authority on the ongoing value added tax assessment.

A continuity of the loan balances are as follows:

		Boden
Balance, March 31, 2023	$	13,078
Interest		397
Foreign exchange movement		(287	)
Balance, March 31, 2024		13,188
Interest		223
Repayment		(1,420	)
Foreign exchange movement		686
Balance, September 30, 2024		12,677
Less: Current portion		(1,492	)
Non-current portion	$	11,185

13. Term Loan

As part of the Atlantic acquisition, the Company acquired a $11.0 million (C$13.6 million) term loan ("Atlantic Term Loans"). The Atlantic Term Loans were made up of two discrete balances; Term Loan 1 and Term Loan 2; and the total facility bearing an interest rate of 3.33% per annum with a term maturity date of June 30, 2024.

In the period ended September 30, 2024, the Company renewed Term Loan 1 over a 1 year term at an interest rate of 5.31% with a balance remaining of C$4.2 million, and Term Loan 2 was renewed at 5.15% over a 2 year term with a balance remaining of C$2.6 million. Principal payments of C$0.2 million plus interest is payable monthly.

The term loan has financial ratios and minimum tangible asset covenants that must be maintained by HIVE Atlantic Datacentres Ltd. As at September 30, 2024, the covenant to maintain a ratio of total debt to tangible net worth equal to or less than 2:1 was not met. The outstanding balance is presented as a currently liability as at September 30, 2024. The Atlantic Term Loans include an unlimited guarantee from the Company.

		TERM LOAN 1			TERM LOAN 2			TOTAL
Balance, March 31, 2023	$	4,397		$	2,742		$	7,139
Interest		131			81			212
Repayment		(1,073	)		(669	)		(1,742	)
Foreign exchange movement		(1	)		-			(1	)
Balance, March 31, 2024	$	3,454		$	2,154		$	5,608
Interest		52			32			84
Repayment		(659	)		(411	)		(1,070	)
Foreign exchange movement		6			3			9
Balance, September 30, 2024	$	2,853		$	1,778		$	4,631

Page 14

14. Right of Use Asset and Lease Liability

The Company has lease agreements for its offices, and buildings for its datacenters in Sweden and Quebec, Canada, in addition to electrical equipment in Sweden.

During the three and six months period ended September 30, 2024, the Company recognized interest expense on the lease liability of $ 0.11 million and $0.23 million, respectively (September 30, 2023 - $0.14 million and $0.28 million, respectively) which was recorded within finance expense.

Cost		Right of Use Assets
Balance, March 31, 2023	$	17,302
Adjustment for change in variable payments based on rate or index		287
Foreign exchange		(8	)
Balance, March 31, 2024	$	17,581
Additions		432
Lease modification		117
Foreign exchange		31
Balance, September 30, 2024	$	18,161

*Accumulated Depreciation*
Balance, March 31, 2023	$	(6,329	)
Depreciation		(2,771	)
Foreign exchange		7
Balance, March 31, 2024	$	(9,093	)
Depreciation		(1,480	)
Foreign exchange		(18	)
Balance, September 30, 2024	$	(10,591	)

*Carrying Amount*
Balance, March 31, 2024	$	8,488
Balance, September 30, 2024	$	7,570

Page 15

14. Right of Use Asset and Lease Liability (continued...)

		Lease Liability
Balance, March 31, 2023	$	10,468
Lease payments made		(2,855	)
Adjustment for change in variable payments based on rate or index		287
Interest expense on lease liabilities		533
Foreign exchange		(180	)
Balance, March 31, 2024	$	8,253
Lease payments made		(1,522	)
Additions		432
Lease modification		117
Interest expense on lease liabilities		229
Foreign exchange		242
		7,751
Less: current portion		(2,873	)
Balance, September 30, 2024	$	4,878

Lease Disclosures
Interest expense on lease liabilities	$	229
Total cash outflow for leases	$	1,522


Maturity Analysis - Undiscounted Contractual Payments
Less than 1 year	$	3,244
1 to 2 years		3,161
2 to 3 years		1,214
3 to 4 years		776
4 to 5 years		3
	$	8,398

Page 16

15. Commitments and Contingencies

(a) Service agreements

The Company has service agreements with unrelated third parties to operate and maintain the Company's data center computing equipment for the purpose of mining crypto currency in Canada, Sweden and Iceland. As part of the arrangement, proprietary software is installed on the Company's computing equipment to assist in optimizing the use of the equipment.

(b) Power purchase agreement

The Company entered into a supplemental power pricing arrangement that provides a fixed price of electricity consumption each month at the Company's Bikupa Datacenter AB and Bikupa Datacenter 2 AB locations in Sweden. The fixed price agreement was assessed and is being accounted for as an executory contract; electricity costs are expensed as incurred.

(c) Obligations on data center equipment

The Company had purchase commitments of $64.1 million at the period ended September 30, 2024 (March 31, 2024 - $5.8 million). The purchase commitments reported at the current period end include commitments of $37.1 million (March 31, 2024 - $Nil) related to the development of the 100 MW facility in Paraguay.

Contingencies

(a) Contingent VAT Liability to the Swedish Tax Authority ("STA")

The Company's wholly owned subsidiaries located in Sweden (Bikupa Datacenter AB ("Bikupa") and Bikupa Datacenter 2 AB ("Bikupa 2")) received decision notice of assessments ("the decision(s)"), on December 28, 2022, December 21, 2023, and December 22, 2023 for Bikupa and February 14, 2023, and December 21, 2023 for Bikupa 2 respectively, from the STA in connection with the application of VAT and its ability to recover input VAT against certain equipment and other charges in a total amount of SEK 411.9 million or approximately $40.9 million. The assessments cover the period December 2020 to December 2022 for Bikupa, and the period April 2021 to December 2022 for Bikupa 2, expressing the intent to reject the recovery of all the VAT for the periods under assessment and repayment of amounts previously received plus applicable interest.

The Company filed a formal appeal in connection with the December 28, 2022 Bikupa decision on February 9, 2023; however, there can be no guarantee that the Company will achieve a favourable outcome in its appeal. A formal appeal for Bikupa 2 in relation to the February 14, 2023 decision was filed on March 10, 2023 by the Company. The Company engaged an independent legal firm and independent audit firm in Sweden with expertise in these matters to assist in the appeal process. The Company does not believe that the decision has merit because in management's opinion and those of the Company's independent advisors, the decision is not compatible with the current applicable law and therefore the amount claimed to be owed by the Company is not probable. According to general principles regarding the placement of the burden of proof, it is up to the STA to provide sufficient evidence in support of its decision. It is the Company's opinion, the STA has not substantiated their claim. We are not aware of any precedent cases, authoritative literature, or other statement that supports the STA's position. The cases are currently in the County Administrative Court.

It is not yet known when this dispute will be resolved; the due process following appeals and the court ruling could extend beyond a year. Furthermore, given that the industry is rapidly developing, there can be no guarantee that changes to the laws or policies of Sweden will not have a negative impact on the Company's tax position with respect to the eligibility of the claimed VAT. (Note 22 Uncertain Tax Positions).

Page 17

15. Commitments and Contingencies (continued...)

(a) Contingent VAT Liability to the Swedish Tax Authority ("STA") (continued...)

If the Company is unsuccessful in its appeal, the full amount could be payable including other items such as penalties and interest that may accrue to the Company. The Company will continue to assess these matters. At the period ended September 30, 2024, the Company has not recorded any amounts payable to the STA in connection with the decisions. The Company continues to monitor the activities of the claim with the STA. As at September 30, 2024, the Company has not received any additional communication from the STA.

(b) Litigation

From time to time, the Company is involved in routine litigation incidental to the Company's business. Management believes that adequate provisions have been made where required and the ultimate resolution with respect to any claim will not have a material adverse effect on the financial position or results of the operations of the Company.

16. Related Party Transactions

The Company entered into the following related party transactions not otherwise disclosed in these condensed interim consolidated financial statements:

a) As at September 30, 2024, the Company had $159 due to the Executive Chairman, (March 31, 2024 - $144 combined due to the Executive Chairman, CEO and CFO) for the reimbursement of expenses included in accounts payable and accrued liabilities.

b) As at September 30, 2024, the Company had $nil (March 31, 2024 - $nil) due to a company controlled by the Executive Chairman, a director of the Company included in accounts payable and accrued liabilities. For the three and six months period ended September 30, 2024, the Company paid $98 and $162, respectively (September 30, 2023 - $48 and $128, respectively) to this company for marketing services.

Key Management Compensation

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of members of the Company's Board of Directors and corporate officers.

For the three and six months period ended September 30, 2024, key management compensation includes salaries and wages paid to key management personnel and directors of $0.3 million and $0.6 million, respectively (September 30, 2023 - $0.3 million and $0.6 million, respectively) and share-based payments of $1.2 million and $1.5 million (September 30, 2023 - $2.4 million and $3.9 million, respectively).

Page 18

17. Equity

(a) Authorized

Unlimited common shares without par value

Unlimited preferred shares without par value

(b) Issued and fully paid common shares

During the period ended September 30, 2024, the Company:

On August 17, 2023, the Company entered into an equity distribution agreement ("August 2023 Equity Distribution Agreement"). 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 Company issued 12,534,457 common shares (the "August 2023 ATM Shares") pursuant to the August 2023 ATM Equity Program for gross proceeds of C$51.1 million ($37.4 million). The August 2023 ATM shares were sold at prevailing market prices, for an average price per August 2023 ATM Share of C$4.08. Pursuant to the August 2023 Equity Distribution Agreement, a cash commission of $1.1 million on the aggregate gross proceeds raised was paid to the agent in connection with its services under the August 2023 Equity Distribution Agreement. In addition, the Company incurred $2 in fees related to its August 2023 ATM Equity Program. The August 2023 Equity Distribution Agreement was terminated as of July 8, 2024.

Issued 108,100 common shares upon the exercise of restricted share units (Note 17(e)).

(c) Stock options

The Company has established a rolling Stock Option Plan (the "Plan"). Under the Plan, the number of shares reserved for issuance may not exceed 10% of the total number of issued and outstanding shares and, to any one optionee, may not exceed 5% of the issued shares on a yearly basis. The maximum term of each option shall not be greater than 10 years. The exercise price of each option shall not be less than the market price of the Company's shares at the date of grant. Options granted to consultants performing investor relations activities shall vest over a minimum of 12 months with no more than a quarter of such options vesting in any 3-month period. All other options vest at the discretion of the Board of Directors.

Following is a summary of changes in stock options outstanding for the period ended September 30, 2024:

			Weighted average
	Outstanding		exercise price
Balance, March 31, 2023	3,073,415	C$	6.20
Granted	620,000		6.86
Expired	(2,400)		6.09
Forfeited	(202,600)		24.75
Exercised	(22,500)		5.66
Balance, March 31, 2024	3,465,915	C$	5.24
Expired	(54,615)		9.76
Balance, September 30, 2024	3,411,300	C$	5.17

Page 19

17. Equity (continued...)

(c) Stock options (continued...)

The stock options outstanding and exercisable as at September 30, 2024, are as follows:

Outstanding	Exercisable		Exercise price	Expiry date
2,000	2,000	C$	15.70	February 11, 2026
387,900	387,900		5.66	August 26, 2027
1,000,000	1,000,000		1.50	September 14, 2027
50,000	50,000		10.00	March 26, 2028
600,000	600,000		6.86	July 6, 2028
400,000	400,000		3.10	September 18, 2028
100,000	100,000		1.35	December 21, 2028
500,000	500,000		1.45	February 10, 2030
20,000	20,000		1.90	May 29, 2030
1,400	1,400		10.80	December 24, 2030
30,000	30,000		25.15	April 6, 2031
60,000	60,000		18.35	April 29, 2031
180,000	108,000		18.50	October 7, 2031
60,000	40,000		25.35	November 10, 2031
20,000	20,000		21.00	December 9, 2031
3,411,300	3,319,300

(d) Warrants

Following is a summary of changes in warrants outstanding for the period ended September 30, 2024:

	Warrants		Weighted average
	outstanding		exercise price
Balance, March 31, 2022 and 2023	3,573,727		C$ 22.92
Grants	3,220,000		5.89
Expired	(1,550,000	)	13.69
Balance, March 31, 2024	5,243,727		C$ 15.20
Expired	(2,023,727	)	30.00
Balance, September 30, 2024	3,220,000		C$ 5.89

The warrants outstanding and exercisable as at September 30, 2024, are as follows:

Outstanding		Exercisable	Exercise price	Expiry date
2,875,000	***	2,875,000	C$ 6.00	December 28, 2026
345,000	***	345,000	C$ 5.00	December 28, 2026
3,220,000		3,220,000

Page 20

17. Equity (continued...)

(d) Warrants (continued...)

** On December 1, 2021, the Company issued 106,677 warrants as consideration for an investment in Titan.io. Each Warrant is exercisable for one share on or before September 15, 2024, at an exercise price of C$30.00 per Share. These warrants expired unexercised on September 15, 2024.

*** On December 28, 2023, the Company completed a bought-deal financing of 5,750,000 special warrants of the Company (the "2023 Special Warrants") at a price of C$5.00 per Special Warrant for aggregate gross proceeds to the Company of C$28.75 million (the "Offering"). Each 2023 Special Warrant entitles the holder to receive without payment of additional consideration, one unit of the Company upon exercise consisting of one common share and one-half of common share purchase warrant.

On February 2, 2024 the 2023 Special Warrants were deemed exercised into one unit of the Company comprised of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one common share of the Company at an exercise price of C$6.00 per whole warrant until December 28, 2026.

In consideration of services, the Underwriters received a cash commission of C$1.725 million, and 345,000 broker warrants. Each broker warrant entitles the holder to acquire one common share of the Company at an exercise price of C$5.00 per broker warrant until December 28, 2026. The broker warrants were valued at $1.28 million using the Black-Scholes option pricing model with the following assumptions: a risk-free interest rate of 3.51%, an expected volatility of 100%, an expected life of 3 years, a forfeiture rate of zero; and an expected dividend of zero. The Company also incurred C$257 in professional and other fees associated with the 2023 Special Warrant financing.

(e) Restricted share-units

The Company has established a Restricted Share Unit Plan (the "RSU Plan"). Under the RSU Plan, together with any other share compensation arrangement, the number of shares reserved for issuance may not exceed 10% of the total number of issued and outstanding shares and, to any one optionee, may not exceed 5% of the issued shares on a yearly basis. The Board may in its own discretion, at any time, and from time to time, grant RSUs to any employee, director or consultant of the Company or its subsidiaries (collectively, "Eligible Person"), other than persons conducting investor relations activities, from time to time by the Board, subject to the limitations set forth in the RSU Plan. The Board may designate one or more performance periods under the RSU Plan. In respect of each designated performance period and subject to the terms of the RSU Plan, the Board may from time to time establish the grant date and grant to any Eligible Person one or more RSUs as the Board deems appropriate.

Page 21

17. Equity (continued...)

(e) Restricted share-units (continued...)

The fair value of restricted shares units (RSUs) is generally measured as the grant date price of the Company's share.

Following is a summary of changes in restricted share units outstanding for the period ended September 30, 2024:

	Outstanding
Balance, March 31, 2023	1,928,530
Granted	257,976
Cancelled	(3,000	)
Exercised	(802,650	)
Expired	(1,800	)
Balance, March 31, 2024	1,379,056
Granted	2,491,000
Exercised	(108,100	)
Balance, September 30, 2024	3,761,956

(f) Share-based compensation

During the three and six months period ended September 30, 2024, recognized $69 and $104, respectively (September 30, 2023 - $3.1 million and $3.4 million, respectively) of share-based compensation expense in relation to the vesting of options, and recognized $385 and $2.2 million, respectively (September 30, 2023 - $0.9 million and $1 million, respectively) of share-based compensation expense in relation to the vesting of RSUs.

On July 18, 2024, the Company granted 2,491,000 RSU to certain employees, officers, directors and eligible consultants of the Company with a fair value of C$5.00 per share and vesting on July 18, 2025.

During the three and six months period ended September 30, 2024, the Company did not grant any stock options.

18. Loss per Share

Income per common share represents net income for the year divided by the weighted average number of common shares outstanding during the period.

Diluted income per share is calculated by dividing the applicable net income by the sum of the weighted average number of common shares outstanding and all additional common shares that would have been outstanding if potentially dilutive common shares had been issued during the period.

	Three months ended September 30, 2024	Three months ended September 30, 2023
Basic weighted average number of common shares outstanding	118,593,637	85,052,418
Diluted weighted average common shares outstanding	118,593,637	85,052,418


	Six months ended September 30, 2024	Six months ended September 30, 2023
Basic weighted average number of common shares outstanding	114,664,155	84,614,638
Diluted weighted average common shares outstanding	114,664,155	84,614,638

Page 22

19. Finance Expense

Finance expenses were comprised of the following for the period ended:

	Three months ended September 30,		Six months ended September 30,
	2024	2023	2024	2023
	$	$	$	$
Interest and accretion on convertible loan	448	628	942	1,285
Interest on lease liabilities	114	135	229	280
Interest on loans payable	117	74	224	152
Interest on term loan	64	39	108	97
Total	743	876	1,503	1,814

20. General and Administrative Expenses

General and administrative expenses were comprised of the following for the period ended:

	Three months ended September 30,		Six months ended September 30,
	2024	2023	2024	2023
	$	$	$	$
Management fees, salaries and wages	761	760	1,733	1,408
Marketing	563	331	946	638
Office, administration, and regulatory	1,098	1,316	2,080	2,237
Professional fees, advisory, and consulting	959	1,156	2,065	2,047
Total	3,381	3,563	6,824	6,330

21. Cost of sales

Cost of sales were comprised of the following for the period ended:

	Three months ended September 30,		Six months ended September 30,
	2024	2023	2024	2023
	$	$	$	$
Digital currency mining	19,650	17,676	38,496	33,055
High performance computing hosting	1,832	420	3,787	567
Total	21,482	18,096	42,283	33,622

Page 23

22. Financial Instruments and Risk Management

The fair values of investments were measured using the cost, market or income approaches. The investments measured at fair value are classified into one of the three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values, with the designation based upon the lowest level of input that is significant to the fair value measurement. The three levels of the fair value hierarchy are:

Level 1 Inputs: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

Level 2 Inputs: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3 Inputs: Unobservable inputs for the asset or liability (Unobservable inputs reflect management's assumptions on how market participants would price the asset or liability based on the information available).

Valuation of Assets that use Level 2 Inputs ("Level 2 Assets"). The fair value of Level 2 Assets would use the quoted price from the exchanges which the Company most frequently uses, with no adjustment.

The Company is exposed, in varying degrees, to a variety of financial related risks. The fair value of the Company's financial instruments, including cash, amounts receivable, and accounts payable approximates their carrying value due to their short-term nature. The type of risk exposure and the way in which such exposure is managed is provided as follows:

At the period end the Company classified its financial assets into the following levels:

		As at September 30, 2024						As at March 31, 2024

Assets		Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Cash	$	-	$	7,241	$	-	$	-	$	9,678	$	-
Digital currencies		-		165,177		-		-		161,645		-
Investments		22,858		-		1,588		5,356		-		1,618
	$	22,858	$	172,418	$	1,588	$	5,356	$	171,323	$	1,618

Liabilities
Convertible loan -derivative component	$	-	$	-	$	32	$	-	$	-	$	120
	$	-	$	-	$	32	$	-	$	-	$	120

Page 24

22. Financial Instruments and Risk Management (continued...)

Valuation of Assets / Liabilities that use Level 1 Inputs ("Level 1 Assets / Liabilities"). Consists of the Company's investments in common stock, where quoted prices in active markets are available.

Valuation of Assets / Liabilities that use Level 2 Inputs ("Level 2 Assets / Liabilities"). Consists of the Company's digital currencies, where quoted prices in active markets are available. The fair value is determined by the volume-weighted average of prices across principal exchanges as of 12:00 AM UTC, per coinbase.com.

Valuation of Assets / Liabilities that use Level 3 Inputs ("Level 3 Assets / Liabilities"). Consists of the Company's investments in preferred stock, convertible notes and common stock. For the Company's common stock investments:

Various Black Scholes models were utilized; and
A prior transaction approach was used for others; some adjusted.

A verified prior transaction is initially given 100% weighting in a fair value conclusion (if completed at arm's length), but subsequently such weighting is adjusted based on the merits of newly observed data. As a result, in the absence of disconfirming data, an unadjusted prior transaction price may not be considered "stale" for months or, in some cases, years.

Level 3 Continuity

The following is a reconciliation of Level 3 assets and liabilities:

		Fair value at						Change			Fair Value at,
Level 3 Continuity		March 31, 2024		Additions		Disposals		in fair value			September 30, 2024
Assets
Investments	$	1,618	$	-	$	-	$	(30	)	$	1,588
	$	1,618	$	-	$	-	$	(30	)	$	1,588
Liabilities
Convertible loan -derivative component	$	120	$	-	$	-	$	(88	)	$	32
	$	120	$	-	$	-	$	(88	)	$	32

The carrying values of the Company's cash, amounts receivable, accounts payable, term loan and loans payable approximate fair value due to their short maturities. The carrying value of the Company's lease liability is measured as the present value of the discounted future cash flows.

The carrying value of long-term receivable and loans payable (long term portion) are measured at amortized costs which is similar to the fair value.

Page 25

22. Financial Instruments and Risk Management (continued...)

Credit risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company's primary exposure to credit risk is on its cash held in bank accounts as at September 30, 2024. The majority of cash is deposited in bank accounts held primarily with one major bank in Canada so there is a concentration of credit risk. This risk is managed by using a major bank that is a high credit quality financial institution as determined by rating agencies.

For the security of its digital currencies, the Company uses the services of two institutions through custodial agreements, one located in Liechtenstein and another in the United States.

The Company is exposed to credit risk related to amounts receivable from the Swedish government related to VAT filings and from the Canadian and Quebec governments related to the sales tax filings. Refer to Note 6 for the at risk balances.

The amounts receivable for VAT filings are currently being withheld by the STA as a result of the decision notice of assessments received for both Bikupa and Bikupa 2 (Note 15). The uncertainty surrounding the resolution of the dispute gives rise to potential credit risk, as there is the possibility that the Company may not be able to fully collect the outstanding amounts from the Swedish government.

The amounts receivable for sales tax filings are currently being withheld by the Canadian and Quebec governments as a result of legislative changes to the Excise Tax Act surrounding mining activities in respect of crypto assets. The uncertainty surrounding the legislative changes gives rise to potential credit risk, as there is the possibility that the Company may not be able to fully collect the outstanding amounts from the respective Canadian and Quebec governments as applicable.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk by maintaining cash balances to ensure that it is able to meet its short term and long-term obligations as and when they fall due. The Company manages company-wide cash projections centrally and regularly updates projections for changes in business and fluctuations caused by digital currency prices and exchange rates.

HIVE is primarily engaged in the cryptocurrency mining industry, a highly volatile market with significant inherent risk. Declines in the market prices of cryptocurrencies, an increase in the difficulty of cryptocurrency mining, delays in the delivery of mining equipment, changes in the regulatory environment and other adverse changes in the industry can significantly and negatively impact the Company's operations and cash flows and its ability to maintain sufficient liquidity to meet its financial obligations. Adverse changes to the factors mentioned above have impacted the recoverability of the Company's digital assets and property, and equipment, resulting in impairment losses being recorded.

The Company currently settles its financial obligations out of cash and digital assets. The Company has a planning and budgeting process to help determine the funds required to support the Company's normal spending requirements on an ongoing basis and its expansionary plans. At current BTC prices, the Company's existing cash resources and the proceeds from any sale of its treasury and mined BTC will be sufficient to fund its capital investments and support its growth objectives. If the BTC price declines significantly, the Company would be required to raise additional funds from external sources to meet these requirements. Refer to details in Note 17 for the Company's ATM Equity Programs.

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22. Financial Instruments and Risk Management (continued...)

As at September 30, 2024, the contractual maturities of financial and other liabilities, including estimated interest payments, are as follows:

		Contractual cash flows		within 1 year		1 to 3 years		3 to 5 years		5+ years
Accounts payable	$	17,550	$	17,550	$	-	$	-	$	-
Term loan		4,631		4,631		-		-		-
Convertible loan		4,063		3,216		847		-		-
Lease commitments		8,398		3,244		4,375		779		-
Loans payable and interest		14,578		1,427		4,015		2,499		6,637
Total	$	49,220	$	30,068	$	9,237	$	3,278	$	6,637

Foreign currency risk

Currency risk relates to the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in foreign exchange rates. Exchange rate fluctuations affect the costs that the Company incurs in its operations as well as the currency in which the Company has historically raised capital.

The Company's presentation currency is the US dollar, major purchases are transacted in US dollars, while financing to date has been completed in Canadian and US dollars. As the Company operates in an international environment, some of the Company's financial instruments and transactions are denominated in currencies other than an entity's functional currency. A portion of the Company's general and administrative costs are incurred mainly in currencies separate from each entity's functional currency, such as Swiss Francs, the Euro, the Swedish Krona, and Icelandic Krona. The fluctuation of these currencies in relation to the US dollar will consequently impact the profitability of the Company and may also affect the value of the Company's assets and liabilities and the amount of shareholders' equity.

The Company's net monetary position in the significant foreign currencies as of September 30, 2024 is summarized below with the effect on earnings before tax of a 10% fluctuation of each currency relative to the functional currency of the entity holding it to the US dollar:

	Net Monetary Position September 30, 2024 (USD$ equivalent) ($)		Impact of 10% variance in foreign exchange rate (in foreign currency) ($)
US Dollars	(3,651	)	332
Canadian Dollars	214		14
Euro Dollars	38		4
Swiss Francs	78		8
Swedish Krona	(493	)	4
Icelandic Krona	827		1

Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to interest rate risk is limited and only relates to its ability to earn interest income on cash balances at variable rates. Changes in short term interest rates will not have a significant effect on the fair value of the Company's cash account. The interest rate on the Company's loans is fixed in nature and have limited exposure to changes in interest rates.

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22. Financial Instruments and Risk Management (continued...)

Price risk

Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk. The Company is not exposed to any significant price risks with respect to its financial instruments.

Loss of access risk

The loss of access to the private keys associated with the Company's digital currency holdings may be irreversible and could adversely affect an investment. Digital currencies are controllable only by an individual that possesses both the unique public key and private key or keys relating to the "digital wallet" in which the digital currency is held. To the extent a private key is lost, destroyed or otherwise compromised and no backup is accessible the Company may be unable to access the digital currencies.

Irrevocability of transactions

Digital currency transactions are irrevocable and stolen or incorrectly transferred digital currencies may be irretrievable. Once a transaction has been verified and recorded in a block that is added to the blockchain, an incorrect transfer or theft generally will not be reversible, and the Company may not be capable of seeking compensation.

Regulatory oversight risk

Regulatory changes or actions may restrict the use of digital currencies or the operation of digital currency networks or exchanges in a manner that adversely affects investments held by the Company.

Digital asset risk

Digital currencies are measured at fair value less cost to sell. Digital currency prices are affected by various forces including global supply and demand, interest rates, exchanges rates, inflation or deflation and the political and economic conditions. Further, digital currencies have no underlying backing or contracts to enforce recovery of invested amounts. The profitability of the Company is related to the current and future market price of digital currencies; in addition, the Company may not be able to liquidate its holdings of digital currencies at its desired price if necessary. Investing in digital currencies is speculative, prices are volatile and market movements are difficult to predict. Supply and demand for such currencies change rapidly and are affected by a variety of factors, including regulation and general economic trends. Digital currencies have a limited history, their fair values have historically been volatile and the value of digital currencies held by the Company could decline rapidly. A decline in the market prices of digital currencies could negatively impact the Company's future operations. Historical performance of digital currencies is not indicative of their future performance.

Many digital currency networks are online end-user-to-end-user networks that host a public transaction ledger (blockchain) and the source code that comprises the basis for the cryptographic and algorithmic protocols governing such networks. In many digital currency transactions, the recipient or the buyer must provide its public key, which serves as an address for a digital wallet, to the seller. In the data packets distributed from digital currency software programs to confirm transaction activity, each party to the transaction must sign transactions with a data code derived from entering the private key into a hashing algorithm, which signature serves as validation that the transaction has been authorized by the owner of the digital currency. This process is vulnerable to hacking and malware and could lead to theft of the Company's digital wallets and the loss of the Company's digital currency.

Page 28

22. Financial Instruments and Risk Management (continued...)

While the Company does not store cryptocurrency on an exchange, the public failure of cryptocurrency exchanges appears to affect the value of cryptocurrencies and the cryptocurrency and crypto mining industries as a whole. As noted above, digital currency transactions are irrevocable. There are no governmental bodies that backstop the security of cryptocurrencies against theft or loss. A general loss of confidence in the technology that underlies the cryptocurrency industry, or a loss of confidence in the industry, itself, could substantially devalue our Bitcoin holdings and threaten the viability of our cryptocurrency mining business.

Digital currencies are loosely regulated and there is no central marketplace for exchange. Supply is determined by a computer code, not a central bank. Additionally, exchanges may suffer from operational issues, such as delayed execution, that could have an adverse effect on the Company.

Additionally, to the extent that the digital asset exchanges representing a substantial portion of the volume in digital asset trading are involved in fraud or experience security failures or other operational issues, such digital asset exchanges' failures may result in loss or less favorable prices of digital currencies, or may adversely affect the Company, its operations and its investments.

Safeguarding of digital assets

The Company utilizes the Fireblocks platform which provides the Company a secure medium to access its digital wallets and transact with reputable exchanges on sales of its digital assets. At the period end the Company utilised the Fireblocks platform for 98% of its digital currencies associated with its operations. Fireblocks, with locations in New York and Tel Aviv, utilizes a secure hot vault and secure transfer environment to help establish connections between the Company's wallets and exchanges. Fireblocks utilizes multi-party computation ("MPC") protection layers to distribute private key secrets across multiple locations to ensure there is no single point of failure associated with the private keys. The use of MPC ensures private key shards are never concentrated to a single device at any point in time. The Company utilizes the Fireblocks Policy Engine to designate transaction approval policies for digital assets held within the Fireblocks portal. As such, administrators configure automated rules to ensure all transactions are disbursed based on the asset sent, total value of the transaction, source and destination of funds and signor requirements. All transactions initiated from Fireblocks that fail to meet the Company's predefined criteria per the engine policy are automatically rejected. All internal wallets owned by the Company and external wallets for addresses of the Company's counterparties require multiple approvals in accordance with our whitelisting policy. As such, the Company settles with counterparties or entities without the risk of losing funds due to deposit address attacks or errors. Fireblocks is SOC 2 Type II certified for the defined period and undergoes a SOC 2 review on an annual basis. The Company reviews the Fireblocks SOC 2 report to ensure they maintain a secure technology infrastructure and that their systems are designed and operating effectively. Additionally, the Company reviews its own complementary user entity controls in conjunction with the Fireblocks controls to ensure that applicable trust services criteria can be met. Fireblocks maintains an insurance policy which has coverage for technology, cyber, and professional liability and is rated "A" by A.M. Best based on the strength of the policy and has had no known security breaches or incidents reported to date.

Page 29

22. Financial Instruments and Risk Management (continued...)

Digital asset mining risk

The digital asset mining industry has seen rapid growth and innovation. In this environment of rapid change, there is no assurance that the Company will be able to compete effectively. The Company's expenses may be greater than we anticipate, and our investments to make the Company more efficient or to gain digital asset mining market share may not outpace our competitors. Moreover, the cost of gaining efficiency and maintaining or enhancing profit margins may be more than the Company can support given its overall strategy of holding Bitcoin, the currency in which our operating profits are generated. Among the factors that affect our position are the following.

ASIC and GPU miners and other necessary hardware for mining are subject to malfunction, technological obsolescence, shortages in the global supply chain and difficulty and cost in obtaining new hardware. In this context, we note that much has been said in the media about the widespread availability of GPU based mining machines as former Ethereum miners shut down their operations. The machines that HIVE requires are ASIC mining machines that are designed and built for Bitcoin mining, which is our main focus. As a result, any major malfunction out of the typical range of downtime for normal maintenance and repair of our Bitcoin mining systems could cause a significant disruption in our ability to continue mining, which could result in lower yields and harm our digital asset mining market share. New ASIC miners can be costly and may be in short supply.

There can be no assurances that the most efficient ASIC mining hardware will be readily available when we identify the need for it. We face competition in acquiring mining machines from major manufacturers and, at a given time, mining machines may only be available for pre-order months in advance. As a result of competition for the latest generation ASIC mining machines, or if we unexpectedly need to replace our mining machines due to a faulty shipment or other failure, we may not be able to secure replacement machines at reasonable costs on a timely basis.

Proof-of-work mining operations (such as the mining operations required to mine Bitcoin) consume significant amounts of electricity, and recently, there has been increased focus on, and public debate surrounding, the negative environmental, social and governance considerations associated with such operations. Regulatory changes or actions in foreign jurisdictions may affect the Company's business or restrict the use of one or more digital assets, mining activity or the operation of their networks or the digital asset exchange market in a manner that adversely affects the Company's business. If regulators or public utilities take actions that restrict or otherwise impact mining activities, there may be a significant decline in such activities, which could adversely affect digital asset networks, the Company's business and the market price of the Company's common shares. Because Bitcoin is a leading crypto currency, all of the foregoing risk factors may apply especially to Bitcoin, which is central to our business.

Page 30

22. Financial Instruments and Risk Management (continued...)

The Company's business strategy currently focuses on mining Bitcoin and our hardware is limited to mining using current proof-of-work protocols. There could be developments in proof of work protocols, or other competing validation methods or processes that render such business strategy obsolete or out of favor generally. Proof-of-stake is an alternative method of validating digital asset transactions. Proof-of-stake methodology does not rely on resource intensive calculations to validate transactions and create new blocks in a blockchain. Instead, the validator of the next block on a blockchain is determined, sometimes randomly, based on a methodology in the blockchain software. Rewards, and sometimes penalties, are issued based on the amount of digital assets a user has "staked" in order to become a validator. As a result of the Merge, on September 15, 2022, Ethereum shifted to a proof-of-stake validation method, and the Company stopped mining Ethereum. Should Bitcoin also shift from a proof-of-work validation method to a proof-of-stake or other method, the transaction verification process (i.e., "mining" or "validating") may render our mining business less competitive or less profitable. While we are not aware of how the Bitcoin blockchain could be so fundamentally modified, we have seen applications that offer sidechain alternatives to mining Bitcoin directly on the Bitcoin blockchain but that are integrated with the Bitcoin blockchain. To date, such efforts that we are aware of have been directed at increasing the volume and speed of Bitcoin transaction processing.

The aggregate computing power of the global Bitcoin network has generally grown over time, and we expect it to continue to grow in the future. The barriers to entry for new Bitcoin miners are relatively low, which can give rise to additional capacity from competing miners. As the hash rate in the Bitcoin network increases, the amount of Bitcoin earned per unit of hash rate decreases. The Bitcoin protocol responds to increasing total hash rate by increasing the "difficulty" of Bitcoin mining. If this "difficulty" increases at a significantly higher rate, we would need to increase our hash rate at the same rate in order to maintain market share and generate equivalent block rewards. Therefore, in order to maintain or increase our market share, we may be required to make significant capital expenditures.

Any decrease in the Company's effective market share would result in a reduction in our share of block rewards and transaction fees, which could adversely affect our financial performance and financial position.

High performance computing risk

The Company faces risks related to technological obsolescence and revenue dependence. Rapid advancements in high-performance computing hardware could quickly render the Company's equipment obsolete, necessitating costly upgrades to maintain competitiveness. Additionally, reliance on a marketplace platform exposes the Company to fluctuations in demand, changes in marketplace rules, or changes in revenue sharing structures. If the marketplace modifies its terms, increases fees, or reduces the visibility of certain vendors, it could significantly impact the Company's financial performance under this segment.

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22. Financial Instruments and Risk Management (continued...)

Uncertain tax positions

Various foreign jurisdictions have, and may continue to adopt laws, regulations or directives that affect a digital asset network, the digital asset markets, and their users, particularly digital asset exchanges and service providers that fall within such jurisdictions' regulatory scope. For example, if China or other foreign jurisdictions were to ban or continue to otherwise restrict mining activity, including by regulating or limiting manufacturers' ability to produce or sell semiconductors or hard drives in connection with mining, it would have a material adverse effect on digital asset networks, the digital asset market, and as a result, impact our business.

A number of foreign jurisdictions have recently taken regulatory action aimed at digital asset activities. China has made transacting in digital currencies illegal for Chinese citizens in mainland China, and additional restrictions may follow. As recently as September 2021, China's central bank has further restricted digital asset-related activities, stating that activity by overseas digital asset exchanges, and services offering trading, order matching, and token issuance and derivatives, constitute illegal activity. Both China and South Korea have banned initial coin offerings entirely and regulators in other jurisdictions, including Canada, Singapore, and Hong Kong, have opined that initial coin offerings may constitute securities offerings subject to local securities regulations. In September 2021, the Chinese government announced issued a complete ban that restricts digital currencies trading and mining activities, citing concerns about high energy consumption and its desire to promote financial stability. Regulators in the Inner Mongolia and other regions of China have proposed regulations that would create penalties for companies engaged in digital currency mining activities and introduce heightened energy saving requirements on industrial parks, data centers and power plants providing electricity to digital currency miners. The effect of the China ban was a movement of those miners and their hashrates out of China and into other countries. The United Kingdom's Financial Conduct Authority published final rules in October 2020 banning the sale of derivatives and exchange traded notes that reference certain types of digital currencies, contending that they are "ill-suited" to retail investors citing extreme volatility, valuation challenges and association with financial crime.

Foreign laws, regulations or directives may conflict with those of the jurisdiction we operate in and may negatively impact the acceptance of one or more digital assets by users, merchants and service providers and may therefore impede the growth or sustainability of the digital asset economy in the European Union, China, Japan, Russia and the United States and globally, or otherwise negatively affect the value of digital assets that we invest in. The effect of any future regulatory change on our business or the digital assets that we invest in is impossible to predict, but such change could be substantial and adverse to our investment and trading strategies, the value of our assets and our investment value.

Page 32

23. Digital Currency and Risk Management

Digital currencies are measured using Level 2 inputs (Note 22).

Digital currency prices are affected by various forces including global supply and demand, interest rates, exchange rates, inflation or deflation and the global political and economic conditions. The profitability of the Company is directly related to the current and future market price of coins; in addition, the Company may not be able liquidate its inventory of digital currency at its desired price if required. A decline in the market prices for coins could negatively impact the Company's future operations. The Company has not hedged the conversion of any of its coin sales or future mining of digital currencies.

Digital currencies have a limited history and the fair value historically has been very volatile. Historical performance of digital currencies is not indicative of their future price performance. The Company's digital currencies currently mainly consist of Bitcoin. The table below shows the impact for every 5% variance in the price of Bitcoin on the Company's earnings before tax, based on the closing price at September 30, 2024.

		Impact of 5% variance in price
Bitcoin	$	8,243

24. Capital Management

The Company manages its capital to maintain its ability to continue as a going concern and to provide returns to shareholders and benefits to other stakeholders. The capital structure of the Company consists of equity comprised of issued share capital and reserves.

The Company manages its capital structure and adjusts it in light of economic conditions. The Company, upon approval from its Board of Directors, will balance its overall capital structure through new share issues, commencement of ATM Equity Programs, the sale of digital currencies or by undertaking other activities as deemed appropriate under the specific circumstances.

The Company is subject to externally imposed capital requirements due to its term loan (Note 13). The Company's overall strategy with respect to capital risk management remains unchanged from the prior year.

Page 33

25. Segmented Information

The Company operates in one segment, with two revenue streams being the mining of digital currencies and high performance computing hosting. External revenues are attributed by geographical location, based on the country from which services are provided.

September 30, 2024		Canada		Sweden		Iceland		Switzerland		Paraguay		Bermuda		Total
Revenue from digital currency mining	$	-	$	-	$	-	$	-	$	-	$	50,401	$	50,401
High performance computing hosting		-		-		-		-		-		4,488		4,488
	$	-	$	-	$	-	$	-	$	-	$	54,889	$	54,889


September 30, 2023		Canada		Sweden		Iceland		Switzerland		Paraguay		Bermuda		Total
Revenue from digital currency mining	$	-	$	-	$	-	$	-	$	-	$	45,858	$	45,858
High performance computing hosting		-		-		-		-		-		474		474
	$	-	$	-	$	-	$	-	$	-	$	46,332	$	46,332

The Company's plant and equipment are located in the following jurisdictions:

September 30, 2024		Canada		Sweden		Iceland		Switzerland		Paraguay		Bermuda		Total
Plant and equipment	$	83,654	$	30,828	$	492	$	-	$	232	$	14	$	115,220
ROU asset		3,351		4,159		-		-		-		60		7,570
	$	87,005	$	34,987	$	492	$	-	$	232	$	74	$	122,790

March 31, 2024		Canada		Sweden		Iceland		Switzerland		Paraguay		Bermuda		Total
Plant and equipment	$	74,425	$	19,529	$	1,367	$	-	$	-	$	35	$	95,356
ROU asset		3,352		5,051		-		-		-		85		8,488
	$	77,777	$	24,580	$	1,367	$	-	$	-	$	120	$	103,844

26. Comparative Figures

Certain figures in the comparative period condensed interim consolidated statements of financial position, condensed interim consolidated statements of income (loss) and comprehensive income (loss), condensed interim consolidated statements of changes in equity and condensed interim consolidated statements of cash flows have been reclassified to meet the current presentation.

27. Subsequent Events

Subsequent to the period ended September 30, 2024, the Company issued 3,600 common shares under the RSU plan upon the exercise of restricted share units.

On October 3, 2024, the Company entered into an equity distribution agreement ("October 2024 Equity Distribution Agreement"). Under the October 2024 Equity Distribution Agreement, the Company may, from time to time, sell up to $200 million of common shares in the capital of the Company (the "October 2024 ATM Equity Program").

Subsequent to the period ended September 30, 2024, the Company issued 10,315,735 October 2024 ATM Shares pursuant to the October 2024 ATM Equity Program for gross proceeds of C$58.6 million ($42.3 million). The October 2024 ATM shares were sold at prevailing market prices, for an average price per October 2024 ATM Share of C$5.68. Pursuant to the October 2024 Equity Distribution Agreement, a cash commission of $1.1 million on the aggregate gross proceeds raised was paid to the agent in connection with its services under the October 2024 Equity Distribution Agreement.

Subsequent to the period ended September 30, 2024, the Company granted 2,442,000 RSU to certain employees, officers, directors and eligible consultants of the Company with a fair value of C$5.06 per share that vest over two years.

Page 34

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

The following discussion is management's assessment and analysis of the results of operations, cash flows and financial condition of HIVE Digital Technologies Ltd. ("HIVE" or the "Company") on a consolidated basis for the three and six months ended September 30, 2024, and should be read in conjunction with the accompanying unaudited condensed interim consolidated financial statements and related notes for the three and six months ended September 30, 2024.

These documents and additional information regarding the business of the Company are available on the System for Electronic Document Analysis and Retrieval ("SEDAR+") at www.sedarplus.ca, the Electronic Data Gathering, Analysis and Retrieval ("EDGAR") system maintained by the Securities and Exchange Commission (the "SEC") at www.sec.gov/EDGAR and the Company's website at www.hivedigitaltechnologies.com. The preparation of financial data is in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and all figures are reported in United States dollars unless otherwise indicated.

This Management's Discussion & Analysis contains information up to and including November 12, 2024.

BUSINESS OVERVIEW

HIVE Digital Technologies Ltd. is a growth-oriented company listed on the TSX Venture Exchange ("TSXV"), the NASDAQ Capital Markets Exchange ("NASDAQ") and on the Open Market of the Frankfurt Stock Exchange. Our primary business is operating data centers, the computing power of which is used for high performance computing ("HPC") and the mining of cryptocurrencies. Because the Company substantially holds Bitcoin and monetizes (or converts into Bitcoin) other cryptocurrencies that it derives from its mining operations, we view the Company as a bridge between the Bitcoin blockchain sector and traditional capital markets. Our cryptocurrency assets provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of Bitcoin.

HIVE operates "green" energy-powered data center facilities in Canada, Sweden, and Iceland. Our references to "green" energy are to our energy supply agreements with producers of hydroelectric power in Sweden and Canada, and hosting agreements with suppliers in Iceland where the hosting facilities are powered by hydroelectric or geothermal power. One of our key objectives in locating our facilities where they are is to avoid using energy derived from fossil fuels. Our facilities are connected to local power grids that are controlled by local authorities. As a result, we do not control the sourcing of our power, which may include energy from any source on the grid. However, the close proximity of our facilities to hydroelectric and geothermal based power generating plants, makes it highly probable that most or all of the energy we use for our data centers is coming from those hydroelectric and geothermal plants, which is the basis for our saying that our operations are "green."

The following table summarizes the operational hashrate of each of the Company's major data centers together with its average operational power consumption and power capacity available to each such data center, as of October 31, 2024.

Sites	Approx. Hashrate (in PH/s)	Approx. MW Utilized	MW Capacity Available
New Brunswick, Canada owned facility	1,815	46.5	70.0
Quebec, Canada leased facility	1,350	30.0	34.5
Boden, Sweden leased facility	1,265	26.5	32.0
Boden 2, Sweden owned facility	280	4.5	6.0
Robertsfors, Sweden leased facility	75	3.3	4.0
Notviken, Sweden leased facility	45	1.1	1.5
Keflavik, Iceland hosted facility	140	4.0	8.0
Montreal, Canada hosted facility *	N/A	1.4	1.4
Stockholm, Sweden hosted facility *	N/A	0.8	0.8
Total	4,970	118.1	158.2

* Data center used for HPC / AI compute only.

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

Currently, the majority of our data center power is being utilized by HIVE to generate mining rewards that are paid in Bitcoin and occasionally other cryptocurrencies that we convert into Bitcoin. We retain our Bitcoin in segregated, secure storage wallets with Fireblocks Inc. ("Fireblocks"), a third-party provider that specializes in secure crypto storage. See "DIGITAL CURRENCY AND RISK MANAGEMENT" below. We have not pledged or staked our Bitcoin assets as collateral against debt or other obligations of any kind. Our Bitcoin is not stored on any exchange. Our Bitcoin is never "staked" for mining purposes (see definition of "Proof-of-Stake" below) or loaned to any third party.

The Company recognizes the majority of its revenue from the provision of transaction verification services, known as 'cryptocurrency mining', for which the Company receives digital currencies and records them at their fair value on the date received. The Company's revenue is being diversified through our expansion into data center operations which support HPC and AI based applications.

Change of Name and Diversification of Business

On July 12, 2023, the Company changed its name from HIVE Blockchain Technologies Ltd. to HIVE Digital Technologies Ltd. The change represents HIVE's evolving focus on revenue opportunities made possible by HIVE's large inventory of Nvidia Graphics Processing Unit ("GPU") cards in combination with emerging technologies, including artificial intelligence ("AI"), machine learning, advanced data analysis and HPC.

HIVE expects to maintain a strong presence in Bitcoin mining, however going forward HIVE will diversify its business by utilizing its Nvidia GPU-based cards to build high performance computing clusters with Supermicro and Dell servers that can provide computational power on a massive scale, notably for AI compute applications. In addition, the Company is branching out into the rental of GPU server clusters via marketplace aggregators and is exploring the development of a new cloud service offering. This cloud service is designed to offer to users a selection of options to access computing resources ranging from a virtual instance of a single GPU, to a "bare-metal" server equipped with up to 10 GPUs to clusters of multiple servers. The term, "bare metal" refers to instances where a user rents a physical machine from our facility that is not shared with any other tenants. Bare metal servers provide the high-performance capabilities of dedicated hardware combined with the flexibility and scalability of a cloud service. Pricing will likely be based upon the level of computing power accessed. Marketing for the cloud services is expected to be directed at small and medium-sized businesses as an efficient and cost-effective alternative, offering potential substantial savings in comparison to other major cloud service providers.

FINANCIAL SUMMARY

		Three months ended September 30,						Six months ended September 30,
		2024			2023			2024			2023

Total revenue	$	22,648		$	22,767		$	54,889		$	46,332
Net loss		(7,663	)		(24,548	)		(4,405	)		(40,800	)
Gross operating margin (1)		1,166			4,671			12,606			12,710

Basic loss per share	$	(0.06	)	$	(0.29	)	$	(0.04	)	$	(0.48	)

Digital assets mined - BTC		340			801			789			1,635

¹ Non-IFRS measure. A reconciliation to its nearest IFRS measures is provided under "Reconciliations of Non-IFRS Financial Performance Measures" below.

The Company is a reporting issuer in each of the Provinces and Territories of Canada and under the Securities Exchange Act of 1934 in the United States. The Company's shares are listed for trading on the TSXV, under the symbol "HIVE.V", as well as on the NASDAQ Capital Markets Exchange under "HIVE" and on the Open Market of the Frankfurt Stock Exchange under the symbol "YO0.F". The Company's head office is located at Suite 370, 1095 West Pender Street, Vancouver, BC, V6E 2M6, and its registered office is located at Suite 2500, 700 West Georgia Street, Vancouver, BC, V7Y 1B3.

Page 2

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

DEFINED TERMS

ASIC:	An ASIC (application-specific integrated circuit) is a microchip designed for a special application, such as a particular kind of transmission protocol or a hand-held computer. In the context of digital currency mining ASICs have been designed to solve specific hashing algorithms efficiently, including for Bitcoin mining.
Bitcoin or BTC:	Bitcoin refers to the native token of the Bitcoin network which utilizes the SHA-256 algorithm. Bitcoin is a peer-to-peer payment system and the digital currency of the same name which uses open source cryptography to control the creation and transfer of such digital currency.
Bitcoin Network:	The network of computers running the software protocol underlying Bitcoin and which network maintains the database of Bitcoin ownership and facilitates the transfer of Bitcoin among parties.
Blockchain:	A Blockchain is a generally immutable, decentralized public transaction ledger which records transactions, such as financial transactions in cryptocurrency, in chronological order. Bitcoin and Ethereum are the largest examples of a public blockchain.
BuzzMiner:	A Bitcoin mining system developed by HIVE, using the Intel BlockScale ASIC, manufactured by an original design manufacturer ("ODM") which HIVE engaged, using aspects of the Intel Reference Design, with various improvements and optimizations and features implemented by HIVE (and unique to HIVE's BuzzMiner) including custom application programming interface ("API") calls, a software layer, operating modes at different ASIC frequencies, allowing HIVE to mine from 110 Terahash per second ("TH/s") to 130 TH/s at different efficiencies, along with demand response functionality.
Ether or ETH or Ethereum:	Ether, ETH or Ethereum refers to the native token of the Ethereum Network which utilizes the ethash algorithm. Ethereum is a global, open-source platform for decentralized applications. Ethereum, ETH and Ether are used interchangeably to refer to the cryptocurrency.
Ethereum Classic:	Ethereum Classic refers to the native token of the Ethereum Classic Network.
Fireblocks:	Fireblocks LLC is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets.
GPU:	A GPU or Graphics Processing Unit is a programmable logic chip (processor) specialized for display functions. GPUs have proven to be efficient at solving digital currency hashing algorithms.
Hashrate:	Hashrate is a measure of mining power whereby the expected revenue from mining is directly proportional to a miner's hashrate normalized by the total hashrate of the network.
Hashprice:	Hashprice measures the daily revenue Bitcoin miners can expect to earn per unit of computational power and is typically measured in dollars per terahash per second per day ($/TH/s/day)
HPC	High performance computing (HPC) is a business practice that combines computing resources to solve large problems that are too difficult or time-consuming for a single computer to handle. HPC is used in many industries including business, science, engineering, and academic research and more recently, has been used to support artificial intelligence (AI) applications.
Mining:	Mining refers to the provision of computing capacity (or hashing power) to secure a distributed network by creating, verifying, publishing and propagating blocks in the blockchain in exchange for rewards and fees denominated in the native token of that network (i.e. Bitcoin or Ethereum, as applicable) for each block generated.
Merge or Ethereum Merge:	The Merge refers to the shift in the Ethereum Blockchain from proof-of-work consensus to proof-of-stake consensus as of September 15, 2022.
Network Difficulty or Difficulty:	Network difficulty is a measure of how difficult it is to find a hash below a given target.
Proof-of-Stake:	Under proof-of-stake consensus stakers who have sufficiently large coin balances 'staked' on the network update the ledger; stakers are incentivized to protect the network and put forth valid transactions because they are heavily invested in the network's currency.
Proof-of-Work:	Under proof-of-work consensus, miners performing computational work on the network update the ledger; miners are incentivized to protect the network and put forth valid transactions because they must invest in hardware and electricity for the opportunity to mine coins on the network. The success of a miner's business relies on the value of the currency remaining above the cost to create a coin.
Revaluation of Digital Currencies:	Refers to the recognition of fair value adjustments to digital currency holdings based on available market prices at a point in time.
SHA-256:	SHA-256 is a cryptographic Hash Algorithm. A cryptographic hash is a kind of 'signature' for a text or a data file. SHA-256 generates an almost-unique 256-bit (32-byte) signature for a text. The most well-known cryptocurrencies that utilize the SHA-256 algorithm are Bitcoin and Bitcoin Cash.

Page 3

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

OUTLOOK

Operations

The Bitcoin protocol is such that every 210,000 blocks the mining rewards are cut in half (a "Halving"). The most recent Halving occurred as of April 20, 2024 with the block rewards now reduced from 6.25 BTC to 3.125 BTC. The Company will continue to make opportunistic investments to upgrade its ASICs and infrastructure, to improve its fleet efficiency and to maximise hashrate. In addition to our cryptocurrency mining operations, the Company has continued its efforts to expand its facilities to offer HPC services to companies in the gaming, artificial intelligence and graphics rendering industries.

Since July 1, 2024, the Company has successfully deployed more than 4,000 next-generation ASICs as part of its fleet upgrade strategy. This includes approximately 3,900 S21 Pro units and 300 S19 XP units, resulting in an increase in our installed hash rate to over 5.6 EH/s.

Additionally, the Company announced its plans to expand its global hash rate capacity to over 12 EH/s. This growth will be driven primarily by the expansion of operations in Paraguay, as well as ongoing upgrades to our existing data center fleet. On November 10, 2024, the Company announced the purchase of 6,500 Canaan Avalon 1566 miners with 185 TH/s per unit and 16.5 J/TH efficiency. The first delivery will be 500 units in November 2024, and 1500 units per month from December 2024 to March 2025. This will bring the Company’s installed hashrate at existing facilities to 6 EH/s with an average global efficiency of 20.5 J/TH.

On January 2, 2024, the Company mutually agreed to the early termination of its service agreement for its facility in Blonduos Iceland..

On November 1, 2024, the Company executed an early termination of its service agreement for its facility in Keflavik, Iceland.

High Performance Computing

The Company has continued to develop and expand its HPC business, which implements the Company's fleet of GPUs in enterprise grade CPU servers, operating in Tier 3 data centers. These GPUs operate with redundancy and are utilized for rental on GPU on-demand marketplace aggregators, where end users are typically performing Large Language Model ("LLM") computations, such as inference and fine-tuning. The Company's fleet of GPUs used for this purpose include the NVIDIA A4000 with 16GB of vRAM, the NVIDIA A5000 with 24GB of vRAM, NVIDIA A40 with 48GB of vRAM, and NVIDIA H100 GPUs. Currently the Company has operations in a Tier 3 data center in Montreal, Canada and Stockholm Sweden, where approximately 4,650 GPUs are operating.

The Russian Invasion of Ukraine

On February 24, 2022, Russia invaded Ukraine. While it is impossible to predict what affect the conflict in Ukraine could have on the Company's operations in Sweden, the increased energy prices across Europe resulting from the conflict have been buffered partially by HIVE having forward energy agreements for the purchase of electricity. These energy hedging contracts allow HIVE to purchase a fixed quantity of power ("MW"), for a fixed period of time (number of months). As a result, if the index spot price increases, HIVE can rely on a previously agreed upon fixed energy price to continue operations. Furthermore, HIVE monitors the hashrate economics of its operations to determine our earnings from digital asset mining in dollars per megawatt-hour ("MWHR"). Under certain circumstances, it may be more profitable for HIVE to sell back to the grid its energy rights (since HIVE receives the proceeds of energy sold at index spot pricing, with the cost being the fixed price from the energy hedged contract). Under such circumstances, HIVE may elect to sell its energy rights instead of mining digital assets. Our Swedish data centers utilize approximately 37.5 MW of renewable hydroelectric energy, which represents approximately 28% of our global overall capacity of hydroelectric and geothermal energy.

Page 4

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

Bitcoin Mining Industry Revenues of U.S. dollars per Day for each 1 Terahash per second of computing power for the 24-month period from October 2022 to September 2024:

Source: bitinfocharts.com

Since July 1, 2024, the hashprice reached a peak of $60 per PH/s per day late July and dropped to an all-time low of approximately $35 per PH/s per day in mid September. For most of the quarter from July to September however, hashprice was in the $35 to $55 per PH/s per day range, which represents bearish Bitcoin mining economics, and a drop from the previous quarter period end June 2024, where hashprice was mostly in the $50 to $60 per PH/s per day range. As a result, mining economics for the whole industry were less profitable this quarter. The price of Bitcoin has risen from approximately $62,000 on July 1, 2024, to over $72,000 by October 31, 2024, contributing to the improvement in hashprice. However, the Bitcoin network difficulty has also increased during this period, rising from 83.68 T to 95.67 T.

Page 5

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

The average monthly Bitcoin market data from April 2024 to September 2024 was as follows:

		April		May		June		July		August		September		Average
Bitcoin		2024		2024		2024		2024		2024		2024		YTD F2025
Average price	$	66,247	$	65,043	$	66,057	$	62,739	$	60,095	$	60,212	$	63,399
Average daily difficulty (in trillions)		85.7		84.8		83.8		81.3		88.9		90.9		85.9

Sources: Coinmarketcap.com, Glassnode.com, Blockchain.com

The average monthly Bitcoin market data from April 2023 to March 2024 was as follows:

		April		May		June		July		August		September
Bitcoin		2023		2023		2023		2023		2023		2023
Average price	$	28,854	$	27,458	$	27,889	$	30,028	$	27,728	$	26,379
Average daily difficulty (in trillions)		48.0		48.9		51.7		52.6		53.4		55.6

		October		November		December		January		February		March		Average
Bitcoin		2023		2023		2023		2024		2024		2024		YTD F2024
Average price	$	29,507	$	36,496	$	42,355	$	42,905	$	49,232	$	67,381	$	36,351
Average daily difficulty (in trillions)		59.3		64.4		68.8		72.0		78.3		81.9		61.2

Sources: Coinmarketcap.com, Glassnode.com, Blockchain.com

For reference, the following chart shows Bitcoin price vs Bitcoin miners' revenues (in Bitcoin block rewards and transaction fees) vs block difficulty* for the 24-month period from October 2022 to September 2024:

Source: Glassnode.com

* Block Difficulty - A relative measure of how difficult it is to find a new block. The difficulty is adjusted periodically as a function of how much hashing power has been deployed by the network of miners.

Page 6

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

The block reward is how new Bitcoin is "minted" or brought into the economy. These rewards, which started at 50 Bitcoin at inception of the network in 2009, halve every 210,000 blocks, with the Halving that occurred on May 11, 2020 (the "2020 Halving"), resulting in a reward of 6.25 Bitcoin per block vs 12.5 Bitcoin per block immediately prior to the 2020 Halving. The Halving which reduced the reward to 3.125 Bitcoin per block occurred on April 20, 2024. The next Halving is projected to occur in April 2028, and will reduce the block reward at that time to 1.5625 Bitcoin per block.

As a result of the April 20, 2024 Halving event, the total number of Bitcoins available to miners per day were reduced from 900 to 450 per day.

Industry subject to evolving regulatory and tax landscape

Both the regulatory and tax landscape for digital companies is evolving. The changing regulatory landscape applies to sectors that are based on blockchain, distributed ledgers, technology and the mining, use, sale and holding of tokens, or digital currencies, and the blockchain technology networks that support them.

Operating in an emerging industry, the Company must adapt to significant changes in regulatory, tax and industry rules and guidelines and obtain regulatory and tax advice from external global experts. In addition, regulations and the rules, rates, interpretations, and practices related to taxes, including consumption taxes such as value added taxes ("VAT"), are constantly changing.

The Company's headquarters are in Vancouver, British Columbia, Canada and as such the Company is subject to the jurisdiction of the laws of the Province of British Columbia and the federal laws of Canada. The Company manages its data centers and trading operations from Bermuda in order to simplify tax expectations.

The Company also has assets in a variety of other countries and is subject to changes in political conditions and regulations within these markets. Changes, if any, in policies or shifts in political attitude could adversely affect the Company's operations or profitability. See "The Russian Invasion of Ukraine" above.

Operations may be affected in varying degrees by government regulations and decisions with respect to, but not limited to, restrictions on price controls, currency remittance, income and consumption taxes, foreign investment, maintenance of claims, environmental legislation, land use, electricity use and safety. Additionally, cryptocurrency prices are highly volatile, can fluctuate substantially and are affected by numerous factors beyond the Company's control, including hacking, demand, inflation, expectations with respect to the rate of inflation, and global or regional political or economic events.

On-going and future regulatory or tax changes, actions or decisions may alter the nature of an investment in the Company or restrict the use of cryptocurrencies in a manner that adversely affects the Company's operations. The effect of any future regulatory change on the Company or any cryptocurrency that the Company may mine is impossible to predict, but such change could be substantial and adverse.

For example, governments may in the future curtail or outlaw the acquisition, use or redemption of cryptocurrencies. Governments may also take regulatory action that may increase the cost and/or subject cryptocurrency companies to additional regulation or prohibit or severely restrict the right to acquire, own, hold, sell, use or trade cryptocurrencies or to exchange cryptocurrencies for fiat currency. By extension, similar actions by other governments, may result in the restriction of the acquisition, ownership, holding, selling, use or trading in the Company's common shares. Such a restriction could result in the Company needing to liquidate its cryptocurrency inventory at unfavorable prices and may adversely affect the Company's shareholders.

The Company believes the present attitude towards blockchain technology, and the digital currency mining industry is increasingly unfavourable in many countries, but conditions may change. Operations may be affected in varying degrees by government regulation with respect to restrictions on production, price controls, export controls, foreign exchange controls, income and other taxes, and environmental legislation.

The Company's wholly owned subsidiaries located in Sweden (Bikupa Datacenter AB ("Bikupa") and Bikupa Datacenter 2 AB ("Bikupa 2")) received decision notice of assessments ("the decision(s)"), on December 28, 2022, December 21, 2023 and December 22, 2023 for Bikupa, and February 14, 2023 and December 21, 2023 for Bikupa 2, from the Swedish Tax Authority in connection with the application of VAT and its ability to recover input VAT against certain equipment and other charges in a total amount of Swedish Krona ("SEK") 411.9 million or approximately $40.9 million. The assessments covered the period December 2020 to December 2022 for Bikupa, and the period April 2021 to December 2022 for Bikupa 2, expressing the intent to reject the recovery of all the VAT for the periods under assessment.

Page 7

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

The Company filed a formal appeal in connection with the December 28, 2022 Bikupa decision on February 9, 2023; however, there can be no guarantee that the Company will achieve a favourable outcome in its appeal. A formal appeal for Bikupa 2 in relation to the February 14, 2023 decision was filed on March 10, 2023 by the Company. The Company has engaged an independent legal firm and independent audit firm in Sweden that have expertise in these matters to assist in the appeal process. The Company does not believe that the decisions have merit because in our opinion and those of our independent advisors, the decisions are not compatible with the current applicable law and therefore the amount claimed to be owed by the Company is not probable. According to general principles regarding the placement of the burden of proof, it is up to the Swedish Tax Agency to provide sufficient evidence in support of its decisions. In our opinion, the Swedish Tax Agency has not substantiated their claim. We are not aware of any precedent cases, authoritative literature, or other statements that support the Swedish Tax Agency's position. The cases are currently in the County Administrative Court.

It is not yet known when these disputes will be resolved; the due process following appeals and the court ruling could extend well beyond a year. Furthermore, given that the industry is rapidly developing, there can be no guarantee that changes to the laws or policies of Sweden will not have a negative impact on the Company's tax position with respect to the eligibility of the claimed VAT.

If the Company is unsuccessful in its appeals, the full amount could be payable including other items such as penalties and interest that may continue to accrue. The Company will continue to assess these matters.

In the spring budget of 2023, the Swedish Parliament abolished the reduced energy tax for data centers, effective as of July 1, 2023. As a result of this decision, the Company's cost of energy at its HIVE Sweden facilities has increased by approximately 0.30 SEK per kWh. Prior to the effective date of the abolishment of the energy tax reduction, HIVE's cost of energy at the HIVE Sweden facilities was approximately 0.30 to 0.50 SEK per kWh. Revenues from HIVE's operations at these facilities typically ranges from 0.80 to 1.00 SEK per kWh. The HIVE Sweden facilities currently represents approximately 34% of the Company's global production of Bitcoin per day. Even with this change, we feel that the HIVE Sweden facilities undertook positive actions to reduce the negative impact through the supplemental power pricing arrangement that was entered into in order to fix prices for electricity consumption at attractive prices. Currently, the HIVE Sweden facilities have secured 31 MW of power at an average price of about 0.34 SEK per KWh for the remainder of the calendar year 2024 and 7 MW of power at an average price of about 0.29 SEK per KWh for the calendar 2025. The Company has been exploring and will continue to explore strategies for minimizing the impact.

On February 4, 2022, the Canadian Department of Finance released for public comment a set of draft legislative proposals to implement certain tax measures. These tax measures include restricting the ability of cryptocurrency mining companies to claim back the consumption taxes they incur on purchases of goods and services made in Canada and imports into Canada. The Company expects that the restriction on the Company's ability to claim back its consumption taxes, namely the Goods and Services Tax and Harmonized Sales Tax, which apply at combined rates from 5% to 15% on the cost of goods and services, could significantly add to the Company's ongoing operating costs and the costs of its capital expenditures and imports into Canada. The measures obtained royal assent on June 22, 2023. The Company has recorded a provision during the year ended March 31, 2024 in the amount of $4.5 million, for our ability to claim back our consumption taxes. During the period ended September 30, 2024, an additional provision was recognized of $0.3 million and the Company recovered $0.8 million in relation to the provision of $4.5 million and reversed an additional $0.5 million of the same provision as a result of further examination of the sales tax provision amounts. The Company also received an assessment of $2.3 million for sales tax payable that is included in the provision as a result of a sales tax audit related to periods prior to the acquisition of 9376-9974 Quebec Inc. in 2021, and the recovered amount of $0.8 million has been applied against the sales tax payable. The Company will continue to work with our consultants and the Canadian authorities in resolving the disputed amounts.

Page 8

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

HIVE PARAGUAY FACILITY

The Company previously announced on July 22, 2024 that it plans to develop a 100 MW hydroelectric data center in Paraguay (the "HIVE Paraguay Facility"). The Company has since entered into: (i) an engineering and construction agreement executed on September 26, 2024 between W3X S.A., being a wholly-owned subsidiary of the Company, and Rieder & CIA S.A.C.I., a company organized pursuant to the laws of Paraguay relating to high voltage infrastructure within the local utility's substation, bringing down the power to the HIVE Paraguay Facility for which the contract value is approximately $3.8 million; and (ii) a purchase order from a hardware supplier for a total of 160 MVA substation components including transformers, miscellaneous electronic parts and components at an aggregate cost of $6.0 million.

As of the date of this report, the Company has officially broken ground on construction and expects the first 30MW to be completed in calendar Q2 2025, with 2 EH/s of Bitcoin mining capacity, and the fully 100 MW to be completed in calendar Q3 2025, bringing the Company’s total operational hashrate to 12.5 EH/s (combined from the existing 6 EH/s targeted in March 2025 and the additional 6.5 EH/s from the 100 MW of the Paraguay site to be completed by calendar Q3 2025).

See Business Objectives and Milestones section under “USE OF PROCEEDS” for further details on expected facility site costs

ASSET ACQUISITION

On November 29, 2023, the Company acquired a data center in Sweden ("Boden 2"). In consideration, the Company issued 345,566 common shares of the Company to the vendor, made a cash payment totalling $647 and $500 in holdback common shares payable that are included in accounts payable and accrued liabilities as at March 31, 2024 and the period ended September 30, 2024. The Company also incurred $141 in acquisition costs which were capitalized to the cost of the assets.


Cash paid	$	647
Shares issued		1,088
Holdback payable		500
Acquisition costs		141
Total consideration	$	2,376


Land	$	86
Building		1,587
Equipment		446
VAT receivables		360
Total assets		2,479
Current liabilities		(103	)
Net assets acquired	$	2,376

Page 9

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

INTEL SUPPLY AGREEMENT

On March 7, 2022, the Company entered into a Supply Agreement with Intel Corporation for the purchase of its new generation of application specific integrated circuits ("ASICs") designed specifically for processing SHA-256 cryptographic hash functions and associated software, known as Intel's "Blockscale".

The Company has also entered into a manufacturing agreement with an original design manufacturer ("ODM") that has expertise in electronics manufacturing and experience manufacturing integrated systems for Intel. The ODM integrated Intel's Blockscale ASICs into an air-cooled Bitcoin mining system. The Company's engineering team drew on its expertise in hardware and software implementation and worked closely with Intel and the ODM partner on the systems integration. During the year ended March 31, 2024, the Company manufactured and received these ASIC miners and completed its Supply Agreement with Intel Corporation.

CONVERTIBLE DEBENTURE

On January 12, 2021, the Company closed its non-brokered private placement of unsecured debentures (the "Debentures"), for aggregate gross proceeds of $15 million with U.S. Global Investors, Inc. ("U.S. Global"). The Executive Chairman of the Company is a director, officer and controlling shareholder of U.S. Global, but the transaction was exempt from the formal valuation and minority approval requirements in Multilateral Instrument 61-10 Protection of Minority Holders in Special Transactions, because the fair market value of the transaction did not exceed 25% of the Company's market capitalization.

The Debentures will mature on the date that is 60 months from the date of issuance, bearing interest at a rate of 8% per annum. The Debentures were issued at par, with each Debenture being redeemable by HIVE at any time, and convertible at the option of the holder into common shares (each, a "Share") in the capital of the Company at a conversion price of C$15.00 per Share. Interest is payable monthly, and principal is payable quarterly. In addition, U.S. Global was issued 5 million common share purchase warrants (the "January 2021 Warrants"). Each five whole January 2021 Warrants entitles U.S. Global to acquire one common Share at an exercise price of C$15.00 per Share for a period of three years from closing. On January 12, 2024, the January 2021 Warrants expired unexercised. The Company has been paying down this debt on a quarterly basis and the total outstanding amount as of the period ended September 30, 2024 is $3.8 million.

AT-THE-MARKET EQUITY PROGRAM

On May 10, 2023, the Company entered into an equity distribution agreement ("May 2023 Equity Distribution Agreement") with Stifel GMP and Canaccord Genuity Corp. Under the May 2023 Equity Distribution Agreement, the Company may, from time to time, sell up to $100 million of common shares in the capital of the Company (the "May 2023 ATM Equity Program"). The May 2023 Equity Distribution Agreement was terminated as of August 16, 2023.

For the year ended March 31, 2024, the Company issued 1,374,700 common shares (the "May 2023 ATM Shares") pursuant to the May 2023 ATM Equity Program for gross proceeds of C$9.0 million ($6.8 million). The May 2023 ATM Shares were sold at prevailing market prices, for an average price per May 2023 ATM Share of C$6.55. Pursuant to the May 2023 Equity Distribution Agreement, a cash commission of $0.2 million on the aggregate gross proceeds raised was paid to the agent in connection with its services under the May 2023 Equity Distribution Agreement. In addition, the Company incurred $162 in fees related to its May 2023 ATM Equity Program.

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").

Page 10

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

For the year ended March 31, 2024, the Company issued 13,612,024 common shares (the "August 2023 ATM Shares") pursuant to the August 2023 ATM Equity Program for gross proceeds of C$71 million ($52.7 million). The August 2023 ATM Shares were sold at prevailing market prices, for an average price per August 2023 ATM Share of C$5.22. Pursuant to the August 2023 Equity Distribution Agreement, a cash commission of $1.6 million on the aggregate gross proceeds raised was paid to the agent in connection with its services under the August 2023 Equity Distribution Agreement. In addition, the Company incurred $316 in fees related to its August 2023 ATM Equity Program.

For the period ended September 30, 2024, the Company issued 12,534,457 common shares (the "August 2023 ATM Shares") pursuant to the August 2023 ATM Equity Program for gross proceeds of C$51.1 million ($37.4 million). The August 2023 ATM shares were sold at prevailing market prices, for an average price per August 2023 ATM Share of C$4.08. Pursuant to the August 2023 Equity Distribution Agreement, a cash commission of $1.1 million on the aggregate gross proceeds raised was paid to the agent in connection with its services under the August 2023 Equity Distribution Agreement. In addition, the Company incurred $2 in fees related to its August 2023 ATM Equity Program. The August 2023 Equity Distribution Agreement was terminated as of July 8, 2024.

The Company is using the net proceeds from the May 2023 Equity Distribution Agreement and 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. HIVE ended the period ended September 30, 2024, with 2,604 BTC on its balance sheet.

SPECIAL WARRANT FINANCING

On December 28, 2023, the Company completed a bought-deal financing of 5,750,000 special warrants of the Company (the "2023 Special Warrants") at a price of C$5.00 per Special Warrant for aggregate gross proceeds to the Company of C$28.75 million (the "Offering"). Each 2023 Special Warrant entitled the holder to receive without payment of additional consideration, one unit of the Company upon exercise consisting of one common share and one-half of common share purchase warrant.

On February 2, 2024, the 2023 Special Warrants were deemed exercised into one unit of the Company comprised of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one common share of the Company at an exercise price of C$6.00 per whole warrant until December 28, 2026.

Page 11

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

USE OF PROCEEDS

2023 Special Warrants Financing

The Company has used the net proceeds from the 2023 Special Warrants offering to support the growth of its Bitcoin mining footprint. Specifically, the Company used the net proceeds to fund the purchase of 7,000 S21 Antminer ASIC units announced on December 22, 2023 which were expected to expand the Company's Bitcoin mining capacity by 1.4 ExaHash. The Company allocated C$19.5 million from the net proceeds to this acquisition, which includes C$0.2 million for supplemental expenses (which includes an update or expansion of power-distribution units to support the 7,000 S21 Antminer ASICs). This resulted in an upgrade at the New Brunswick facility from the existing 38 J/TH miners to new 17 J/TH Bitmain S21 miners, which increased the Company's mining efficiency and improve the break-even cost of mining Bitcoin.

The following table sets forth the business objectives by the Company for the amount of proceeds from the Offering allocated to the objective, and an estimated completion date.

Business Objective	Amount of Gross Proceeds Allocated (CAD)	Estimated Completion Date
Purchase of 7,000 S21 Antminer ASIC units	$19.5 million	Completed⁽¹⁾
General Working Capital & Overhead⁽²⁾	$7.4 million	N/A
TOTAL:	$26.9 million⁽³⁾	-

Note:

(1) As per the Company's press release dated December 22, 2023, the units were to be delivered over the period from January 2024 to June 1, 2024. As of the date of this report, the units have been delivered.

(2) The largest general working capital and overhead expenses for the Company are related to electricity and rent expenses at the Company's various facilities.

(3) Represents net proceeds of C$28.8 million less the Underwriters' Commission of C$1.7 million and estimated total expenses of C$0.2 million.

The total cost of the 7,000 S21 Antminer ASIC units was approximately $24.5 million. Accordingly, in addition to the gross proceeds raised under the offering, the Company paid approximately $10.0 million from the August 2023 ATM Equity Program towards the above-noted business objectives. As of the date of this report, the Company has fully funded the purchase of the 7,000 S21 units and all units have been delivered.

The remaining proceeds from the offering had been allocated for general working capital and overhead costs. As of the date of this report, all of the proceeds from the offering have been spent on the use of proceeds described above.

Prior Use of ATM Proceeds

The Company previously raised aggregate gross proceeds of $3.9 million (C$5.2 million) pursuant to the 2022 ATM Equity Program; $6.8 million (C$9.0 million) pursuant to the May 2023 ATM Equity Program; and, as of the date hereof, has raised $90 million (C$122.2 million) pursuant to the August 2023 ATM Equity Program. The following chart summarizes the proceeds raised pursuant to these offerings, and the amount spent on the Company's various facilities during the time such offerings were active:

Page 12

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

Agreement	Proceeds (USD)	Use of Proceeds Per Facility⁽¹⁾
2022 ATM Equity Program⁽²⁾	$3.9 million	Purchase of $5.5 million in data center equipment for New Brunswick Facility.
		Purchase of $0.7 million in data center equipment for Lachute (Québec) Facility
		Purchase of $26.0 million in data center equipment for Sweden (Boden) Facility
		Purchase of $1.0 million in data center equipment for Iceland Facilities.
May 2023 ATM Equity Program ⁽³⁾	$6.8 million	Purchase of $5.2 million in data center equipment for Lachute (Québec) Facility
		Purchase of $12.9 million in data center equipment for New Brunswick Facility
August 2023 ATM Equity Program ⁽⁴⁾	$90 million	Purchase of $15.1 million in data center equipment for Lachute (Québec) Facility
		Purchase of $24.2 million in data center equipment for Sweden (Boden & Boden 2) Facility
		Purchase of $25.1 million data center equipment for New Brunswick Facility
		Purchase of $5.9 million data center equipment for Montreal Facility

Notes:

(1) Note that the use of proceeds per facility is not in exact alignment with the proceeds under the various at-the-market offerings, as the Company funds acquisitions through a number of methods, including private placements and operating revenues.

(2) Proceeds raised through shares distributed at-the-market qualified by a prospectus supplement dated September 2, 2022 to a short form base shelf prospectus dated January 4, 2022.

(3) Proceeds raised through shares distributed at-the-market qualified by a prospectus supplement dated May 3, 2023 to a short form base shelf prospectus dated May 1, 2023.

(4) Proceeds raised through shares distributed at-the-market qualified by an amended and restated prospectus supplement dated August 17, 2023 to a short form base shelf prospectus dated May 1, 2023.

Page 13

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

Business Objectives and Milestones

The Company's business objectives are to increase shareholder value and continue its operations as one of the globally diversified publicly traded data center companies with a focus on digital asset mining and HPC, primarily powered by green energy. The Company's expectations are based on significant assumptions and are subject to significant risks.

The Company intends to use the available funds as set forth above based on budgets and consultations with the Board of Directors of the Company. However, there may be circumstances where, for sound business reasons, a reallocation of the net proceeds may be necessary in order for the Company to achieve its overall business objectives. Management has, and will continue to have, the discretion to modify the allocation of the Company's available funds, including the net proceeds of the offering, if necessary. Investors are cautioned that the actual amount the Company spends in connection with each of the intended uses of the proceeds may vary significantly from the amounts specified above and will depend on a number of factors, including those referred to under "RISK AND UNCERTAINTIES" below.

The following are the milestones set out by the Company as of the date hereof:

The Company intends to complete the construction of a 100 MW facility located in Paraguay at a cost of approximately US$40 million. In addition, the Company intends to acquire approximately 28,200 S21 Pro (or equivalent spec) ASIC miners at a cost of approximately US$115 million to be delivered and installed at the facility in Paraguay. The Company’s target date for the initial energizing of the site is October 31, 2025. As of the date of this report, the Company has broken ground and the target date for the first 30 MW is calendar Q2 2025 with 2 EH/s coming online. The full 100MW with 6.5 EH/s will be deployed in calendar Q3 2025. Previously, the aim was to get the Company’s globally installed hashrate from 5.5 EH/s to 12.1 EH/s once the 100 MW facility in Paraguay is completed. This target of 5.5 EH/s has been updated to 6 EH/s by March 2025 and is expected to be met with the Company’s purchase of 6,500 Canaan Avalon 1566 ASIC miners announced on November 10, 2024, as part of the milestone for the existing fleet upgrade. The 100 MW in Paraguay is expected to add 6.5 EH/s.
The Company is undergoing an upgrade of its fleet of equipment by making strategic purchases to replace the least efficient ASIC miners with new generation equipment. Since July 1, 2024, the Company has installed over 4,000 ASIC Miners to replace less efficient units. The Company will continue to upgrade its fleet as part of its fleet upgrade strategy. As announced on November 10, 2024, the Company ordered an additional 6,500 Canaan A1566 ASIC Miners with 185 TH/s each and 16.5 J/TH efficiency.
The Company previously expressed its intent to expand its HPC line of operations by a factor of 10, which meant that the approximately 450 GPUs which were operating in the Company’s beta test in early calendar year 2023 would be expanded to 4,800 GPUs operating in the HPC business unit. The Company notes that it had successfully installed 4,800 Nvidia A-series GPUs in Tier 3 data centers (comprised of A40, A6000, A5000 and A4000 cards) operating in SuperMicro servers, additionally the Company has 96 Nvidia H100 GPUs operating in Dell servers. The Company currently operates 4,650 Nvidia A-series GPUs (previously 4,800) since the Company found optimal configuration for certain AI application to have 8 GPUs per server for the Nvidia A40, instead of 10 GPUs per server. Overall, the Company still has 480 Supermicro Servers operating a total of 4,650 GPUs in Tier 3 data centers in Montreal and Stockholm. The Company for the three months period ended June 30, 2024 realized a revenue of $2.6 million from the HPC, which successfully met the Company’s interim goal of $10 million of annualized run-rate revenue. For the six months period ended September 30, 2024 the Company realized a revenue of $4.5 million, which is $9 million of annualized revenue. This slight variation below the $10 million target reflects variability of GPU marketplace demand. The Company anticipates reaching the $10 million ARR target, and still maintains a $20 million ARR target for calendar H1 2025 with future expansions of GPUs for HPC computing. Since the Company uses a business-to-business model, it does not control the customer engagement and marketing of the marketplace platforms where the GPUs are rented, there can be fluctuations in the demand outside of the Company’s control. There are fixed costs associated with operating in a Tier 3 data center, and as such the operating margins can also vary if revenue drops, with certain fixed costs in place.

While the Company previously purchased A-Series data-center grade Nvidia GPUs which are capable of HPC, the Company must procure data center grade servers in order to operate them. Currently the Company is operating 4,650 of the Nvidia A-Series GPUs, and 96 Nvidia H100 GPUs. The Company has elected to sell some A-Series GPUs which are not being used for HPC, to realize a positive return on investment from the sales price combined with the operating income of these GPU cards during their lifecycle. Accordingly, the Company has recorded a gain on the sale of equipment for the period ended September 30, 2024, on the sale of these GPU cards which were fully depreciated. The revenue generated from the operation of these GPU cards combined with the proceeds on sale, exceeded the original purchase price, and accordingly represent an accretive investment with a positive return on investment. The Company intends to use these proceeds to purchase next generation Nvidia GPU hardware to expand towards its $20 million annualized revenue target for calendar H1 2025.

Page 14

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

2023 Business Objectives and Milestones

The following table sets forth the business objective and milestones contemplated by the amended and restated short form base shelf prospectus dated May 1, 2023, the progress of achieving these milestones, and a comparison of the actual costs spent against the estimated costs, other than those objective and milestones that the Company has previously announced or disclosed as having been completed or achieved.

Business Objective / Milestone	Status	Estimated Costs	Expenditures to Date
Upgrade fleet of ASIC Miners to an efficiency of 30 J/TH⁽¹⁾	Complete, with more machines purchased than initially budgeted due to attractive deals in the market for low $/TH	$30 million	Approximately $31 million
Review sites for potential expansion opportunities with 40 MW of available power capacity	The Company acquired a 6 MW site in Sweden in fiscal 2024 and signed a 100 MW PPA in Paraguay as announced in July 2024. The Company is continuing to evaluate further sites.	$75 million to $85 million	$10.5 million
Expand revenue from HPC line of operations by a factor of 10	All equipment required to complete this milestone is installed and operating, and as of the date hereof the Company has expanded the HPC line of operations by a factor of 10 (that is growing from $1 million to $10 million ARR). For the six months period ended September 30, 2024 the Company realized a revenue of $4.5 million, which is $9 million of annualized revenue. This slight variation below the $10 million target reflects variability of GPU marketplace demand. The Company anticipates reaching the $10 million ARR target, and still maintains a $20 million ARR target for calendar H1 2025 with future expansions of GPUs for HPC computing.	$5.3 million	$10.8 million

Notes:

(1) Note that there is considerable overlap between the goals of increasing efficiency, increasing hashrate, and acquiring new miners. These goals are also reflected in the 2022 Business Objectives and Milestones, as they are the primary drives of the Company's profitability.

Page 15

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

2022 Business Objectives and Milestones

The Company previously disclosed certain business objective and milestones in its amended and restated short form base shelf prospectus dated January 4, 2022 (the "January 2022 Prospectus"). As previously announced or disclosed by the Company, these business objectives and milestones have now been either completed, achieved, or superseded by other business objectives and milestones.

In the January 2022 Prospectus, the Company disclosed that it was targeting a mining capacity of 10.0 EH/S by the end of the calendar 2022 year at an aggregate cost of $500 million. The Company achieved mining capacity of 5.0 EH/s in April 2024 at an aggregate cost of $107 million, and achieved 5.6 EH/s of mining capacity as of the date of this report after the Company's recent purchases of new ASIC miners were delivered, and installed in the existing infrastructure. The Company has revised this target to 12.1 EH/s of Bitcoin cloud mining capacity by December 31, 2025, from its current 5.6 EH/s. The Company estimates that its revised target of an additional 6.1 EH/s with the 100MW facility the Company intends to construct in Paraguay. The Company anticipates that it will cost approximately an additional $171 million to achieve this target, composed of $115 million for ASIC miners and $56 million for construction of the facility.

Page 16

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

CONSOLIDATED RESULTS OF OPERATIONS ON A QUARTERLY BASIS

		Q2 2025			Q1 2025			Q4 2024			Q3 2024			Q2 2024


Revenue from digital currency mining	$	20,765		$	29,636		$	35,071		$	30,115		$	22,514
High performance computing hosting		1,883			2,605			1,810			1,137			253
		22,648			32,241			36,881			31,252			22,767

Operating and maintenance		(21,482	)		(20,801	)		(20,559	)		(19,894	)		(18,096	)
Depreciation		(16,138	)		(13,815	)		(16,897	)		(16,423	)		(16,567	)
		(14,972	)		(2,375	)		(575	)		(5,065	)		(11,896	)

Gross operating margin		1,166			11,440			16,322			11,358			4,671
Gross operating margin % (1)		5%			35%			44%			36%			21%
Gross margin %		(66%)			(7%)			(2%)			(16%)			(52%)

Revaluation of digital currencies (2)		-			-			-			422			(422	)
(Loss) gain on sale of digital currencies		(166	)		(1,240	)		1,560			5,818			(2,254	)

General and administrative		(3,381	)		(3,443	)		(3,176	)		(3,698	)		(3,563	)
Foreign exchange gain (loss)		(540	)		329			1,354			(374	)		(354	)
Share based compensation		(2,234	)		(489	)		(599	)		(633	)		(4,044	)
Unrealized gain (loss) on investments		8,383			7,732			127			4,247			34
Change in fair value of derivative liability		21			67			217			(129	)		417
Provision on sales tax receivables		966			-			(1,846	)		(4,931	)		-
Gain (loss) on sale of mining assets		5,190			4,319			1,316			6			26
Other income (expenses)		131			126			16			47			(11	)
Finance expense		(743	)		(760	)		(831	)		(912	)		(876	)
Tax expense		(318	)		(1,008	)		(1,017	)		(1,749	)		(1,605	)
Net (loss) income from continuing operations	$	(7,663	)	$	3,258		$	(3,454	)	$	(6,951	)	$	(24,548	)

EBITDA (1)	$	9,536		$	18,841		$	15,291		$	12,133		$	(5,500	)
Adjusted EBITDA (1)	$	5,593		$	14,944		$	16,203		$	17,398		$	(1,477	)

(1) Non-IFRS measure. A reconciliation to its nearest IFRS measures is provided under "Reconciliations of Non-IFRS Financial Performance Measures" below.

(2) Revaluation is calculated as the change in value (gain or loss) on the coin inventory. When coins are sold, the net difference between the proceeds and the carrying value of the digital currency (including the revaluation), is recorded as a gain (loss) on the sale of digital currencies.

RESULTS FOR THREE MONTHS ENDED SEPTEMBER 30, 2024 COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 2023

Revenue:

Revenue from digital currency mining was $20.8 million for the current period compared to $22.5 million in the prior period. The Company mined 340 BTC compared to 801 BTC in the comparative prior period as a result of the Bitcoin Halving on April 20, 2024, which halved the miner rewards from 6.25 BTC to 3.125 BTC per block. The main reasons for the decrease was the miner rewards were halved and the increase in network difficulty of an average of 87T during the current period compared to 53.9T in the comparative period, even with a higher average Bitcoin price during the current period of $61,016 compared to $28,045 in the comparative prior period,
Revenue from high performance computing hosting was $1.9 million for the current period compared to $0.3 million in the prior period. This represents the Company realizing its 10x growth in HPC revenue as discussed in the business objectives and milestones section above. The Company notes that it has installed all of its 480 SuperMicro servers which operate approximately 4,650 Nvidia A-series GPUs (approximately 2,500 A40s, 250 A6000s, and 250 A4000s and 1,650 A5000s) and is operating its 96 Nvidia H100 GPUs representing a total of approximately 4,750 GPUs installed in Tier 3 data centers generating revenue from HPC computing. The revenue from the GPUs will vary based on the market demand from the GPU marketplace aggregators where these GPUs are listed.

Page 17

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

Cost of sales:

Operating and maintenance costs for digital currency mining were $19.7 million for the current period compared to $17.7 million in the prior period. These costs consisted of fees paid to suppliers (including local electricity providers), as well as service providers to operate our data centers. These costs include daily monitoring and maintenance and all other costs directly related to the maintenance and operation of the data center equipment. The main reason for the increase was an increase in the Company's global hashrate resulting in an increase in electricity costs during the period. .
Operating and maintenance costs for high performance computing hosting were $1.8 million for the current period compared to $0.4 million in the prior period. These costs consisted of fees paid to suppliers, service providers to operate our data centers and all other costs directly related to the maintenance and operation of the data center equipment. The Company was in its early stages in its HPC strategy in the comparative period and has expanded its footprint since then, which now includes monthly operational costs incurred at the Company's Tier 3 facilities in Montreal and Stockholm resulting in increased costs from the comparative period as it expanded its HPC services. As more servers operating GPUs have come online in Tier 3 data centers, the costs have increased to reflect this. The Company currently has 480 servers in Montreal and Stockholm, operating 8 to 10 GPUs each of the Company’s A-series Nvidia GPUs (total 4,650 GPUs), plus 12 servers of the H100 each with 8 GPUs (total 96 H100 GPUs).
Depreciation was $16.1 million for the current period compared to $16.6 million in the prior period. Depreciation is mainly related to the Company's data center equipment and right of use assets. The decrease was mainly attributable to shorter life assets being depreciated in prior periods, net of additions and disposals in the current period.

Gross operating margin and gross margin:

The gross operating margin from digital currency mining was $1.1 million in the current period compared to $4.8 million in the prior period. Gross operating margin is directly impacted by digital currency prices and the network difficulty level as this impacts revenue from mining operations. The main reason for the decrease was an increased difficulty level and lower rewards after the halving event.
The gross operating margin from high performance computing hosting was $51 in the current period compared to a loss $167 in the prior period.
The gross margin was $1.2 million in the current period compared to $4.7 million in the comparative prior period. The decrease in the gross margin is mainly due to the results of the above noted items under revenue and cost of sales.

Loss on sale of digital currencies:

The Company sold digital currencies and received proceeds of $14.1 million during the current period which resulted in the recording of a loss on such sale of $0.2 million. In the prior comparative period the Company recorded proceeds of $28.2 million and recognized a loss on such sales of $2.3 million.

Other items:

General and administrative expenses were $3.4 million in the current period compared to $3.6 million in the prior period. Professional, advisory and consulting expenses decreased by $0.2 million, marketing expense increased by $0.2 million, office, administration, and regulatory expenses decreased by $0.2 million. Management fees, salaries, and wages were comparable between the periods.
Foreign exchange loss was $0.5 million in the current period compared to a loss of $0.4 million in the prior period due to the movement in exchange rates. The Company operates in multiple jurisdictions and is exposed to foreign currency fluctuations.
Share based compensation expense was $2.2 million in relation to the options and restricted share units vested in the period compared to $4.0 million in the prior comparative period. The decrease is on the account of the amortization of previous grants in prior periods, net of a grant of 2,491,000 RSU during the current period.
Unrealized gain on investments was $8.4 million compared to an unrealized gain of $34 in the prior period. The Company holds several investments some of which are traded in the active markets which fluctuate from time to time in value. The Company purchased shares of a public company totalling $0.6 million in the current period. The Company did not sell any investment holdings in the current period.

Page 18

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

Change in fair value of derivative liability was a gain of $21 compared to a gain of $0.4 million in the prior period. The derivative component is re-valued each reporting period using the Black-Scholes option pricing model.
Provision on sales tax receivable was a recovery of $0.97 million compared to $nil in the prior period. The Company performed a review of the assessment over Sales tax receivables, examining the history of claims and payments received from various authorities, together with regulatory requirements. As a result, the Company determined certain amounts recoverable and recorded a recovery of the provision of $1.3 million for these receivables, net of an additional provision amount of $0.3 million during the period.
Gain on equipment sales were $5.2 million compared to a gain of $26 in the prior period. The Company disposes of older generation ASIC mining equipment and legacy GPU cards that are nearly or fully depreciated as opportunities present themselves as part of upgrading its data center equipment.
Other income was $131 in the current period compared to other expenses of $11 in the prior period.
Finance expense was $0.7 million in the current period compared to $0.9 million in the prior period. This includes interest and accretion on the convertible debt, interest on lease liabilities, loans payable and the term loan.
Tax expense was $0.3 million in the current period compared to an expense of $1.6 million in the prior period.

Page 19

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

CONSOLIDATED RESULTS OF OPERATIONS ON A PERIOD END BASIS

		Six months ended September 30,
		2024			2023

Revenue from digital currency mining	$	50,401		$	45,858
High performance computing hosting		4,488			474
		54,889			46,332

Operating and maintenance		(42,283	)		(33,622	)
Depreciation		(29,953	)		(33,050	)
		(17,347	)		(20,340	)

Gross operating margin		12,606			12,710
Gross operating margin % (1)		23%			27%
Gross margin %		(32%)			(44%)

Revaluation of digital currencies (2)		-			(422	)
Loss on sale of digital currencies		(1,406	)		(2,829	)

General and administrative		(6,824	)		(6,330	)
Foreign exchange gain		(211	)		1,091
Share based compensation		(2,723	)		(6,017	)
Unrealized gain (loss) on investments		16,115			(631	)
Change in fair value of derivative liability		88			274
Provision on sales tax receivables		966			-
Gain (loss) on sale of mining assets		9,509			(241	)
Other income (expenses)		257			(122	)
Finance expense		(1,503	)		(1,814	)
Tax expense		(1,326	)		(3,419	)
Net income (loss) from continuing operations	$	(4,405	)	$	(40,800	)

(1) Non-IFRS measure. A reconciliation to its nearest IFRS measures is provided under "Reconciliations of Non-IFRS Financial Performance Measures" below.

Page 20

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

RESULTS FOR SIX MONTHS ENDED SEPTEMBER 30, 2024 COMPARED TO SIX MONTHS ENDED SEPTEMBER 30, 2023

Revenue:

Revenue from digital currency mining was $50.4 million for the current period compared to $45.9 million in the prior period. The Company mined 789 BTC compared to 1,635 BTC in the comparative prior period as a result of the Bitcoin Halving on April 20, 2024, which halved the miner rewards from 6.25 BTC to 3.125 BTC per block. The main reasons for the decrease was the miner rewards were halved and the network difficulty was an average of 85.9T in the current period compared to 51.7T in the comparative period, even with a higher average Bitcoin price during the current period of $63,399 compared to $28,056 in the comparative prior period.
Revenue from high performance computing hosting was $4.5 million for the current period compared to $0.5 million in the prior period. The Company notes that it has installed all of its 480 SuperMicro servers which operate approximately 4,650 Nvidia A-series GPUs (approximately 2,500 A40s, 250 A6000s, and 250 A4000s and 1,650 A5000s) and is operating its 96 Nvidia H100 GPUs representing a total of approximately 4,750 GPUs installed in Tier 3 data centers generating revenue from HPC computing. The revenue from the GPUs will vary based on the market demand from the GPU marketplace aggregators where these GPUs are listed. Based on the period ended September 30, 2024, the annualized revenue is $9 million. This slight variation below the $10 million target reflects variability of GPU marketplace demand. The Company continues to anticipate reaching the $10 million ARR target, and still maintains a $20 million ARR target for calendar H1 2025 with future expansions of GPUs for HPC.

Cost of sales:

Operating and maintenance costs for digital currency mining were $38.5 million for the current period compared to $33.1 million in the prior period. These costs consisted of fees paid to suppliers (including local electricity providers), as well as service providers to operate our data centers. These costs include daily monitoring and maintenance and all other costs directly related to the maintenance and operation of the data center equipment. The main reason for the increase was an increase in the Company's global hashrate resulting in an increase in electricity costs during the period. Also contributing to the cost was the abolishment of the energy tax reduction in Sweden for data centers which occurred on July 1, 2023.
Operating and maintenance costs for high performance computing hosting were $3.8 million for the current period compared to $0.6 million in the prior period. These costs consisted of fees paid to suppliers, service providers to operate our data centers and all other costs directly related to the maintenance and operation of the data center equipment. The Company was in its early stages in its HPC strategy in the comparative period and has expanded its footprint since then, which now includes monthly operational costs incurred at the Company's Tier 3 facilities in Montreal and Stockholm resulting in increased costs from the comparative period as it expanded its HPC services. As more servers operating GPUs have come online in Tier 3 data centers, the costs have increased to reflect this. The Company currently has 480 servers in Montreal and Stockholm, operating 8 to 10 GPUs each of the Company’s A-series Nvidia GPUs (total 4,650 GPUs), plus 12 servers of the H100 each with 8 GPUs (total 96 H100 GPUs).
Depreciation was $30 million for the current period compared to $33.1 million in the prior period. Depreciation is mainly related to the Company's data center equipment and right of use assets. The decrease was mainly attributable to shorter life assets being depreciated in prior periods, net of additions and disposals in the current period.

Gross operating margin and gross margin:

The gross operating margin from digital currency mining was $11.9 million in the current period compared to $12.8 million in the prior period. Gross operating margin is directly impacted by digital currency prices and the network difficulty level as this impacts revenue from mining operations.
The gross operating margin from high performance computing hosting was $0.7 million in the current period compared to a loss of $0.1 million in the prior period.
The gross margin was a loss of $17.3 million in the current period compared to a loss of $20.3 million in the comparative prior period. The increase in the gross margin is mainly due to the results of the above noted items under revenue and cost of sales.

Page 21

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

Loss on sale of digital currencies:

The Company sold digital currencies and received proceeds of $29.6 million during the current period which resulted in the recording of a loss on such sale of $1.4 million. In the prior comparative period the Company recorded proceeds of $61.7 million and recognized a loss on such sales of $2.8 million.

Other items:

General and administrative expenses were $6.8 million in the current period compared to $6.3 million in the prior period. Management fees, salaries, and wages increased by $0.3 million, marketing expense increased by $0.3 million and office, administration, and regulatory expenses decreased by $0.1 million. Professional, advisory and consulting expenses were comparable between the periods.
Foreign exchange loss was $0.2 million in the current period compared to a gain of $1.1 million in the prior period due to the movement in exchange rates. The Company operates in multiple jurisdictions and is exposed to foreign currency fluctuations.
Share based compensation expense was $2.7 million in relation to the options and restricted share units vested in the period compared to $6.0 million in the prior comparative period. The decrease is on the account of the amortization of previous grants in prior periods, net of a grant of 2,491,000 RSU during the current period.
Unrealized gain on investments was $16.1 million compared to an unrealized loss of $0.6 million in the prior period. The Company holds several investments some of which are traded in the active markets which fluctuate from time to time in value. The Company purchased shares of a public company totalling $1.1 million in the current period. The Company did not sell any investment holdings in the current period.
Change in fair value of derivative liability was a gain of $88 compared to a gain of $274 in the prior period. The derivative component is re-valued each reporting period using the Black-Scholes option pricing model.
Provision on sales tax receivable was a recovery of $0.97 million compared to $nil in the prior period. The Company performed a review of the assessment over Sales tax receivables, examining the history of claims and payments received from various authorities, together with regulatory requirements. As a result, the Company determined certain amounts recoverable and recorded a recovery of the provision of $1.3 million for these receivables, net of an additional provision amount of $0.3 million during the period.
Gain on equipment sales were $9.5 million compared to a loss of $0.2 million in the prior period. The Company disposes of older generation ASIC mining equipment and legacy GPU cards that are nearly fully depreciated as opportunities present themselves as part of upgrading its fleet of data center equipment.
Other income was $257 in the current period compared to other expenses of $122 in the prior period.
Finance expense was $1.5 million in the current period compared to $1.8 million in the prior period. This includes interest and accretion on the convertible debt, interest on lease liabilities, loans payable and the term loan.
Tax expense was $1.3 million in the current period compared to an expense of $3.4 million in the prior period.

Page 22

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

CONSOLIDATED BALANCE SHEET

		September 30,		March 31,
		2024		2024
Cash	$	7,241	$	9,678
Amounts receivable and prepaids		6,654		6,929
Investments		24,446		6,974
Digital currencies		165,177		161,645
Plant and equipment		115,220		95,356
Long term receivable		2,664		2,595
Deposits, net of provision		5,714		15,917
Right of use asset		7,570		8,488
TOTAL ASSETS	$	334,686	$	307,582


Accounts payable and accrued liabilities	$	19,802	$	10,604
Current portion of convertible loan - liability component		2,052		1,679
Current portion of lease liability		2,873		2,525
Term loan		4,631		5,608
Current portion of loans payable		1,492		2,788
Current income tax liability		5,779		4,148
Convertible loan - liability component		741		1,875
Convertible loan - derivative component		32		120
Loans payable		11,185		10,400
Lease liability		4,878		5,728
Deferred tax liability		1,690		2,415
TOTAL LIABILITIES	$	55,155	$	47,890

The following is a summary of key balance sheet items:

Cash

Cash as at September 30, 2024, was $7.2 million, a decrease of $2.4 million from the prior period. Refer to the Liquidity and Capital Resources section below for details on changes in cash.

Amounts receivable and prepaids

Amounts receivable and prepaids decreased by $0.3 million mainly as a result of collection on proceeds of $1.5 million for its sale of data center equipment from the prior period and return of the $1.0 million security deposit for the early termination of its service agreement for its facility in Blonduos Iceland, offset by an increase in GST/VAT receivable by $1.5 million and net decrease in our provision over GST receivables by $0.4 million.

Investments

The Company holds a number of investments some of which are traded in active markets. As a result, these investments fluctuate in value from time to time. Investments increased by $17.5 million from the prior year mainly due to a mark to market on these investments, net of additions. In the current period, the Company purchased investments of $1.1 million and did not sell any investment holdings.

Digital currencies

Digital currencies at September 30, 2024 mainly consisted of 2,604 Bitcoin (March 31, 2024 - 2,287 Bitcoin). The increase in digital currencies was mainly due to increase in number of coins held at period end despite a lower BTC price at period end compared to March 31, 2024.

Page 23

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

Plant and equipment

Plant and equipment increased by $19.9 million mainly due to additions to upgrade the Company's ASIC fleet and expanding the HPC business totalling $48.4 million, offset by depreciation of $28.5 million during the period. The remainder of the change is a result of foreign exchange and disposals of equipment.

Long term receivable

Long term receivable consists of value added tax receivables and a receivable on the sale of a subsidiary. The balance remained comparable to March 31, 2024.

Deposits

Deposits mainly consist of equipment deposits and decreased by $10.2 million during the period. The decrease is mainly due to the receipt of the equipment for amounts prepaid for ASIC miner orders placed in December 2023 and in June 2024 as the Company upgrades its ASIC fleet by $13.6 million offset by an increase in deposit amounts paid to the Administración Nacional de Electricidad ("ANDE") of $3.4 million in relation to the 100MW facility build out in Paraguay.

Right of use assets

Right of use assets decreased by $0.9 million mainly due to depreciation expense of $1.5 million net of additions and modifications of $0.5 million during the period.

Accounts payable and accrued liabilities

Accounts payable and accrued liabilities increased by $9.2 million during the period mainly due to equipment of $10.1 million that was delivered in the current period but payable with net30 terms. The outstanding amounts have been paid as of the date of this report for the equipment.

Term loan

As part of the Atlantic acquisition the Company acquired a $11.0 million term loan ("Atlantic Term Loans"). The Atlantic Term Loans were made up of two discrete balances; Term Loan 1 and Term Loan 2; and the total facility bears interest at 3.33% per annum and had a maturity date of June 30, 2024. The Company renewed term Loan 1 over a 1 year term bearing interest at 5.31% with a balance remaining of C$4.2 million and Term Loan 2 was renewed at 5.15% over a 2 year term with a balance remaining of C$2.6 million.
The Atlantic Term Loans decreased by $1 million as a result of the repayment of principal amounts during the period.
The foregoing Atlantic Term Loans have financial ratios and minimum tangible asset covenants that must be maintained by HIVE Atlantic Datacentres Ltd. As at September 30, 2024, the covenant to maintain a ratio of total debt to tangible net worth equal to or less than 2:1 (the "Net Worth Covenant") was not met. The outstanding balance is presented as a current liability as at September 30, 2024. The Company is not in breach of any other covenants in relation to the Atlantic Term Loans. As of the date hereof, the Company remains in breach of the Net Worth Covenant. As of the date hereof, the Lender has not demanded early repayment of the Atlantic Term Loans, and renewed the debt as mentioned above. The Company has continued to make payments to the Lender in accordance with the terms of the Atlantic Term Loans. The Atlantic Term Loans include an unlimited guarantee from the Company.

Current income tax liability

The Company's current income tax liability increased by $1.6 million as a result of taxable income in its operations in Sweden, Iceland and Canada after the use of its tax attributes within those jurisdictions.

Convertible loan

The convertible loan liability component decreased by $0.8 million as a result of repayments toward the principal portion of the loan during the period.
The convertible loan derivative component is re-valued each reporting period using the Black-Scholes option pricing model. The main reason for the decrease of $0.1 has been due to the lower amount of common shares the note can be converted to as a result of repayments. The Company has been repaying the principal portion of the convertible loan amount on a quarterly basis.

Page 24

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

Loans payable

The Company incurred a loan as part of the sale of the net assets of Boden Technologies AB. The loan facility bears interest at the Swedish government borrowing rate plus 1% per annum and has a maturity date of December 31, 2035. The decrease of $0.5 million is mainly due to the repayment of principal and interest offset by accrued interest during the current period.

Lease liability

The lease liabilities mainly decreased by $0.5 million mainly as a result of lease payments made during the period net of additions and modifications of $0.5 million during the current period.

Deferred tax liability

The Company's deferred tax liability at September 30, 2024 decreased by $0.7 million as a result of the changes in the tax attributes and balances within the jurisdictions for the operational subsidiaries in which they operate.

SUMMARY OF QUARTERLY RESULTS

The following tables summarize the Company's financial information for the last eight quarters in accordance with IFRS:

	Q2 2025		Q1 2025		Q4 2024		Q3 2024
	$		$		$		$
Revenue	22,648		32,241		36,881		31,252
Net (loss) income	(7,663	)	3,258		(3,454	)	(6,951	)
Basic (loss) income per share	(0.06	)	0.03		(0.03	)	(0.08	)
Diluted (loss) income per share	(0.06	)	0.03		(0.03	)	(0.08	)


					Revised		Revised
	Q2 2024		Q1 2024		Q4 2023		Q3 2023
	$		$		$		$
Revenue	22,767		23,565		18,224		14,318
Net (loss) income	(24,548	)	(16,252	)	6,720		(93,459	)
Basic (loss) income per share	(0.29	)	(0.19	)	0.08		(1.14	)
Diluted (loss) income per share	(0.29	)	(0.19	)	0.08		(1.14	)

LIQUIDITY AND CAPITAL RESOURCES

The Company commenced earning revenue from digital currency mining in mid-September 2017. The Company has been reliant on external financing to take advantage of growth opportunities while preserving its cryptocurrency assets. The Company's ability to continue as a going concern is dependent on the Company's ability to efficiently mine and liquidate digital currencies and its profitability in its HPC business revenue stream.

As at September 30, 2024, the Company had a working capital balance of $166.9 million (March 31, 2024 - $157.9 million) and has sufficient cash to fund its current operating and administrative costs.

Page 25

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

The net change in the Company's cash position as at September 30, 2024 as compared to March 31, 2024 was a decrease of $2.4 million as a result of the following cash flows:

Cash used in operating activities of $5.0 million;
Cash used in investing activities of $27.9 million related to the purchase of equipment, and deposits on equipment; and
Cash provided by financing activities of $30.5 million from share issuances, net of cash used for lease and debt payments.

As at September 30, 2024, the contractual maturities of financial and other liabilities, including estimated interest payments, are as follows:

		Contractual cash flows		within 1 year		1 to 3 years		3 to 5 years		5+ years
Accounts payable	$	17,550	$	17,550	$	-	$	-	$	-
Term loan		4,631		4,631		-		-		-
Convertible loan		4,063		3,216		847		-		-
Lease commitments		8,398		3,244		4,375		779		-
Loans payable and interest		14,578		1,427		4,015		2,499		6,637
Total	$	49,220	$	30,068	$	9,237	$	3,278	$	6,637

DIVIDENDS

The Company has never paid dividends. Payment of future dividends, if any, will be at the discretion of the Company's Board of Directors after taking into account many factors, including operating results, financial condition, and current and anticipated cash needs. All of the common shares in the capital of Company would be entitled to an equal share in any dividends declared and paid on a per share basis.

OFF-BALANCE SHEET ARRANGEMENTS

As of the date of this report, the Company does not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on the results of operations or financial condition of the Company.

OUTSTANDING SHARE DATA

At September 30, 2024 and at the date of this report, the following securities were outstanding:

Total Outstanding as of:	September 30, 2024	Date of this report:	Exercise price range:
Shares outstanding	118,722,708	129,042,043
Restricted Share Units	3,761,956	6,200,356
Stock options	3,411,300	3,411,300	C$1.35 - C$25.35
Warrants	3,220,000	3,220,000	C$5.00 - C$6.00

RECONCILIATIONS OF NON-IFRS FINANCIAL PERFORMANCE MEASURES

The Company has presented certain non-IFRS measures in this document. The Company believes that these measures, while not a substitute for measures of performance prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.

Page 26

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

Gross Operating Margin

The Company believes that, in addition to conventional measures prepared in accordance with IFRS, it is helpful to investors to use the gross operating margin to evaluate the Company's performance and its ability to generate cash flows and service debt. The gross operating margin is defined as total revenue less direct cash costs, being operating and maintenance costs. Accordingly, this measure does not have a standard meaning and is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

The following table provides illustration of the calculation of the gross operating margin for the last five quarters:

Calculation of Gross Operating Margin:		Q2 2025			Q1 2025			Q4 2024			Q3 2024			Q2 2024

Revenue (1)	$	22,648		$	32,241		$	36,881		$	31,252		$	22,767
Less:
Operating and maintenance costs:		(21,482	)		(20,801	)		(20,559	)		(19,894	)		(18,096	)
Gross Operating Margin	$	1,166		$	11,440		$	16,322		$	11,358		$	4,671

Gross Operating Margin %		5%			35%			44%			36%			21%

(1) As presented on the statements of (loss) income and comprehensive income (loss).

Gross Mining Margin

The Company believes that, in addition to conventional measures prepared in accordance with IFRS, it is helpful to investors to use the gross mining margin to evaluate the Company's performance and its ability to generate cash flows and service debt. The gross mining margin is defined as revenue from digital currency mining less direct cash costs, being operating and maintenance costs related to these activities. Accordingly, this measure does not have a standard meaning and is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Gross mining margin is directly impacted by Bitcoin price and Bitcoin network Difficulty (which are both publicly available statistics). The Difficulty is an integer value that is proportional to the number of hashes required to solve a block. Revenue is directly proportional to Bitcoin price, and inversely proportional to Difficulty.

The following table provides illustration of the calculation of the gross mining margin for the last five quarters:

Calculation of Gross Mining Margin:		Q2 2025			Q1 2025			Q4 2024			Q3 2024			Q2 2024

Revenue from digital currency mining	$	20,765		$	29,636		$	35,071		$	30,115		$	22,514
Less:
Mining operating and maintenance costs:		(19,650	)		(18,846	)		(18,942	)		(18,705	)		(17,676	)
Gross Operating Margin	$	1,115		$	10,790		$	16,129		$	11,410		$	4,838

Gross Mining Margin %		5%			36%			46%			38%			21%

Gross Compute Margin

The Company believes that, in addition to conventional measures prepared in accordance with IFRS, it is helpful to investors to use the gross HPC margin to evaluate the Company's performance and its ability to generate cash flows and service debt for its HPC business. The gross HPC margin is defined as revenue from high performance computing hosting less direct cash costs, being operating and maintenance costs related to these activities. Accordingly, this measure does not have a standard meaning and is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Page 27

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

The following table provides illustration of the calculation of the gross HPC margin for the last five quarters:

Calculation of Gross HPC Margin:		Q2 2025			Q1 2025			Q4 2024			Q3 2024			Q2 2024

High performance computing hosting	$	1,883		$	2,605		$	1,810		$	1,137		$	253
Less:
HPC operating and maintenance costs:		(1,832	)		(1,955	)		(1,617	)		(1,189	)		(420	)
Gross HPC Margin	$	51		$	650		$	193		$	(52	)	$	(167	)

Gross HPC Margin %		3%			25%			11%			(5%)			(66%)

EBITDA & Adjusted EBITDA

The Company uses EBITDA and Adjusted EBITDA as a metric that is useful for assessing its operating performance on a cash basis before the impact of non-cash items and acquisition related activities.

EBITDA is net income or loss from operations, as reported in profit and loss, before finance income and expense, tax and depreciation and amortization.

Adjusted EBITDA is EBITDA adjusted for by removing other non-cash items, including share-based compensation, non-cash effect of the revaluation of digital currencies and one-time transactions.

The following table provides illustration of the calculation of EBITDA and Adjusted EBITDA for the last five quarters:

Calculation of EBITDA & Adjusted EBITDA:	Q2 F2025		Q1 F2025		Q4 F2024		Q3 F2024		Q2 F2024
Net (loss) income (1)	(7,663	)	3,258		(3,454	)	(6,951	)	(24,548	)
Add the impact of the following:
Finance expense	743		760		831		912		876
Depreciation	16,138		13,815		16,897		16,423		16,567
Tax expense	318		1,008		1,017		1,749		1,605
EBITDA	9,536		18,841		15,291		12,133		(5,500	)
Revaluation of digital currencies	-		-		-		(422	)	422
Revaluation of derivative liability	(21	)	(67	)	(217	)	129		(417	)
Provision on sales tax receivables	(966	)	-		1,846		4,931		-
(Gain) loss on sale of mining assets	(5,190	)	(4,319	)	(1,316	)	(6	)	(26	)
Share-based compensation	2,234		489		599		633		4,044
Adjusted EBITDA	5,593		14,944		16,203		17,398		(1,477	)

(1) As presented on the statements of (loss) income and comprehensive income (loss).

RELATED PARTY TRANSACTIONS

The Company entered into the following related party transactions not otherwise disclosed in these consolidated financial statements:

(a) As at September 30, 2024, the Company had $159 due to the Executive Chairman, (March 31, 2024 - $144 combined due to the Executive Chairman, CEO and CFO) for the reimbursement of expenses included in accounts payable and accrued liabilities.

(b) As at September 30, 2024, the Company had $nil (March 31, 2024 - $nil) due to a company controlled by the Executive Chairman, a director of the Company included in accounts payable and accrued liabilities. For the three and six months period ended September 30, 2024, the Company paid $98 and $162, respectively (September 30, 2023 - $48 and $128, respectively) to this company for marketing services.

Key Management Compensation

Page 28

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The Company has prepared the consolidated financial statements in accordance with IFRS. Significant accounting policies are described in Note 2 of the Company's financial statements as at and for the year ended March 31, 2024.

The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates.

The Company's significant judgements are detailed in Note 3 to the consolidated financial statements for the year ended March 31, 2024, and include: functional currency, digital currencies accounting, and assessment of transactions as an asset acquisition or business combination.

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

The Company is exposed, in varying degrees, to a variety of financial related risks. The fair value of the Company's financial instruments, including cash, amounts receivable and accounts payable approximates their carrying value due to their short-term nature. The type of risk exposure and the way in which such exposure is managed is provided in Note 24 to the consolidated financial statements for the year ended March 31, 2024.

DIGITAL CURRENCY AND RISK MANAGEMENT

Digital currencies are measured using level two fair values, determined by taking the rate from quoted price from the exchanges which the Company most frequently uses, with no adjustment.

Digital currencies have a limited history and their fair value historically has been very volatile. Historical performance of digital currencies is not indicative of their future price performance. The Company's digital currencies currently mainly consist of Bitcoin. The table below shows the impact for every 5% variance in the price of Bitcoin on the Company's earnings before tax, based on the closing price as at September 30, 2024.

		Impact of 5% variance in price
Bitcoin	$	8,243

RISKS AND UNCERTAINTIES

The Company faces multiple risks that are related to both the general cryptocurrency business as well as the Company's business model. The risk factors described below summarize and supplement the risk factors contained in the Company's continuous disclosure filings including its annual information form for the year ended March 31, 2024, and this MD&A, all of which are available on SEDAR+ at www.sedarplus.ca and on the SEC's EDGAR system at www.SEC.gov/EDGAR, and should be read in conjunction with the more detailed risk factors outlined therein. These risk factors are not a definitive list of all risk factors associated with an investment in the Company or in connection with its operations. Additional risks and uncertainties not presently known to the Company, or that are currently deemed immaterial, may also impair operations. If any such risks occur, the financial condition, liquidity and results of operations of the Company could be materially adversely affected.

Page 29

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

The Company is exposed to risk related to the volatility/momentum pricing of any digital currency mined by the Company and held in inventory. Wide fluctuations in price, speculation, negative media coverage (highlighting for example, financial scandals related to crypto exchanges, regulatory actions and lawsuits against industry participants) and downward pricing may adversely affect investor confidence, and ultimately, the value of the Company's digital currency inventory which may have a material adverse affect on the Company, including an adverse effect on the Company's profitability from current operations. The Company currently holds Bitcoin primarily. Other coins that we mined using our GPU-based systems yield mining rewards in those cryptocurrencies, however, those coins were regularly exchanged for Bitcoin. As a result, the Company is more exposed to volatility in the Bitcoin market.

The Company may also be exposed to volatility in the cryptocurrency industry generally, including in sectors of the crypto industry that do not directly apply to the Company's mining business but that are integral to the cryptocurrency industry as a whole. Negative developments in any aspect of the crypto industry, including trading platforms, individual coins and exposure of scams, appear to affect the market perception of the industry as a whole. As a result, the value of our stock and our Bitcoin assets may be subject to greater volatility stemming from industry developments not directly related to our mining business.

Regulatory action, particularly in the United States, may negatively affect the value of Bitcoin, which is the focus of our mining operations. Enforcement actions by the SEC or other regulators against trading platforms and exchanges may indirectly negatively affect the Company if these actions have the effect of limiting access to Bitcoin.

The Company is also at risk due to the volatility of network hashrates (and lag between network hashrate and underlying cryptocurrency pricing), which may have an adverse effect on the Company's costs of mining.

A key factor in the Company's profitability of its mining operations is the cost of electricity in the regions where the Company has mining operations. Energy costs generally are subject to government regulation, natural occurrences (including weather) and local supply and demand for energy. The availability and pricing of energy may be negatively affected by governmental or regulatory changes in energy policies in the countries and Provinces where we operate. In addition, the Company is exposed to negative impacts of changes in tax policy, such as, but not limited to, being precluded from claiming deductions for back input taxes or other specific taxes imposed on cryptocurrency mining, as well as risks of losing any existing energy rebates or tax rebates across all jurisdictions.

In particular, the Russian invasion Ukraine which began on February 24, 2022, is affecting the supply of oil and natural gas in Europe. While it is impossible to predict what affect the war in Ukraine could have on the Company's operations in Sweden, our energy pricing is currently buffered partially by our ability to enter into forward energy agreements for the purchase of electricity. Our Swedish operation utilizes approximately 37.5 MW of renewable hydroelectric energy, which represents approximately 28% of our global overall utilization of hydroelectric and geothermal energy.

The ability of the Company to secure any required financing to sustain operations and expansion plans will depend in part upon prevailing capital market conditions and business success. There can be no assurance that the Company will be successful in its efforts to secure any additional financing or additional financing on terms satisfactory to management. The Company’s ability to utilize any at-the-market offering program (each, an “ATM Program”) and the prices at which securities may be sold in each such ATM Program, as well as capital market conditions in general are not assured and there is share dilution resulting from an ATM Program and from other equity issuances. In general, volatile securities markets impacting security pricing unrelated to operating performance are unknown and are major factors in obtaining capital on terms which are economic or at all.

As a measure of security against hackers, the Company holds its Bitcoin in segregated, secure storage wallets, maintained by Fireblocks, a leading provider of crypto asset secure storage and management, which specializes in securely storing cryptocurrencies. HIVE has not pledged or staked our Bitcoin assets as collateral against debt or other obligations of any kind. HIVE's Bitcoin is not stored on any exchange. HIVE's Bitcoin is never "staked" for mining purposes (See our definition of "Proof-of-Stake") or loaned to any third party.

Page 30

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

Notwithstanding our proactive arrangements to protect our Bitcoin from hackers, there is no guarantee that our security measures, or the security measures of Fireblocks, will be effective. The Company may not be able to access or liquidate its digital currency inventory at economic values, or, if one or more such storage solutions failed or was compromised, at all. In addition, due to the relative newness of the cryptocurrency industry and the regulatory environment in which conventional financial service providers operate, the Company may have restricted access to services available to more mainstream businesses (for example, banking services). The general acceptance and use of digital currencies may never gain widespread or significant acceptance in the broader financial services industry, which may materially adversely affect the value of the Company's digital currency inventory and the Company's long-term prospects.

From time to time, we liquidate BTC in order to generate cash for working capital. For brief periods, our Bitcoin must be transferred to an exchange in order to facilitate the sale. During such times when our BTC, or the cash proceeds of our BTC, is held by an exchange, there is risk related to the exchange, itself. A financial failure by the exchange could result in our losing some or all of the BTC and/or cash that is held by the exchange at the time of the failure. The Company makes best efforts to transact using exchanges that are most reliable and financially secure, however, there remains a risk of an exchange failure at a time when the Company's assets are in the exchange's custody.

The Company was negatively impacted by the Ethereum Merge on September 15, 2022 (the "Merge"), when Ethereum shifted from a "proof-of-work" mining protocol to a "proof-of-stake" blockchain. Since that date, the Company has ceased mining Ethereum and has liquidated its Ethereum holdings. While it appears unlikely that the Bitcoin blockchain, which is central to our business, could be modified in a fashion similar to the Merge, there is no assurance that subsequent technology or innovations will not negatively affect the Bitcoin blockchain or the profitability of mining Bitcoin.

There is also a risk that the Company could be negative affected by a Bitcoin halving event. Halving is a process designed to control the overall supply and reduce the risk of inflation in Bitcoin. At a predetermined block, the mining reward is cut in half. The Bitcoin blockchain has undergone four Halvings since its inception. Most recently, in April 2024, the Bitcoin Block Reward decreased from 6.25 BTC to 3.125 BTC per block and, consequently, the number of new Bitcoin issued to miners as a subsidy decreased from 900 per day to 450 per day, excluding transaction fees. While Halvings may thus have a significant negative short- to medium-term impact on miners such as the Company, it is expected that market variables of Bitcoin price will adjust over time to ensure that mining remains profitable. The period of market normalization after the Bitcoin Halving to incentivizing profitability levels is unknown. A Bitcoin Halving is scheduled to occur once every 210,000 blocks, or roughly every four years, until the total amount of Bitcoin rewards issued reaches 21 million, which is expected to occur around 2140. The next Bitcoin Halving is expected to occur in April 2028. While Bitcoin prices have had a history of price fluctuations around Bitcoin Halvings, there is no guarantee that the price change will be favorable or would compensate for the reduction in mining reward. If Bitcoin price and difficulty do not maintain or continue their trend of adjusting to pre-Bitcoin halving profitability levels over time, or the period of market normalization after the Bitcoin Halving to pre-Bitcoin Halving profitability levels is too long, there is a risk that the Bitcoin Halving will render the Company unprofitable for a sustained time period such that it could be unable to continue as a going concern.

The Company also faces risk relating to the impact of the timing and exchange rate fluctuations resulting from the remittance and receipt back of value added taxes where applicable, as well as risks related to the imposition and quantum of value added taxes in jurisdictions where the Company operates. Due to the newness of the industry, there exists the possibility that the tax treatment of digital currencies becomes less favourable, which could have a material adverse effect on the Company.

The Company may be required to sell its digital currency inventory (principally Bitcoin) in order to pay for its ongoing expenses. In particular, such expenses could include contractual obligations for equipment purchases and the cost of maintaining the Company's facilities. Such sales of our cryptocurrency assets may not be available at economic values. The sale of our digital currency assets to pay expenses may reduce the attractiveness of the Company as an investment, which would negatively impact our share price.

In recent years, the securities markets have experienced a high level of price and volume volatility, and the market price of securities of many companies, particularly those in cryptocurrency-focused businesses and those considered development stage companies (such as the Company), have experienced wide fluctuations in price. The market price of the Company's common shares fluctuates significantly in response to a number of factors, most of which the Company cannot control and many of which have not necessarily been related to the operating performance, underlying asset values or prospects of the Company.

Page 31

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

Given the relative novelty of digital currency mining and associated businesses as compared with traditional industry sectors, historical data required by insurance carriers and designers of insurance products is insufficient. As a result, insurance covering crypto assets is generally not available, or uneconomical for the Company to obtain. Consequently, we may have inadequate insurance coverage as compared to companies in traditional long-standing industries. While the Company takes measures to mitigate against losses of physical equipment, facility damage and mined digital currency held in inventory, our insurance may be inadequate to cover such losses, especially the loss of digital currency. In particular, we may be unduly exposed to loss as a result of cybercrime (hacking).

In terms of regulatory risks, governments may take action in the future that prohibit or restrict the right to acquire, own, hold, sell, use, mine or trade digital currencies or exchange digital currencies for fiat currency. Such restrictions, while impossible to predict, could result in the Company liquidating its digital currencies inventory at unfavorable prices or constricting its mining operations or even relocating its operations to friendlier jurisdictions which may entail additional security risks. The Company may liquidate a portion of its digital currency inventory, partially, to mitigate the aforementioned risk.

The Company also has risks associated with the continually evolving tax and regulatory environments in the countries where we operate, as described more fully in this report. Any final decisions by tax or regulatory agencies with jurisdiction over the Company may have a material adverse impact on the Company's financial position and operations.

Some jurisdictions have taken steps to limit or disallow entirely the use of fossil fuels to generate energy for cryptocurrency mining. Some jurisdictions have indicated that in the event their electrical grids are over-taxed by demand for electricity, allocation of power to cryptocurrency mining would be one of the first allocations to be curtailed or eliminated during such periods of high demand. While the Company's facilities are located in jurisdictions that have historically been friendly to crypto mining and have adequately robust electrical grids, there is no assurance that such policies will continue. We note an increased preponderance of anti-crypto and anti-crypto-mining sentiment in many jurisdictions. In particular, the political environment in some jurisdictions may be subject to change as aging electrical grids are called upon to carry more electricity to meet seasonal demands and evolving demands related to the growth in electric vehicles increase in significance.

To the extent that cryptocurrency exchanges or other trading venues are involved in fraud or experience security failures or other operational issues, this could result in a reduction in cryptocurrency prices. Cryptocurrency market prices depend, directly or indirectly, on the prices set on exchanges and other trading venues, which are new and, in most cases, largely unregulated as compared to established, regulated exchanges for securities, derivatives and other currencies.

The Company is developing a high performance computing (HPC) business segment. The continued development of existing and planned facilities is subject to various factors, and may be delayed or adversely affected by such factors beyond the Company’s control, including delays in the delivery or installation of equipment by suppliers, difficulties in integrating new equipment into existing infrastructure, shortages in materials or labour, defects in design or construction, diversion of management resources, insufficient funding, or other resource constraints. Actual costs for development may exceed the Company’s planned budget. Delays, cost overruns, changes in market circumstances and other factors may result in different outcomes than those intended. In addition, to remain competitive, the Company will continue to invest in hardware and equipment at its facilities required for maintaining the Company’s HPC activities. Should competitors introduce new services/software embodying new technologies, the Company recognizes its hardware and equipment and its underlying technology may become obsolete and require substantial capital to replace such equipment. There can be no assurance that HPC hardware will be readily available when the need is identified.

The Company cautions that global uncertainty with respect to the COVID-19 virus and its effect on the broader global economy continues to be a concern. Future rapid spread of the COVID-19 virus may have a material adverse effect on global economic activity and could result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could affect interest rates, credit ratings, credit risk, inflation, business, financial conditions, results of operations and other factors relevant to the Company.

Page 32

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

CAUTION REGARDING FORWARD LOOKING INFORMATION

This Management Discussion and Analysis contains certain "forward-looking information" within the meaning of Canadian and United States securities legislation. Forward-looking information is based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Forward-looking information in this Management Discussion and Analysis includes information about the Company's use and profitability of the Company's computing power; plans for growth and scaling up strategies; development of a new high performance computing business, the Company's strategic partnerships; the cost of energy in each of the jurisdictions where we conduct mining operations; potential and existing regulation of the availability of electricity; potential regulatory developments, the Company's strategy to acquire, develop and operate data centers and potential alternative computing services; expected mining capacity; the Company's plans to manage its data centers and trading operations from Bermuda; the value of the Company's digital currency inventory; projected growth and estimates for the high performance computing business, the overall business goals and objectives of the Company, and other forward-looking information including but not limited to information concerning the intentions, plans and future actions of the Company.

The forward-looking information in this Management Discussion and Analysis reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this Management Discussion and Analysis, historical prices of digital currencies; electricity pricing; the ability of the Company to mine digital currencies in an environment consistent with historical prices; and that there will be no regulation or law that will prevent the Company from operating its business as it currently is operated. 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 the inherent uncertainty therein.

This Management Discussion and Analysis also contains a "financial outlook" in the form of gross operating margins, which are intended to provide additional information only and may not be an appropriate or accurate predictions of future performance and should not be used as such. The gross operating margins disclosed in this Management Discussion and Analysis are based upon management's best estimates but are inherently speculative and there is no guarantee that such assumptions and estimates will prove to be correct.

Risk factors that could cause future results to differ materially from those anticipated in these forward-looking statements and financial outlook are described in the "Risk Factors" section contained in this Management Discussion and Analysis, and the Risk Factors contained the Company's various filings on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov/EDGAR). Readers are cautioned not to place undue reliance on forward-looking information or financial outlook, which speak only as of the date hereof or thereof. We undertake no obligation to publicly release the results of any revisions to forward-looking information or financial outlook that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events except as required by law.

INTERNAL CONTROLS OVER FINANCIAL REPORTING

Disclosure Controls and Procedures

Management of the Company, under the supervision of the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") of the Company, have designed, or caused to be designed under their supervision, disclosure controls and procedures ("DC&P"), to provide reasonable assurance that:

i) material information relating to the Company is made known to them by others, particularly during the period in which the Annual Filings were prepared; and

Page 33

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

ii) information required to be disclosed by the Company in the Annual Filings, interim filings or other reports filed or submitted by the Company under securities legislation was recorded, processed, summarized and reported within the time periods specified in securities legislation.

Management, under the supervision of the Company's CEO and CFO, evaluated, or caused to be evaluated, the effectiveness of the Company's DC&P as defined in National Instrument 52-109 - Certification of Disclosure in Issuer's Annual and Interim Filings as of March 31, 2024, and concluded that such DC&P were effective.

Internal control over financial reporting

Management, under the supervision of the CEO and CFO, is also responsible for establishing and maintaining adequate internal controls over financial reporting ("ICFR"). Management, under the supervision of the CEO and CFO, have designed, or caused to be designed under their supervision, ICFR to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.

Management, under the supervision of the CEO and CFO of the Company, have evaluated the effectiveness of its ICFR as defined in National Instruments 52-109 - Certification of Disclosure in Issuer's Annual and Interim Filings. The control framework used for this evaluation was the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission Management, under the supervision of the Company's CEO and CFO, concluded that, as of March 31, 2024, the ICFR were effective and had no material weakness.

Changes in internal control over financial reporting

There were no changes in the Company's ICFR that materially affected, or were reasonably likely to materially affect, the Company's ICFR during the period beginning on April 1, 2024 and ended September 30, 2024.

Limitation of DC&P and ICFR

All control systems contain inherent limitations, no matter how well designed. As a result, the Company's management acknowledges that its internal control over financial reporting will not prevent or detect all misstatements due to error or fraud. In addition, management's evaluation of controls can provide only reasonable, not absolute, assurance that all control issues that may result in material misstatements, if any, have been detected.

Additional information relating to the Company is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/EDGAR.

FURTHER INFORMATION

Additional information relating to the Company, including filings that the Company has made and may make in the future with applicable securities authorities, may be found on or through SEDAR+ at www.sedarplus.ca, EDGAR at www.sec.gov/EDGAR or the Company's website at www.hivedigitaltechnologies.com. Additional information, including directors' and officers' remuneration and indebtedness, principal holders of Company's securities and securities authorized for issuance under equity compensation plans, is also contained in the Company's most recent management information circular for the most recent annual meeting of Shareholders of the Company. In addition to press releases, securities filings and public conference calls and webcasts, the Company intends to use its investor relations page on its website as a means of disclosing material information to its investors and others and for complying with its disclosure obligations under applicable securities laws. Accordingly, investors and others should monitor the website in addition to following the Company's press releases, securities filings, and public conference calls and webcasts. This list may be updated from time to time.

Page 34

HIVE Digital Technologies Ltd.
Management's Discussion and Analysis of Financial Condition and Results of Operations

For the three and six months ended September 30, 2024

(In thousands of US Dollars, except share amounts)

SUBSEQUENT EVENTS

Subsequent to the period ended September 30, 2024, the Company issued 3,600 common shares under the RSU plan upon the exercise of restricted share units.

Page 35

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

INTERIM CERTIFICATE

I, Aydin Kilic, Chief Executive Officer of HIVE Digital Technologies Ltd., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of HIVE Digital Technologies Ltd. (the "issuer") for the interim period ended September 30, 2024.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings:

a. designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

i. material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

ii. information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

b. designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 Control framework: The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 ICFR - material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on April 1, 2024 and ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

DATED the 12^th day of November, 2024.

/s/ Aydin Kilic

Aydin Kilic

Chief Executive Officer

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

INTERIM CERTIFICATE

I, Darcy Daubaras, Chief Financial Officer of HIVE Digital Technologies Ltd., certify the following:

a. designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

i. material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

5.2 ICFR - material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

DATED the 12^th day of November, 2024.

/s/ Darcy Daubaras

Darcy Daubaras

Chief Financial Officer

Document and Entity Information	6 Months Ended
Document and Entity Information	Sep. 30, 2024
Entity Addresses [Line Items]
Document Period End Date	Sep. 30, 2024
Document Type	6-K
Entity Registrant Name	HIVE Digital Technologies Ltd.
Entity Central Index Key	0001720424
Current Fiscal Year End Date	--03-31
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity File Number	001-40398
Entity Address, Address Line One	Suite 370, 1095 West Pender Street,
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Postal Zip Code	V6E 2M6
Entity Address, Country	CA

Condensed Interim Consolidated Statements of Financial Position - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Current assets
Cash	$ 7,241	$ 9,678
Amounts receivable and prepaids	6,654	6,929
Investments	24,446	6,974
Digital currencies	165,177	161,645
Total current assets	203,518	185,226
Plant and equipment	115,220	95,356
Long term receivable	2,664	2,595
Deposits, net of provision	5,714	15,917
Right of use asset	7,570	8,488
Total assets	334,686	307,582
Current liabilities
Accounts payable and accrued liabilities	19,802	10,604
Current portion of convertible loan - liability component	2,052	1,679
Current portion of lease liability	2,873	2,525
Term loan	4,631	5,608
Current portion of loans payable	1,492	2,788
Current income tax liability	5,779	4,148
Total current liabilities	36,629	27,352
Convertible loan - liability component	741	1,875
Convertible loan - derivative component	32	120
Loans payable	11,185	10,400
Lease liability	4,878	5,728
Deferred tax liability	1,690	2,415
Total liabilities	55,155	47,890
Equity
Share capital	535,607	499,208
Equity reserve	26,989	24,741
Accumulated other comprehensive income	69,211	83,614
Accumulated deficit	(352,276)	(347,871)
Total equity	279,531	259,692
Total liabilities and equity	$ 334,686	$ 307,582

Condensed Interim Consolidated Statements of Loss and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Profit or loss [abstract]
Revenue from digital currency mining	$ 20,765	$ 22,514	$ 50,401	$ 45,858
High performance computing hosting	1,883	253	4,488	474
Total revenue	22,648	22,767	54,889	46,332
Operating and maintenance costs	(21,482)	(18,096)	(42,283)	(33,622)
Depreciation	(16,138)	(16,567)	(29,953)	(33,050)
Gross profit	(14,972)	(11,896)	(17,347)	(20,340)
Revaluation of digital currencies	0	(422)	0	(422)
Loss on sale of digital currencies	(166)	(2,254)	(1,406)	(2,829)
Expenses
General and administrative	(3,381)	(3,563)	(6,824)	(6,330)
Foreign exchange (loss) gain	(540)	(354)	(211)	1,091
Share-based compensation	(2,234)	(4,044)	(2,723)	(6,017)
Expenses Total	(6,155)	(7,961)	(9,758)	(11,256)
Unrealized gain (loss) on investments	8,383	34	16,115	(631)
Change in fair value of derivative liability	21	417	88	274
Provision on sales tax receivables	966	0	966	0
Gain (loss) on sale of equipment	5,190	26	9,509	(241)
Other income (expenses)	131	(11)	257	(122)
Finance expense	(743)	(876)	(1,503)	(1,814)
Net loss before tax for the period	(7,345)	(22,943)	(3,079)	(37,381)
Tax expense	(318)	(1,605)	(1,326)	(3,419)
Net loss for the period	(7,663)	(24,548)	(4,405)	(40,800)
Other comprehensive (loss) income to be reclassified to profit or loss in subsequent periods:
Revaluation of digital currencies	4,812	(4,310)	(15,890)	58
Translation adjustment	2,934	(437)	1,487	398
Net loss and comprehensive (loss) income for the period	$ 83	$ (29,295)	$ (18,808)	$ (40,344)
Basic loss per share	$ (0.06)	$ (0.29)	$ (0.04)	$ (0.48)
Diluted loss per share	$ (0.06)	$ (0.29)	$ (0.04)	$ (0.48)
Weighted average number of common shares outstanding
Basic	118,593,637	85,052,418	114,664,155	84,614,638
Diluted	118,593,637	85,052,418	114,664,155	84,614,638

Condensed Interim Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Share capital [Member]	Equity reserve [Member]	Accumulated other comprehensive income [Member]	Accumulated deficit [Member]	Total
Beginning Balance at Mar. 31, 2023	$ 419,213	$ 18,864	$ 7,404	$ (296,666)	$ 148,815
Beginning Balance (shares) at Mar. 31, 2023	84,172,711
Share-based compensation		1,973			1,973
Shares offering	$ 1,966				1,966
Shares offering (shares)	534,400
Vesting of restricted stock units	$ 72	(72)			0
Vesting of restricted stock units (shares)	14,900
Issuance costs	$ (125)				(125)
Exercise of options	$ 0	0			0
Exercise of options (shares)	0
Loss for the period				(16,252)	(16,252)
Translation adjustment			835		835
Revaluation gain on digital currencies			4,368		4,368
Ending Balance at Jun. 30, 2023	$ 421,126	20,765	12,607	(312,918)	141,580
Ending Balance (shares) at Jun. 30, 2023	84,722,011
Beginning Balance at Mar. 31, 2023	$ 419,213	18,864	7,404	(296,666)	148,815
Beginning Balance (shares) at Mar. 31, 2023	84,172,711
Loss for the period					(40,800)
Translation adjustment					398
Ending Balance at Sep. 30, 2023	$ 427,912	24,597	7,860	(337,466)	122,903
Ending Balance (shares) at Sep. 30, 2023	86,224,848
Beginning Balance at Jun. 30, 2023	$ 421,126	20,765	12,607	(312,918)	141,580
Beginning Balance (shares) at Jun. 30, 2023	84,722,011
Share-based compensation		4,044			4,044
Shares offering	$ 6,768				6,768
Shares offering (shares)	1,452,837
Vesting of restricted stock units	$ 167	(167)			0
Vesting of restricted stock units (shares)	37,500
Issuance costs	$ (247)				(247)
Exercise of options	$ 98	(45)			53
Exercise of options (shares)	12,500
Loss for the period				(24,548)	(24,548)
Translation adjustment			(437)		(437)
Revaluation gain on digital currencies			(4,310)		(4,310)
Ending Balance at Sep. 30, 2023	$ 427,912	24,597	7,860	(337,466)	122,903
Ending Balance (shares) at Sep. 30, 2023	86,224,848
Beginning Balance at Mar. 31, 2024	$ 499,208	24,741	83,614	(347,871)	259,692
Beginning Balance (shares) at Mar. 31, 2024	106,080,151
Share-based compensation		489			489
Shares offering	$ 31,903				31,903
Shares offering (shares)	11,166,160
Vesting of restricted stock units	$ 162	(162)			0
Vesting of restricted stock units (shares)	39,150
Issuance costs	$ (2)				(2)
Loss for the period				3,258	3,258
Translation adjustment			(1,447)		(1,447)
Revaluation gain on digital currencies			(20,702)		(20,702)
Realized loss on digital currencies			0		0
Ending Balance at Jun. 30, 2024	$ 531,271	25,068	61,465	(344,613)	273,191
Ending Balance (shares) at Jun. 30, 2024	117,285,461
Beginning Balance at Mar. 31, 2024	$ 499,208	24,741	83,614	(347,871)	259,692
Beginning Balance (shares) at Mar. 31, 2024	106,080,151
Loss for the period					(4,405)
Translation adjustment					1,487
Ending Balance at Sep. 30, 2024	$ 535,607	26,989	69,211	(352,276)	279,531
Ending Balance (shares) at Sep. 30, 2024	118,722,708
Beginning Balance at Jun. 30, 2024	$ 531,271	25,068	61,465	(344,613)	273,191
Beginning Balance (shares) at Jun. 30, 2024	117,285,461
Share-based compensation		2,234			2,234
Shares offering	$ 4,324				4,324
Shares offering (shares)	1,368,297
Vesting of restricted stock units	$ 313	(313)			0
Vesting of restricted stock units (shares)	68,950
Issuance costs	$ (301)				(301)
Loss for the period				(7,663)	(7,663)
Translation adjustment			2,934		2,934
Revaluation gain on digital currencies			4,812		4,812
Realized loss on digital currencies			0		0
Ending Balance at Sep. 30, 2024	$ 535,607	$ 26,989	$ 69,211	$ (352,276)	$ 279,531
Ending Balance (shares) at Sep. 30, 2024	118,722,708

Condensed Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss for the period:	$ (4,405)	$ (40,800)
Adjusted for:
Revenue recognized from digital currency mined	(50,401)	(45,858)
Depreciation	29,953	33,050
Unrealized (gain) loss on investments	(16,115)	631
Change in fair value of derivative liability	(88)	(274)
Provision on sales tax receivables	(966)	0
(Gain) loss on sale of equipment	(9,509)	241
Accretion on convertible debt	739	964
Tax expense	1,326	3,419
Share-based compensation	2,723	6,017
Interest expense	452	466
Foreign exchange	342	(449)
Changes in non-cash working capital items:
Amounts receivable and prepaids	1,172	(519)
Digital currencies	30,979	64,925
Accounts payable and accrued liabilities	8,778	(365)
Cash (used in) provided by operating activities	(5,020)	21,448
Investing activities
Deposits on equipment	(613)	(3,834)
Investments	(1,128)	(250)
Proceeds on disposal of equipment	9,723	320
Purchase of equipment	(32,593)	(22,303)
Payment of security deposits	(3,360)	0
Cash used in investing activities	(27,971)	(26,067)
Financing activities
Exercise of options	0	53
Shares offering, net of issuance costs	35,924	8,362
Repayment of loans	(2,406)	(706)
Repayment of debenture	(1,500)	(1,504)
Lease payments made	(1,522)	(1,397)
Cash provided by financing activities	30,496	4,808
Effect of exchange rate changes on cash	58	(18)
Net change in cash during the period	(2,437)	171
Cash and cash equivalents at beginning of period	9,678	4,373
Cash and cash equivalents at end of period	7,241	4,544
Supplemental cash flow information
Recognition of right of use assets and lease liabilities	432	0
Supplemental disclosures:
Interest paid	913	920
Income taxes paid	$ 415	$ 0

Nature of Operations	6 Months Ended
Nature of Operations	Sep. 30, 2024
Nature of Operations [Abstract]
Nature of Operations [Text Block]	1. Nature of Operations HIVE Digital Technologies Ltd. (the "Company") was incorporated in the province of British Columbia on June 24, 1987. The Company is a reporting issuer in each of the Provinces and Territories of Canada and is listed for trading on the TSXV, under the symbol "HIVE.V", as well on the Nasdaq's Capital Markets Exchange under "HIVE", and on the Open Market of the Frankfurt Stock Exchange under "YO0.F". On July 12, 2023 the Company completed a name change from HIVE Blockchain Technologies Ltd. to HIVE Digital Technologies Ltd. The Company's head office is located at Suite 370, 1095 West Pender Street, Vancouver, BC, V6E 2M6, and the Company's registered office is located at Suite 2500, 700 West Georgia Street, Vancouver, BC, V7Y 1B3. In connection with the Company's change of business filed in September 2017 ("Change of Business"), the Company acquired data center equipment in Iceland. Following the initial acquisition, the Company acquired additional data center equipment in Iceland and Sweden throughout fiscal 2018. Phases one and two of Sweden commenced operations on January 15, 2018 and March 31, 2018 respectively, while phase three commenced operations on April 30, 2018. On April 9, 2020 the Company acquired a data center in Quebec, Canada, and on April 15, 2021 the Company acquired a data center in New Brunswick, Canada. The Company is in the business of providing infrastructure solutions, including the provision of computational capacity to distributed networks, in the blockchain industry. The Company's operations are focused on the mining of digital currencies to upgrade, expand and scale up its data center operations. Digital currencies are subject to risks unique to the asset class and different from traditional assets. Additionally, the Company may at times hold assets with third party custodians or exchanges that are limited in oversight by regulatory authorities. On May 24, 2023, the Company incorporated a wholly owned subsidiary, Bikupa Real Estate AB, to function as a holding entity to facilitate the acquisition of a data center. On July 5, 2024, the Company incorporated a wholly owned subsidiary, Paraguay Digital Ltd., to function as a holding entity to facilitate data center development and infrastructure in Paraguay.

Basis of Presentation and Material Accounting Policy Information	6 Months Ended
	Sep. 30, 2024
Disclosure Of Basis Of Presentation And Significant Accounting Policies [Abstract]
Basis of Presentation and Material Accounting Policy Information [Text Block]	2. Basis of Presentation and Material Accounting Policy Information (a) Statement of Compliance These unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34, "Interim Financial Reporting of the International Financial Reporting Standards" ("IFRS Accounting Standards") as issued by the International Accounting Standards Board ("IASB") and follow the same accounting policies and methods of application as the Company's March 31, 2024, annual audited financial statements, unless otherwise noted. These condensed interim consolidated financial statements do not include all the information required for full annual financial statements and accordingly, they should be read in conjunction with the Company's most recent annual statements. The condensed interim consolidated financial statements have been prepared on a cost basis except for the convertible loan - derivative component and digital assets that have been measured at fair value. In addition, these condensed interim consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. The condensed interim consolidated financial statements are presented in United States dollars ("US dollars" or "$"), except where otherwise indicated. The Company is in the business of the mining and sale of digital currencies to upgrade, expand, and scale up its mining operations, many aspects of which are not specifically addressed by IFRS Accounting Standards. The Company is required to use certain critical accounting estimates and make judgements as to the application of IFRS Accounting Standards and the selection of accounting policies. The Company has disclosed its presentation, recognition and de-recognition, and measurement of digital currencies, and the recognition of revenue as well as significant assumptions and judgements; however, if specific guidance is enacted in the future, the impact may result in changes to the Company's earnings and financial position as presented. These unaudited condensed interim consolidated financial statements were approved and authorized for issuance by the Board of Directors on November 12, 2024. (b) New Accounting Standards Adopted by the Company Amendment to IAS 1 - Non-current liabilities with covenants These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments also aim to improve information an entity provides related to liabilities subject to these conditions. These amendments are effective for annual periods beginning on or after 1 January 2024. Amendments to IAS 1 - Classification of Liabilities as Current or Non-current In January 2020, the IASB issued amendments to IAS 1 - Classification of Liabilities as Current or Non-current. These amendments clarify the requirements relating to determining if a liability should be presented as current or non-current in the statement of financial position. Pursuant to the new requirements, the assessment of whether a liability is presented as current or non-current is based on the contractual arrangements in place as at the reporting date and does not impact the amount or timing of recognition. These amendments are effective for annual periods beginning on or after January 1, 2024, with early application permitted. Amendment to IFRS 16 - Leases on sale and leaseback These amendments include requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. These amendments are effective for annual periods beginning on or after 1 January 2024. The adoption of the amendments listed above did not have a significant impact on the Company's condensed interim consolidated financial statements. (c) Future Accounting Standards Amendments to IAS 21 - Lack of Exchangeability An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations. These amendments are effective for annual periods beginning on or after 1 January 2025 (early adoption is available). Presentation and Disclosure in Financial Statements ("IFRS 18") The IASB issued IFRS 18 standard on presentation and disclosure in financial statements which will replace IAS 1, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to: the structure of the statement of profit or loss, including specified totals and subtotals; required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements; and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. IFRS 18 was issued in April 2024 and applies to an annual reporting period beginning on or after 1 January 2027. The Company continues to review changes to IFRS Accounting Standards and the impact to the Company's condensed interim consolidated financial statements.

Significant Estimates and Judgements	6 Months Ended
Significant Estimates and Judgements	Sep. 30, 2024
Disclosure of Significant Judgements [Abstract]
Significant Estimates and Judgements [Text Block]	3. Significant Estimates and Judgements The preparation of the unaudited condensed interim consolidated financial statements necessitates management to make various judgments, estimates, and assumptions regarding the recognition and measurement of assets, liabilities, income, and expenses. These judgments and estimates are based on management's best understanding of future events, circumstances, and potential actions taken by the Company. It should be noted that the actual results may deviate from these assumptions and estimates. The assessments and underlying assumptions are regularly reviewed. If any revisions are made to the assumptions or estimates and they only affect the current period, they are recognized in that particular period. However, if the revisions impact both the current and future periods, they are recognized in the period of the revision and in subsequent periods. The significant judgments made by management while applying the Company's accounting policies and the primary sources of estimation uncertainty remain consistent with those outlined in the audited annual consolidated financial statements for the year ended March 31, 2024.

Asset Acquisition

6 Months Ended

Sep. 30, 2024

Disclosure of detailed information about business combination [abstract]

Asset Acquisition [Text Block]

4. Asset Acquisition


Cash paid	$	647
Shares issued		1,088
Holdback payable		500
Acquisition costs		141
Total consideration	$	2,376


Land	$	86
Building		1,587
Equipment		446
VAT receivables		360
Total assets		2,479
Current liabilities		(103	)
Net assets acquired	$	2,376

Investments

6 Months Ended

Sep. 30, 2024

Disclosure of Investments [Abstract]

Investments [Text Block]

5. Investments

The continuity of investments was as follows:

		Investments
Balance, March 31, 2023	$	2,866
Additions		341
Unrealized gain on investments		3,743
Foreign exchange		24
Balance, March 31, 2024	$	6,974
Additions		1,128
Unrealized gain on investments		16,115
Foreign exchange		229
Balance, September 30, 2024	$	24,446

Amounts Receivable and Prepaids

6 Months Ended

Sep. 30, 2024

Trade and other receivables [abstract]

Amounts Receivable and Prepaids [Text Block]

6. Amounts Receivable and Prepaids

		September 30, 2024			March 31, 2024
Sales tax receivable **	$	8,409		$	6,818
Prepaid expenses and other receivables		5,471			7,667
Receivable on sale of subsidiary*		1,816			1,816
Amounts receivable and prepaids (gross)	$	15,696		$	16,301

Provision and liability on sales tax receivable, opening		(6,777	)		-
Additions		(310	)		(6,777	)
Recovery and reversal		1,276			-
Foreign exchange		(567	)		-
Provision on sales tax receivable		(6,378	)		(6,777	)
Less: current portion for receivables and prepaids		(6,654	)		(6,929	)
Long term portion	$	2,664		$	2,595

Digital Currencies

6 Months Ended

Sep. 30, 2024

Disclosure of Digital Currencies [Abstract]

Digital Currencies [Text Block]

7. Digital Currencies

The Company's holdings of digital currencies consist of the following:

		September 30, 2024		March 31, 2024
Bitcoin	$	164,860	$	161,258
Ethereum Classic		113		196
Other coins		204		191
Total	$	165,177	$	161,645

The continuity of digital currencies was as follows:

Bitcoin		Amount		Number of coins
Digital currencies, March 31, 2023	$	65,772		2,332
Digital currency mined		111,002		3,123
Digital currency sold		(92,600	)	(3,168	)
Revaluation adjustment		77,084		-
Digital currencies, March 31, 2024		161,258		2,287
Digital currency mined		50,370		789
Digital currency sold		(31,014	)	(472	)
Revaluation adjustment		(15,754	)	-
Digital currencies, September 30, 2024	$	164,860		2,604

Ethereum Classic
Digital currencies, March 31, 2023	$	117		5,718
Digital currency mined		1		28
Revaluation adjustment		78		-
Digital currencies, March 31, 2024		196		5,746
Revaluation adjustment		(83	)	-
Digital currencies, September 30, 2024	$	113		5,746

Plant and Equipment

6 Months Ended

Sep. 30, 2024

Property, plant and equipment [abstract]

Plant and Equipment [Text Block]

8. Plant and Equipment

Cost		Equipment			Land		Building and Leaseholds			Total
Balance, March 31, 2023	$	229,187		$	663	$	26,528		$	256,378
Disposals		(5,584	)		-		-			(5,584	)
Additions		69,360			-		375			69,735
Acquisition		446			86		1,587			2,119
Foreign exchange on translation		(416	)		-		(40	)		(456	)
Balance, March 31, 2024	$	292,993		$	749	$	28,450		$	322,192
Disposals		(37,048	)		-		-			(37,048	)
Additions		47,686			232		465			48,383
Foreign exchange on translation		871			-		104			975
Balance, September 30, 2024	$	304,502		$	981	$	29,019		$	334,502


Accumulated depreciation		Equipment			Land		Building and Leaseholds			Total
Balance, March 31, 2023	$	166,236		$	-	$	2,914		$	169,150
Disposals		(4,784	)		-		-			(4,784	)
Depreciation		61,302			-		2,230			63,532
Foreign exchange on translation		(970	)		-		(92	)		(1,062	)
Balance, March 31, 2024	$	221,784		$	-	$	5,052		$	226,836
Disposals		(36,834	)		-		-			(36,834	)
Depreciation		27,294			-		1,179			28,473
Foreign exchange on translation		833			-		(26	)		807
Balance, September 30, 2024	$	213,077		$	-	$	6,205		$	219,282

Carrying amount
Balance, March 31, 2024	$	71,209		$	749	$	23,398		$	95,356
Balance, September 30, 2024	$	91,425		$	981	$	22,814		$	115,220

Deposits

6 Months Ended

Sep. 30, 2024

Miscellaneous non-current assets [abstract]

Deposits [Text Block]

9. Deposits

The deposits relate to required amounts on account with electricity providers in Sweden, Paraguay and for equipment purchases, consisting of:

Description		September 30, 2024			March 31, 2024
ANDE*	$	3,360		$	-
Atnorth		307			292
Bodens Energi		272			258
Equipment deposits		12,654			26,307
Vattenfall AB		1,252			1,191
Deposits excluding provision		17,845			28,048

Equipment deposit provision, opening		(12,131	)		(27,331	)
Reclassed amounts		-			15,200
Provision on equipment deposits		(12,131	)		(12,131	)
Total	$	5,714		$	15,917

Convertible Loan

6 Months Ended

Sep. 30, 2024

Borrowings [Abstract]

Convertible Loan [Text Block]

10. Convertible Loan

Liability Component

Balance, March 31, 2023	$	4,729
Principal payment		(3,000	)
Interest payment		(587	)
Accretion and interest		2,412
Balance, March 31, 2024		3,554
Principal payment		(1,500	)
Interest payment		(203	)
Accretion and interest		942
Balance, September 30, 2024		2,793
Less: Current portion		(2,052	)
Non-current portion	$	741

Derivative Component

Balance, March 31, 2023	$	482
Change in fair value of liability		(362	)
Balance, March 31, 2024		120
Change in fair value of liability		(88	)
Balance, September 30, 2024	$	32

Accounts Payable and Accrued Liabilities

6 Months Ended

Sep. 30, 2024

Trade and other current payables [abstract]

Accounts Payable and Accrued Liabilities [Text Block]

11. Accounts Payable and Accrued Liabilities

The components of accounts payable and accrued liabilities are as follows:

		September 30, 2024		March 31, 2024
Accounts payable	$	16,677	$	7,466
Accrued liabilities		1,752		1,878
Holdback payable (Note 4)		500		500
Other payable		873		760
Total	$	19,802	$	10,604

Included in accounts payable is $10.1 million for equipment received during the period ended September 30, 2024, with Net30 terms, that was paid by the Company after the current period ended.

Loans Payable

6 Months Ended

Sep. 30, 2024

Miscellaneous non-current liabilities [Abstract]

Loans Payable [Text Block]

12. Loans Payable

A continuity of the loan balances are as follows:

		Boden
Balance, March 31, 2023	$	13,078
Interest		397
Foreign exchange movement		(287	)
Balance, March 31, 2024		13,188
Interest		223
Repayment		(1,420	)
Foreign exchange movement		686
Balance, September 30, 2024		12,677
Less: Current portion		(1,492	)
Non-current portion	$	11,185

Term Loan

6 Months Ended

Sep. 30, 2024

Term Loan Disclosure [Abstract]

Term Loan [Text Block]

13. Term Loan

		TERM LOAN 1			TERM LOAN 2			TOTAL
Balance, March 31, 2023	$	4,397		$	2,742		$	7,139
Interest		131			81			212
Repayment		(1,073	)		(669	)		(1,742	)
Foreign exchange movement		(1	)		-			(1	)
Balance, March 31, 2024	$	3,454		$	2,154		$	5,608
Interest		52			32			84
Repayment		(659	)		(411	)		(1,070	)
Foreign exchange movement		6			3			9
Balance, September 30, 2024	$	2,853		$	1,778		$	4,631

Right of Use Asset and Lease Liability

6 Months Ended

Sep. 30, 2024

Disclosure of quantitative information about leases for lessee [Abstract]

Right of Use Asset and Lease Liability [Text Block]

14. Right of Use Asset and Lease Liability

The Company has lease agreements for its offices, and buildings for its datacenters in Sweden and Quebec, Canada, in addition to electrical equipment in Sweden.

Cost		Right of Use Assets
Balance, March 31, 2023	$	17,302
Adjustment for change in variable payments based on rate or index		287
Foreign exchange		(8	)
Balance, March 31, 2024	$	17,581
Additions		432
Lease modification		117
Foreign exchange		31
Balance, September 30, 2024	$	18,161

*Accumulated Depreciation*
Balance, March 31, 2023	$	(6,329	)
Depreciation		(2,771	)
Foreign exchange		7
Balance, March 31, 2024	$	(9,093	)
Depreciation		(1,480	)
Foreign exchange		(18	)
Balance, September 30, 2024	$	(10,591	)

*Carrying Amount*
Balance, March 31, 2024	$	8,488
Balance, September 30, 2024	$	7,570

		Lease Liability
Balance, March 31, 2023	$	10,468
Lease payments made		(2,855	)
Adjustment for change in variable payments based on rate or index		287
Interest expense on lease liabilities		533
Foreign exchange		(180	)
Balance, March 31, 2024	$	8,253
Lease payments made		(1,522	)
Additions		432
Lease modification		117
Interest expense on lease liabilities		229
Foreign exchange		242
		7,751
Less: current portion		(2,873	)
Balance, September 30, 2024	$	4,878

Lease Disclosures
Interest expense on lease liabilities	$	229
Total cash outflow for leases	$	1,522


Maturity Analysis - Undiscounted Contractual Payments
Less than 1 year	$	3,244
1 to 2 years		3,161
2 to 3 years		1,214
3 to 4 years		776
4 to 5 years		3
	$	8,398

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Disclosure of commitments and contingencies [Abstract]
Commitments and Contingencies [Text Block]	15. Commitments and Contingencies (a) Service agreements The Company has service agreements with unrelated third parties to operate and maintain the Company's data center computing equipment for the purpose of mining crypto currency in Canada, Sweden and Iceland. As part of the arrangement, proprietary software is installed on the Company's computing equipment to assist in optimizing the use of the equipment. (b) Power purchase agreement The Company entered into a supplemental power pricing arrangement that provides a fixed price of electricity consumption each month at the Company's Bikupa Datacenter AB and Bikupa Datacenter 2 AB locations in Sweden. The fixed price agreement was assessed and is being accounted for as an executory contract; electricity costs are expensed as incurred. (c) Obligations on data center equipment The Company had purchase commitments of $64.1 million at the period ended September 30, 2024 (March 31, 2024 - $5.8 million). The purchase commitments reported at the current period end include commitments of $37.1 million (March 31, 2024 - $Nil) related to the development of the 100 MW facility in Paraguay. Contingencies (a) Contingent VAT Liability to the Swedish Tax Authority ("STA") The Company's wholly owned subsidiaries located in Sweden (Bikupa Datacenter AB ("Bikupa") and Bikupa Datacenter 2 AB ("Bikupa 2")) received decision notice of assessments ("the decision(s)"), on December 28, 2022, December 21, 2023, and December 22, 2023 for Bikupa and February 14, 2023, and December 21, 2023 for Bikupa 2 respectively, from the STA in connection with the application of VAT and its ability to recover input VAT against certain equipment and other charges in a total amount of SEK 411.9 million or approximately $40.9 million. The assessments cover the period December 2020 to December 2022 for Bikupa, and the period April 2021 to December 2022 for Bikupa 2, expressing the intent to reject the recovery of all the VAT for the periods under assessment and repayment of amounts previously received plus applicable interest. The Company filed a formal appeal in connection with the December 28, 2022 Bikupa decision on February 9, 2023; however, there can be no guarantee that the Company will achieve a favourable outcome in its appeal. A formal appeal for Bikupa 2 in relation to the February 14, 2023 decision was filed on March 10, 2023 by the Company. The Company engaged an independent legal firm and independent audit firm in Sweden with expertise in these matters to assist in the appeal process. The Company does not believe that the decision has merit because in management's opinion and those of the Company's independent advisors, the decision is not compatible with the current applicable law and therefore the amount claimed to be owed by the Company is not probable. According to general principles regarding the placement of the burden of proof, it is up to the STA to provide sufficient evidence in support of its decision. It is the Company's opinion, the STA has not substantiated their claim. We are not aware of any precedent cases, authoritative literature, or other statement that supports the STA's position. The cases are currently in the County Administrative Court. It is not yet known when this dispute will be resolved; the due process following appeals and the court ruling could extend beyond a year. Furthermore, given that the industry is rapidly developing, there can be no guarantee that changes to the laws or policies of Sweden will not have a negative impact on the Company's tax position with respect to the eligibility of the claimed VAT. (Note 22 Uncertain Tax Positions). If the Company is unsuccessful in its appeal, the full amount could be payable including other items such as penalties and interest that may accrue to the Company. The Company will continue to assess these matters. At the period ended September 30, 2024, the Company has not recorded any amounts payable to the STA in connection with the decisions. The Company continues to monitor the activities of the claim with the STA. As at September 30, 2024, the Company has not received any additional communication from the STA. (b) Litigation From time to time, the Company is involved in routine litigation incidental to the Company's business. Management believes that adequate provisions have been made where required and the ultimate resolution with respect to any claim will not have a material adverse effect on the financial position or results of the operations of the Company.

Related Party Transactions	6 Months Ended
Related Party Transactions	Sep. 30, 2024
Related party transactions [Abstract]
Related Party Transactions [Text block]	16. Related Party Transactions The Company entered into the following related party transactions not otherwise disclosed in these condensed interim consolidated financial statements: a) As at September 30, 2024, the Company had $159 due to the Executive Chairman, (March 31, 2024 - $144 combined due to the Executive Chairman, CEO and CFO) for the reimbursement of expenses included in accounts payable and accrued liabilities. b) As at September 30, 2024, the Company had $nil (March 31, 2024 - $nil) due to a company controlled by the Executive Chairman, a director of the Company included in accounts payable and accrued liabilities. For the three and six months period ended September 30, 2024, the Company paid $98 and $162, respectively (September 30, 2023 - $48 and $128, respectively) to this company for marketing services. Key Management Compensation Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of members of the Company's Board of Directors and corporate officers. For the three and six months period ended September 30, 2024, key management compensation includes salaries and wages paid to key management personnel and directors of $0.3 million and $0.6 million, respectively (September 30, 2023 - $0.3 million and $0.6 million, respectively) and share-based payments of $1.2 million and $1.5 million (September 30, 2023 - $2.4 million and $3.9 million, respectively).

Equity

6 Months Ended

Sep. 30, 2024

Disclosure of equity and share based arrangement [Abstract]

Equity [Text Block]

17. Equity

(a) Authorized

Unlimited common shares without par value

Unlimited preferred shares without par value

(b) Issued and fully paid common shares

During the period ended September 30, 2024, the Company:

On August 17, 2023, the Company entered into an equity distribution agreement ("August 2023 Equity Distribution Agreement"). 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").

Issued 108,100 common shares upon the exercise of restricted share units (Note 17(e)).

(c) Stock options

Following is a summary of changes in stock options outstanding for the period ended September 30, 2024:

			Weighted average
	Outstanding		exercise price
Balance, March 31, 2023	3,073,415	C$	6.20
Granted	620,000		6.86
Expired	(2,400)		6.09
Forfeited	(202,600)		24.75
Exercised	(22,500)		5.66
Balance, March 31, 2024	3,465,915	C$	5.24
Expired	(54,615)		9.76
Balance, September 30, 2024	3,411,300	C$	5.17

The stock options outstanding and exercisable as at September 30, 2024, are as follows:

Outstanding	Exercisable		Exercise price	Expiry date
2,000	2,000	C$	15.70	February 11, 2026
387,900	387,900		5.66	August 26, 2027
1,000,000	1,000,000		1.50	September 14, 2027
50,000	50,000		10.00	March 26, 2028
600,000	600,000		6.86	July 6, 2028
400,000	400,000		3.10	September 18, 2028
100,000	100,000		1.35	December 21, 2028
500,000	500,000		1.45	February 10, 2030
20,000	20,000		1.90	May 29, 2030
1,400	1,400		10.80	December 24, 2030
30,000	30,000		25.15	April 6, 2031
60,000	60,000		18.35	April 29, 2031
180,000	108,000		18.50	October 7, 2031
60,000	40,000		25.35	November 10, 2031
20,000	20,000		21.00	December 9, 2031
3,411,300	3,319,300

(d) Warrants

Following is a summary of changes in warrants outstanding for the period ended September 30, 2024:

	Warrants		Weighted average
	outstanding		exercise price
Balance, March 31, 2022 and 2023	3,573,727		C$ 22.92
Grants	3,220,000		5.89
Expired	(1,550,000	)	13.69
Balance, March 31, 2024	5,243,727		C$ 15.20
Expired	(2,023,727	)	30.00
Balance, September 30, 2024	3,220,000		C$ 5.89

The warrants outstanding and exercisable as at September 30, 2024, are as follows:

Outstanding		Exercisable	Exercise price	Expiry date
2,875,000	***	2,875,000	C$ 6.00	December 28, 2026
345,000	***	345,000	C$ 5.00	December 28, 2026
3,220,000		3,220,000

(e) Restricted share-units

The fair value of restricted shares units (RSUs) is generally measured as the grant date price of the Company's share.

Following is a summary of changes in restricted share units outstanding for the period ended September 30, 2024:

	Outstanding
Balance, March 31, 2023	1,928,530
Granted	257,976
Cancelled	(3,000	)
Exercised	(802,650	)
Expired	(1,800	)
Balance, March 31, 2024	1,379,056
Granted	2,491,000
Exercised	(108,100	)
Balance, September 30, 2024	3,761,956

(f) Share-based compensation

During the three and six months period ended September 30, 2024, the Company did not grant any stock options.

Loss per Share

6 Months Ended

Sep. 30, 2024

Earnings per share [Abstract]

Loss per Share [Text Block]

18. Loss per Share

Income per common share represents net income for the year divided by the weighted average number of common shares outstanding during the period.

	Three months ended September 30, 2024	Three months ended September 30, 2023
Basic weighted average number of common shares outstanding	118,593,637	85,052,418
Diluted weighted average common shares outstanding	118,593,637	85,052,418


	Six months ended September 30, 2024	Six months ended September 30, 2023
Basic weighted average number of common shares outstanding	114,664,155	84,614,638
Diluted weighted average common shares outstanding	114,664,155	84,614,638

Finance Expense

6 Months Ended

Sep. 30, 2024

Interest costs [Abstract]

Finance Expense [Text Block]

19. Finance Expense

Finance expenses were comprised of the following for the period ended:

	Three months ended September 30,		Six months ended September 30,
	2024	2023	2024	2023
	$	$	$	$
Interest and accretion on convertible loan	448	628	942	1,285
Interest on lease liabilities	114	135	229	280
Interest on loans payable	117	74	224	152
Interest on term loan	64	39	108	97
Total	743	876	1,503	1,814

General and Administrative Expenses

6 Months Ended

Sep. 30, 2024

Selling, general and administrative expense [Abstract]

General and Administrative Expenses [Text Block]

20. General and Administrative Expenses

General and administrative expenses were comprised of the following for the period ended:

	Three months ended September 30,		Six months ended September 30,
	2024	2023	2024	2023
	$	$	$	$
Management fees, salaries and wages	761	760	1,733	1,408
Marketing	563	331	946	638
Office, administration, and regulatory	1,098	1,316	2,080	2,237
Professional fees, advisory, and consulting	959	1,156	2,065	2,047
Total	3,381	3,563	6,824	6,330

Cost of sales

6 Months Ended

Sep. 30, 2024

Cost Of Sales [Abstract]

Cost of sales [Text Block]

21. Cost of sales

Cost of sales were comprised of the following for the period ended:

	Three months ended September 30,		Six months ended September 30,
	2024	2023	2024	2023
	$	$	$	$
Digital currency mining	19,650	17,676	38,496	33,055
High performance computing hosting	1,832	420	3,787	567
Total	21,482	18,096	42,283	33,622

Financial Instruments and Risk Management

6 Months Ended

Sep. 30, 2024

Disclosure of detailed information about financial instruments [abstract]

Financial Instruments and Risk Management [Text Block]

22. Financial Instruments and Risk Management

Level 1 Inputs: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

At the period end the Company classified its financial assets into the following levels:

		As at September 30, 2024						As at March 31, 2024

Assets		Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Cash	$	-	$	7,241	$	-	$	-	$	9,678	$	-
Digital currencies		-		165,177		-		-		161,645		-
Investments		22,858		-		1,588		5,356		-		1,618
	$	22,858	$	172,418	$	1,588	$	5,356	$	171,323	$	1,618

Liabilities
Convertible loan -derivative component	$	-	$	-	$	32	$	-	$	-	$	120
	$	-	$	-	$	32	$	-	$	-	$	120

Various Black Scholes models were utilized; and
A prior transaction approach was used for others; some adjusted.

Level 3 Continuity

The following is a reconciliation of Level 3 assets and liabilities:

		Fair value at						Change			Fair Value at,
Level 3 Continuity		March 31, 2024		Additions		Disposals		in fair value			September 30, 2024
Assets
Investments	$	1,618	$	-	$	-	$	(30	)	$	1,588
	$	1,618	$	-	$	-	$	(30	)	$	1,588
Liabilities
Convertible loan -derivative component	$	120	$	-	$	-	$	(88	)	$	32
	$	120	$	-	$	-	$	(88	)	$	32

The carrying value of long-term receivable and loans payable (long term portion) are measured at amortized costs which is similar to the fair value.

Credit risk

For the security of its digital currencies, the Company uses the services of two institutions through custodial agreements, one located in Liechtenstein and another in the United States.

Liquidity risk

As at September 30, 2024, the contractual maturities of financial and other liabilities, including estimated interest payments, are as follows:

		Contractual cash flows		within 1 year		1 to 3 years		3 to 5 years		5+ years
Accounts payable	$	17,550	$	17,550	$	-	$	-	$	-
Term loan		4,631		4,631		-		-		-
Convertible loan		4,063		3,216		847		-		-
Lease commitments		8,398		3,244		4,375		779		-
Loans payable and interest		14,578		1,427		4,015		2,499		6,637
Total	$	49,220	$	30,068	$	9,237	$	3,278	$	6,637

Foreign currency risk

	Net Monetary Position September 30, 2024 (USD$ equivalent) ($)		Impact of 10% variance in foreign exchange rate (in foreign currency) ($)
US Dollars	(3,651	)	332
Canadian Dollars	214		14
Euro Dollars	38		4
Swiss Francs	78		8
Swedish Krona	(493	)	4
Icelandic Krona	827		1

Interest rate risk

Price risk

Loss of access risk

Irrevocability of transactions

Regulatory oversight risk

Regulatory changes or actions may restrict the use of digital currencies or the operation of digital currency networks or exchanges in a manner that adversely affects investments held by the Company.

Digital asset risk

Safeguarding of digital assets

Digital asset mining risk

High performance computing risk

Uncertain tax positions

Digital Currency and Risk Management

6 Months Ended

Sep. 30, 2024

Disclosure of Digital Currency and Risk Management [Abstract]

Digital Currency and Risk Management [Text Block]

23. Digital Currency and Risk Management

Digital currencies are measured using Level 2 inputs (Note 22).

		Impact of 5% variance in price
Bitcoin	$	8,243

Capital Management	6 Months Ended
Capital Management	Sep. 30, 2024
Disclosure of objectives, policies and processes for managing capital [Abstract]
Capital Management [Text Block]	24. Capital Management The Company manages its capital to maintain its ability to continue as a going concern and to provide returns to shareholders and benefits to other stakeholders. The capital structure of the Company consists of equity comprised of issued share capital and reserves. The Company manages its capital structure and adjusts it in light of economic conditions. The Company, upon approval from its Board of Directors, will balance its overall capital structure through new share issues, commencement of ATM Equity Programs, the sale of digital currencies or by undertaking other activities as deemed appropriate under the specific circumstances. The Company is subject to externally imposed capital requirements due to its term loan (Note 13). The Company's overall strategy with respect to capital risk management remains unchanged from the prior year.

Segmented Information

6 Months Ended

Sep. 30, 2024

Disclosure of operating segments [Abstract]

Segmented Information [Text Block]

25. Segmented Information

September 30, 2024		Canada		Sweden		Iceland		Switzerland		Paraguay		Bermuda		Total
Revenue from digital currency mining	$	-	$	-	$	-	$	-	$	-	$	50,401	$	50,401
High performance computing hosting		-		-		-		-		-		4,488		4,488
	$	-	$	-	$	-	$	-	$	-	$	54,889	$	54,889


September 30, 2023		Canada		Sweden		Iceland		Switzerland		Paraguay		Bermuda		Total
Revenue from digital currency mining	$	-	$	-	$	-	$	-	$	-	$	45,858	$	45,858
High performance computing hosting		-		-		-		-		-		474		474
	$	-	$	-	$	-	$	-	$	-	$	46,332	$	46,332

The Company's plant and equipment are located in the following jurisdictions:

September 30, 2024		Canada		Sweden		Iceland		Switzerland		Paraguay		Bermuda		Total
Plant and equipment	$	83,654	$	30,828	$	492	$	-	$	232	$	14	$	115,220
ROU asset		3,351		4,159		-		-		-		60		7,570
	$	87,005	$	34,987	$	492	$	-	$	232	$	74	$	122,790

March 31, 2024		Canada		Sweden		Iceland		Switzerland		Paraguay		Bermuda		Total
Plant and equipment	$	74,425	$	19,529	$	1,367	$	-	$	-	$	35	$	95,356
ROU asset		3,352		5,051		-		-		-		85		8,488
	$	77,777	$	24,580	$	1,367	$	-	$	-	$	120	$	103,844

Comparative Figures	6 Months Ended
Comparative Figures	Sep. 30, 2024
Disclosure of comparative information prepared under previous GAAP [abstract]
Comparative Figures [Text Block]	26. Comparative Figures Certain figures in the comparative period condensed interim consolidated statements of financial position, condensed interim consolidated statements of income (loss) and comprehensive income (loss), condensed interim consolidated statements of changes in equity and condensed interim consolidated statements of cash flows have been reclassified to meet the current presentation.

Subsequent Events	6 Months Ended
Subsequent Events	Sep. 30, 2024
Disclosure of non-adjusting events after reporting period [Abstract]
Subsequent Events [Text Block]	27. Subsequent Events Subsequent to the period ended September 30, 2024, the Company issued 3,600 common shares under the RSU plan upon the exercise of restricted share units. On October 3, 2024, the Company entered into an equity distribution agreement ("October 2024 Equity Distribution Agreement"). Under the October 2024 Equity Distribution Agreement, the Company may, from time to time, sell up to $200 million of common shares in the capital of the Company (the "October 2024 ATM Equity Program"). Subsequent to the period ended September 30, 2024, the Company issued 10,315,735 October 2024 ATM Shares pursuant to the October 2024 ATM Equity Program for gross proceeds of C$58.6 million ($42.3 million). The October 2024 ATM shares were sold at prevailing market prices, for an average price per October 2024 ATM Share of C$5.68. Pursuant to the October 2024 Equity Distribution Agreement, a cash commission of $1.1 million on the aggregate gross proceeds raised was paid to the agent in connection with its services under the October 2024 Equity Distribution Agreement. Subsequent to the period ended September 30, 2024, the Company granted 2,442,000 RSU to certain employees, officers, directors and eligible consultants of the Company with a fair value of C$5.06 per share that vest over two years.

Basis of Presentation and Material Accounting Policy Information (Policies)	6 Months Ended
	Sep. 30, 2024
Disclosure Of Basis Of Presentation And Significant Accounting Policies [Abstract]
Statement of Compliance [Policy Text Block]	(a) Statement of Compliance These unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34, "Interim Financial Reporting of the International Financial Reporting Standards" ("IFRS Accounting Standards") as issued by the International Accounting Standards Board ("IASB") and follow the same accounting policies and methods of application as the Company's March 31, 2024, annual audited financial statements, unless otherwise noted. These condensed interim consolidated financial statements do not include all the information required for full annual financial statements and accordingly, they should be read in conjunction with the Company's most recent annual statements. The condensed interim consolidated financial statements have been prepared on a cost basis except for the convertible loan - derivative component and digital assets that have been measured at fair value. In addition, these condensed interim consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. The condensed interim consolidated financial statements are presented in United States dollars ("US dollars" or "$"), except where otherwise indicated. The Company is in the business of the mining and sale of digital currencies to upgrade, expand, and scale up its mining operations, many aspects of which are not specifically addressed by IFRS Accounting Standards. The Company is required to use certain critical accounting estimates and make judgements as to the application of IFRS Accounting Standards and the selection of accounting policies. The Company has disclosed its presentation, recognition and de-recognition, and measurement of digital currencies, and the recognition of revenue as well as significant assumptions and judgements; however, if specific guidance is enacted in the future, the impact may result in changes to the Company's earnings and financial position as presented. These unaudited condensed interim consolidated financial statements were approved and authorized for issuance by the Board of Directors on November 12, 2024.
New accounting standards adopted by the Company [Policy Text Block]	(b) New Accounting Standards Adopted by the Company Amendment to IAS 1 - Non-current liabilities with covenants These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments also aim to improve information an entity provides related to liabilities subject to these conditions. These amendments are effective for annual periods beginning on or after 1 January 2024. Amendments to IAS 1 - Classification of Liabilities as Current or Non-current In January 2020, the IASB issued amendments to IAS 1 - Classification of Liabilities as Current or Non-current. These amendments clarify the requirements relating to determining if a liability should be presented as current or non-current in the statement of financial position. Pursuant to the new requirements, the assessment of whether a liability is presented as current or non-current is based on the contractual arrangements in place as at the reporting date and does not impact the amount or timing of recognition. These amendments are effective for annual periods beginning on or after January 1, 2024, with early application permitted. Amendment to IFRS 16 - Leases on sale and leaseback These amendments include requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. These amendments are effective for annual periods beginning on or after 1 January 2024. The adoption of the amendments listed above did not have a significant impact on the Company's condensed interim consolidated financial statements.
Future accounting standards [Policy Text Block]	(c) Future Accounting Standards Amendments to IAS 21 - Lack of Exchangeability An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations. These amendments are effective for annual periods beginning on or after 1 January 2025 (early adoption is available). Presentation and Disclosure in Financial Statements ("IFRS 18") The IASB issued IFRS 18 standard on presentation and disclosure in financial statements which will replace IAS 1, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to: the structure of the statement of profit or loss, including specified totals and subtotals; required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements; and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. IFRS 18 was issued in April 2024 and applies to an annual reporting period beginning on or after 1 January 2027. The Company continues to review changes to IFRS Accounting Standards and the impact to the Company's condensed interim consolidated financial statements.

Asset Acquisition (Tables)

6 Months Ended

Sep. 30, 2024

Disclosure of detailed information about business combination [abstract]

Schedule of estimated fair value of identifiable assets acquired and liabilities [Table Text Block]


Cash paid	$	647
Shares issued		1,088
Holdback payable		500
Acquisition costs		141
Total consideration	$	2,376


Land	$	86
Building		1,587
Equipment		446
VAT receivables		360
Total assets		2,479
Current liabilities		(103	)
Net assets acquired	$	2,376

Investments (Tables)

6 Months Ended

Sep. 30, 2024

Disclosure of Investments [Abstract]

Schedule of continuity of investments [Table Text Block]

		Investments
Balance, March 31, 2023	$	2,866
Additions		341
Unrealized gain on investments		3,743
Foreign exchange		24
Balance, March 31, 2024	$	6,974
Additions		1,128
Unrealized gain on investments		16,115
Foreign exchange		229
Balance, September 30, 2024	$	24,446

Amounts Receivable and Prepaids (Tables)

6 Months Ended

Sep. 30, 2024

Trade and other receivables [abstract]

Schedule of amounts receivable and prepaids [Table Text Block]

		September 30, 2024			March 31, 2024
Sales tax receivable **	$	8,409		$	6,818
Prepaid expenses and other receivables		5,471			7,667
Receivable on sale of subsidiary*		1,816			1,816
Amounts receivable and prepaids (gross)	$	15,696		$	16,301

Provision and liability on sales tax receivable, opening		(6,777	)		-
Additions		(310	)		(6,777	)
Recovery and reversal		1,276			-
Foreign exchange		(567	)		-
Provision on sales tax receivable		(6,378	)		(6,777	)
Less: current portion for receivables and prepaids		(6,654	)		(6,929	)
Long term portion	$	2,664		$	2,595

Digital Currencies (Tables)

6 Months Ended

Sep. 30, 2024

Disclosure of Digital Currencies [Abstract]

Schedule of holdings of digital currencies [Table Text Block]

		September 30, 2024		March 31, 2024
Bitcoin	$	164,860	$	161,258
Ethereum Classic		113		196
Other coins		204		191
Total	$	165,177	$	161,645

Schedule of continuity of digital currencies [Table Text Block]

The continuity of digital currencies was as follows:

Bitcoin		Amount		Number of coins
Digital currencies, March 31, 2023	$	65,772		2,332
Digital currency mined		111,002		3,123
Digital currency sold		(92,600	)	(3,168	)
Revaluation adjustment		77,084		-
Digital currencies, March 31, 2024		161,258		2,287
Digital currency mined		50,370		789
Digital currency sold		(31,014	)	(472	)
Revaluation adjustment		(15,754	)	-
Digital currencies, September 30, 2024	$	164,860		2,604

Ethereum Classic
Digital currencies, March 31, 2023	$	117		5,718
Digital currency mined		1		28
Revaluation adjustment		78		-
Digital currencies, March 31, 2024		196		5,746
Revaluation adjustment		(83	)	-
Digital currencies, September 30, 2024	$	113		5,746

Plant and Equipment (Tables)

6 Months Ended

Sep. 30, 2024

Property, plant and equipment [abstract]

Schedule of plant and equipment [Table Text Block]

Cost		Equipment			Land		Building and Leaseholds			Total
Balance, March 31, 2023	$	229,187		$	663	$	26,528		$	256,378
Disposals		(5,584	)		-		-			(5,584	)
Additions		69,360			-		375			69,735
Acquisition		446			86		1,587			2,119
Foreign exchange on translation		(416	)		-		(40	)		(456	)
Balance, March 31, 2024	$	292,993		$	749	$	28,450		$	322,192
Disposals		(37,048	)		-		-			(37,048	)
Additions		47,686			232		465			48,383
Foreign exchange on translation		871			-		104			975
Balance, September 30, 2024	$	304,502		$	981	$	29,019		$	334,502


Accumulated depreciation		Equipment			Land		Building and Leaseholds			Total
Balance, March 31, 2023	$	166,236		$	-	$	2,914		$	169,150
Disposals		(4,784	)		-		-			(4,784	)
Depreciation		61,302			-		2,230			63,532
Foreign exchange on translation		(970	)		-		(92	)		(1,062	)
Balance, March 31, 2024	$	221,784		$	-	$	5,052		$	226,836
Disposals		(36,834	)		-		-			(36,834	)
Depreciation		27,294			-		1,179			28,473
Foreign exchange on translation		833			-		(26	)		807
Balance, September 30, 2024	$	213,077		$	-	$	6,205		$	219,282

Carrying amount
Balance, March 31, 2024	$	71,209		$	749	$	23,398		$	95,356
Balance, September 30, 2024	$	91,425		$	981	$	22,814		$	115,220

Deposits (Tables)

6 Months Ended

Sep. 30, 2024

Miscellaneous non-current assets [abstract]

Schedule of information about deposits [Table Text Block]

Description		September 30, 2024			March 31, 2024
ANDE*	$	3,360		$	-
Atnorth		307			292
Bodens Energi		272			258
Equipment deposits		12,654			26,307
Vattenfall AB		1,252			1,191
Deposits excluding provision		17,845			28,048

Equipment deposit provision, opening		(12,131	)		(27,331	)
Reclassed amounts		-			15,200
Provision on equipment deposits		(12,131	)		(12,131	)
Total	$	5,714		$	15,917

Convertible Loan (Tables)

6 Months Ended

Sep. 30, 2024

Borrowings [Abstract]

Schedule of liability component and derivative component of convertible loan [Table Text Block]

Liability Component

Balance, March 31, 2023	$	4,729
Principal payment		(3,000	)
Interest payment		(587	)
Accretion and interest		2,412
Balance, March 31, 2024		3,554
Principal payment		(1,500	)
Interest payment		(203	)
Accretion and interest		942
Balance, September 30, 2024		2,793
Less: Current portion		(2,052	)
Non-current portion	$	741

Derivative Component

Balance, March 31, 2023	$	482
Change in fair value of liability		(362	)
Balance, March 31, 2024		120
Change in fair value of liability		(88	)
Balance, September 30, 2024	$	32

Accounts Payable and Accrued Liabilities (Tables)

6 Months Ended

Sep. 30, 2024

Trade and other current payables [abstract]

Schedule of accounts payable and accrued liabilities [Table Text Block]

		September 30, 2024		March 31, 2024
Accounts payable	$	16,677	$	7,466
Accrued liabilities		1,752		1,878
Holdback payable (Note 4)		500		500
Other payable		873		760
Total	$	19,802	$	10,604

Loans Payable (Tables)

6 Months Ended

Sep. 30, 2024

Miscellaneous non-current liabilities [Abstract]

Schedule of continuity of loans payable [Table Text Block]

		Boden
Balance, March 31, 2023	$	13,078
Interest		397
Foreign exchange movement		(287	)
Balance, March 31, 2024		13,188
Interest		223
Repayment		(1,420	)
Foreign exchange movement		686
Balance, September 30, 2024		12,677
Less: Current portion		(1,492	)
Non-current portion	$	11,185

Term Loan (Tables)

6 Months Ended

Sep. 30, 2024

Term Loan Disclosure [Abstract]

Schedule of term loan [Table Text Block]

		TERM LOAN 1			TERM LOAN 2			TOTAL
Balance, March 31, 2023	$	4,397		$	2,742		$	7,139
Interest		131			81			212
Repayment		(1,073	)		(669	)		(1,742	)
Foreign exchange movement		(1	)		-			(1	)
Balance, March 31, 2024	$	3,454		$	2,154		$	5,608
Interest		52			32			84
Repayment		(659	)		(411	)		(1,070	)
Foreign exchange movement		6			3			9
Balance, September 30, 2024	$	2,853		$	1,778		$	4,631

Right of Use Asset and Lease Liability (Tables)

6 Months Ended

Sep. 30, 2024

Disclosure of quantitative information about leases for lessee [Abstract]

Schedule of quantitative information about right-of-use assets [Table Text Block]

Cost		Right of Use Assets
Balance, March 31, 2023	$	17,302
Adjustment for change in variable payments based on rate or index		287
Foreign exchange		(8	)
Balance, March 31, 2024	$	17,581
Additions		432
Lease modification		117
Foreign exchange		31
Balance, September 30, 2024	$	18,161

*Accumulated Depreciation*
Balance, March 31, 2023	$	(6,329	)
Depreciation		(2,771	)
Foreign exchange		7
Balance, March 31, 2024	$	(9,093	)
Depreciation		(1,480	)
Foreign exchange		(18	)
Balance, September 30, 2024	$	(10,591	)

*Carrying Amount*
Balance, March 31, 2024	$	8,488
Balance, September 30, 2024	$	7,570

Schedule of quantitative information about lease liability [Table Text Block]

		Lease Liability
Balance, March 31, 2023	$	10,468
Lease payments made		(2,855	)
Adjustment for change in variable payments based on rate or index		287
Interest expense on lease liabilities		533
Foreign exchange		(180	)
Balance, March 31, 2024	$	8,253
Lease payments made		(1,522	)
Additions		432
Lease modification		117
Interest expense on lease liabilities		229
Foreign exchange		242
		7,751
Less: current portion		(2,873	)
Balance, September 30, 2024	$	4,878

Lease Disclosures
Interest expense on lease liabilities	$	229
Total cash outflow for leases	$	1,522

Schedule of maturity analysis [Table Text Block]


Maturity Analysis - Undiscounted Contractual Payments
Less than 1 year	$	3,244
1 to 2 years		3,161
2 to 3 years		1,214
3 to 4 years		776
4 to 5 years		3
	$	8,398

Equity (Tables)

6 Months Ended

Sep. 30, 2024

Disclosure of terms and conditions of share-based payment arrangement [Line Items]

Schedule of changes in stock options outstanding [Table Text Block]

			Weighted average
	Outstanding		exercise price
Balance, March 31, 2023	3,073,415	C$	6.20
Granted	620,000		6.86
Expired	(2,400)		6.09
Forfeited	(202,600)		24.75
Exercised	(22,500)		5.66
Balance, March 31, 2024	3,465,915	C$	5.24
Expired	(54,615)		9.76
Balance, September 30, 2024	3,411,300	C$	5.17

Schedule of stock options outstanding and exercisable [Table Text Block]

Outstanding	Exercisable		Exercise price	Expiry date
2,000	2,000	C$	15.70	February 11, 2026
387,900	387,900		5.66	August 26, 2027
1,000,000	1,000,000		1.50	September 14, 2027
50,000	50,000		10.00	March 26, 2028
600,000	600,000		6.86	July 6, 2028
400,000	400,000		3.10	September 18, 2028
100,000	100,000		1.35	December 21, 2028
500,000	500,000		1.45	February 10, 2030
20,000	20,000		1.90	May 29, 2030
1,400	1,400		10.80	December 24, 2030
30,000	30,000		25.15	April 6, 2031
60,000	60,000		18.35	April 29, 2031
180,000	108,000		18.50	October 7, 2031
60,000	40,000		25.35	November 10, 2031
20,000	20,000		21.00	December 9, 2031
3,411,300	3,319,300

Schedule of warrants outstanding and exercisable [Table Text Block]

Outstanding		Exercisable	Exercise price	Expiry date
2,875,000	***	2,875,000	C$ 6.00	December 28, 2026
345,000	***	345,000	C$ 5.00	December 28, 2026
3,220,000		3,220,000

Warrants [member]

Disclosure of terms and conditions of share-based payment arrangement [Line Items]

Schedule of changes in other equity instruments outstanding [Table Text Block]

	Warrants		Weighted average
	outstanding		exercise price
Balance, March 31, 2022 and 2023	3,573,727		C$ 22.92
Grants	3,220,000		5.89
Expired	(1,550,000	)	13.69
Balance, March 31, 2024	5,243,727		C$ 15.20
Expired	(2,023,727	)	30.00
Balance, September 30, 2024	3,220,000		C$ 5.89

Restricted share units [Member]

Disclosure of terms and conditions of share-based payment arrangement [Line Items]

Schedule of changes in other equity instruments outstanding [Table Text Block]

	Outstanding
Balance, March 31, 2023	1,928,530
Granted	257,976
Cancelled	(3,000	)
Exercised	(802,650	)
Expired	(1,800	)
Balance, March 31, 2024	1,379,056
Granted	2,491,000
Exercised	(108,100	)
Balance, September 30, 2024	3,761,956

Loss per Share (Tables)

6 Months Ended

Sep. 30, 2024

Earnings per share [Abstract]

Schedule of loss per Share [Table Text Block]

	Three months ended September 30, 2024	Three months ended September 30, 2023
Basic weighted average number of common shares outstanding	118,593,637	85,052,418
Diluted weighted average common shares outstanding	118,593,637	85,052,418


	Six months ended September 30, 2024	Six months ended September 30, 2023
Basic weighted average number of common shares outstanding	114,664,155	84,614,638
Diluted weighted average common shares outstanding	114,664,155	84,614,638

Finance Expense (Tables)

6 Months Ended

Sep. 30, 2024

Interest costs [Abstract]

Schedule of finance cost [Table Text Block]

	Three months ended September 30,		Six months ended September 30,
	2024	2023	2024	2023
	$	$	$	$
Interest and accretion on convertible loan	448	628	942	1,285
Interest on lease liabilities	114	135	229	280
Interest on loans payable	117	74	224	152
Interest on term loan	64	39	108	97
Total	743	876	1,503	1,814

General and Administrative Expenses (Tables)

6 Months Ended

Sep. 30, 2024

Selling, general and administrative expense [Abstract]

Schedule of general and administrative expense [Table Text Block]

	Three months ended September 30,		Six months ended September 30,
	2024	2023	2024	2023
	$	$	$	$
Management fees, salaries and wages	761	760	1,733	1,408
Marketing	563	331	946	638
Office, administration, and regulatory	1,098	1,316	2,080	2,237
Professional fees, advisory, and consulting	959	1,156	2,065	2,047
Total	3,381	3,563	6,824	6,330

Cost of sales (Tables)

6 Months Ended

Sep. 30, 2024

Cost Of Sales [Abstract]

Schedule of cost of sales [Table Text Block]

	Three months ended September 30,		Six months ended September 30,
	2024	2023	2024	2023
	$	$	$	$
Digital currency mining	19,650	17,676	38,496	33,055
High performance computing hosting	1,832	420	3,787	567
Total	21,482	18,096	42,283	33,622

Financial Instruments and Risk Management (Tables)

6 Months Ended

Sep. 30, 2024

Disclosure of detailed information about financial instruments [abstract]

Schedule of classified as financial assets and liabilities [Table Text Block]

		As at September 30, 2024						As at March 31, 2024

Assets		Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Cash	$	-	$	7,241	$	-	$	-	$	9,678	$	-
Digital currencies		-		165,177		-		-		161,645		-
Investments		22,858		-		1,588		5,356		-		1,618
	$	22,858	$	172,418	$	1,588	$	5,356	$	171,323	$	1,618

Liabilities
Convertible loan -derivative component	$	-	$	-	$	32	$	-	$	-	$	120
	$	-	$	-	$	32	$	-	$	-	$	120

Schedule of reconciliation of Level 3 assets and liabilities [Table Text Block]

		Fair value at						Change			Fair Value at,
Level 3 Continuity		March 31, 2024		Additions		Disposals		in fair value			September 30, 2024
Assets
Investments	$	1,618	$	-	$	-	$	(30	)	$	1,588
	$	1,618	$	-	$	-	$	(30	)	$	1,588
Liabilities
Convertible loan -derivative component	$	120	$	-	$	-	$	(88	)	$	32
	$	120	$	-	$	-	$	(88	)	$	32

Schedule of liquidity risk [Table Text Block]

		Contractual cash flows		within 1 year		1 to 3 years		3 to 5 years		5+ years
Accounts payable	$	17,550	$	17,550	$	-	$	-	$	-
Term loan		4,631		4,631		-		-		-
Convertible loan		4,063		3,216		847		-		-
Lease commitments		8,398		3,244		4,375		779		-
Loans payable and interest		14,578		1,427		4,015		2,499		6,637
Total	$	49,220	$	30,068	$	9,237	$	3,278	$	6,637

Schedule of effect of changes in foreign exchange rates [Table Text Block]

	Net Monetary Position September 30, 2024 (USD$ equivalent) ($)		Impact of 10% variance in foreign exchange rate (in foreign currency) ($)
US Dollars	(3,651	)	332
Canadian Dollars	214		14
Euro Dollars	38		4
Swiss Francs	78		8
Swedish Krona	(493	)	4
Icelandic Krona	827		1

Digital Currency and Risk Management (Tables)

6 Months Ended

Sep. 30, 2024

Disclosure of Digital Currency and Risk Management [Abstract]

Schedule of digital currency and risk management [Table Text Block]

		Impact of 5% variance in price
Bitcoin	$	8,243

Segmented Information (Tables)

6 Months Ended

Sep. 30, 2024

Disclosure of operating segments [Abstract]

Schedule of operating segments [Table Text Block]

September 30, 2024		Canada		Sweden		Iceland		Switzerland		Paraguay		Bermuda		Total
Revenue from digital currency mining	$	-	$	-	$	-	$	-	$	-	$	50,401	$	50,401
High performance computing hosting		-		-		-		-		-		4,488		4,488
	$	-	$	-	$	-	$	-	$	-	$	54,889	$	54,889


September 30, 2023		Canada		Sweden		Iceland		Switzerland		Paraguay		Bermuda		Total
Revenue from digital currency mining	$	-	$	-	$	-	$	-	$	-	$	45,858	$	45,858
High performance computing hosting		-		-		-		-		-		474		474
	$	-	$	-	$	-	$	-	$	-	$	46,332	$	46,332

Schedule of non-current tangible assets located in geographical jurisdictions [Table Text Block]

September 30, 2024		Canada		Sweden		Iceland		Switzerland		Paraguay		Bermuda		Total
Plant and equipment	$	83,654	$	30,828	$	492	$	-	$	232	$	14	$	115,220
ROU asset		3,351		4,159		-		-		-		60		7,570
	$	87,005	$	34,987	$	492	$	-	$	232	$	74	$	122,790

March 31, 2024		Canada		Sweden		Iceland		Switzerland		Paraguay		Bermuda		Total
Plant and equipment	$	74,425	$	19,529	$	1,367	$	-	$	-	$	35	$	95,356
ROU asset		3,352		5,051		-		-		-		85		8,488
	$	77,777	$	24,580	$	1,367	$	-	$	-	$	120	$	103,844

Asset Acquisition (Narrative) (Details) - Asset Acquisition [Member] $ in Thousands	1 Months Ended
	Nov. 29, 2023 USD ($) shares
Disclosure of detailed information about business combination [line items]
Common shares allocated to holdback \| shares	345,566
Consideration paid	$ 647
Holdback payable	500
Acquisition costs	$ 141

Asset Acquisition - Schedule of allocation of total purchase price to net assets acquired (Details) - Asset Acquisition [Member] $ in Thousands	1 Months Ended
	Nov. 29, 2023 USD ($)
Disclosure of detailed information about business combination [line items]
Cash paid	$ 647
Shares issued	1,088
Holdback payable	500
Acquisition costs	141
Total consideration	2,376
Land	86
Building	1,587
Equipment	446
VAT receivables	360
Total assets	2,479
Current liabilities	(103)
Net assets acquired	$ 2,376

Investments - Schedule of continuity of investments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024
Disclosure of Investments [Abstract]
Beginning balance	$ 6,974	$ 2,866
Additions	1,128	341
Unrealized gain on investments	16,115	3,743
Foreign exchange	229	24
Ending balance	$ 24,446	$ 6,974

Amounts Receivable and Prepaids (Narrative) (Details) $ in Millions	6 Months Ended
	Sep. 30, 2024 USD ($)
Trade and other receivables [abstract]
Provision on sales tax receivables	$ 4.5
Amount of additional provision recognized	0.3
Amount recovered by company	0.8
Sales tax payable	2.3
Amount of reversed additional recognized	$ 0.5

Amounts Receivable and Prepaids - Schedule of amounts receivable and prepaids (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Trade And Other Current Receivables [Line Items]
Amounts receivable and prepaids (gross)	$ 15,696	$ 16,301
Less: current portion for receivables and prepaids	(6,654)	(6,929)
Long term portion	2,664	2,595
Sales tax receivable, opening [Member]
Trade And Other Current Receivables [Line Items]
Amounts receivable and prepaids (gross)	8,409	6,818
Prepaid expenses and other receivables [Member]
Trade And Other Current Receivables [Line Items]
Amounts receivable and prepaids (gross)	5,471	7,667
Receivable on sale of subsidiary [Member]
Trade And Other Current Receivables [Line Items]
Amounts receivable and prepaids (gross)	1,816	1,816
Provision and liability on sales tax receivable, opening [Member]
Trade And Other Current Receivables [Line Items]
Provision on sales tax receivables	(6,777)	0
Additions [Member]
Trade And Other Current Receivables [Line Items]
Provision on sales tax receivables	(310)	(6,777)
Recovery and reversal [Member]
Trade And Other Current Receivables [Line Items]
Provision on sales tax receivables	1,276	0
Foreign exchange [Member]
Trade And Other Current Receivables [Line Items]
Provision on sales tax receivables	(567)	0
Provision on sales tax receivable [Member]
Trade And Other Current Receivables [Line Items]
Provision on sales tax receivables	$ (6,378)	$ (6,777)

Digital Currencies (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
Digital Currencies (Narrative) (Details) $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Disclosure of Digital Currencies [Abstract]
Number of Bitcoin mined	340	801	789	1,635
Proceeds from sale of digital currencies	$ 14.1	$ 28.2	$ 29.6	$ 61.7
Cost of digital currency sold	14.3	30.5	31.0	64.5
Loss on sale of digital currencies	0.2	2.3	1.4	2.8
Gain (loss) accumulated other comprehensive income	$ 4.8	$ 4.3	$ (15.9)	$ 0.1

Digital Currencies - Schedule of holdings of digital currencies (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Disclosure Of Holdings Of Digital Currencies [Line Items]
Digital currencies, fair value	$ 165,177	$ 161,645
Bitcoin [Member]
Disclosure Of Holdings Of Digital Currencies [Line Items]
Digital currencies, fair value	164,860	161,258	$ 65,772
Ethereum Classic [Member]
Disclosure Of Holdings Of Digital Currencies [Line Items]
Digital currencies, fair value	113	196	$ 117
Other coins [Member]
Disclosure Of Holdings Of Digital Currencies [Line Items]
Digital currencies, fair value	$ 204	$ 191

Digital Currencies - Schedule of continuity of digital currencies (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) Coins	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Coins	Sep. 30, 2023 USD ($) Coins	Mar. 31, 2024 USD ($) Coins
Disclosure Of Holdings Of Digital Currencies [Line Items]
Opening balance, digital currency			$ 161,645
Digital currency sold	$ (14,300)	$ (30,500)	(31,000)	$ (64,500)
Revaluation adjustment	0	$ (422)	0	(422)
Ending balance, digital currency	165,177		165,177		$ 161,645
Bitcoin [Member]
Disclosure Of Holdings Of Digital Currencies [Line Items]
Opening balance, digital currency			161,258	$ 65,772	65,772
Digital currency mined			50,370		111,002
Digital currency sold			(31,014)		(92,600)
Revaluation adjustment			(15,754)		77,084
Ending balance, digital currency	$ 164,860		$ 164,860		$ 161,258
Digital currency, beginning balance \| Coins			2,287	2,332	2,332
Digital currency mined \| Coins			789		3,123
Digital currency sold \| Coins			(472)		(3,168)
Revaluation adjustment \| Coins			0		0
Digital currency, ending balance \| Coins	2,604		2,604		2,287
Ethereum Classic [Member]
Disclosure Of Holdings Of Digital Currencies [Line Items]
Opening balance, digital currency			$ 196	$ 117	$ 117
Digital currency mined					1
Revaluation adjustment			(83)		78
Ending balance, digital currency	$ 113		$ 113		$ 196
Digital currency, beginning balance \| Coins			5,746	5,718	5,718
Digital currency mined \| Coins					28
Revaluation adjustment \| Coins			0		0
Digital currency, ending balance \| Coins	5,746		5,746		5,746

Plant and Equipment - Schedule of plant and equipment (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	$ 95,356
Ending balance	115,220	$ 95,356
Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	322,192	256,378
Disposals	(37,048)	(5,584)
Additions	48,383	69,735
Atlantic acquisition		2,119
Foreign exchange on translation	975	(456)
Ending balance	334,502	322,192
Accumulated depreciation and impairment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	226,836	169,150
Disposals	(36,834)	(4,784)
Depreciation	28,473	63,532
Foreign exchange on translation	807	(1,062)
Ending balance	219,282	226,836
Equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	71,209
Ending balance	91,425	71,209
Equipment [Member] \| Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	292,993	229,187
Disposals	(37,048)	(5,584)
Additions	47,686	69,360
Atlantic acquisition		446
Foreign exchange on translation	871	(416)
Ending balance	304,502	292,993
Equipment [Member] \| Accumulated depreciation and impairment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	221,784	166,236
Disposals	(36,834)	(4,784)
Depreciation	27,294	61,302
Foreign exchange on translation	833	(970)
Ending balance	213,077	221,784
Land [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	749
Ending balance	981	749
Land [Member] \| Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	749	663
Disposals	0	0
Additions	232	0
Atlantic acquisition		86
Foreign exchange on translation	0	0
Ending balance	981	749
Land [Member] \| Accumulated depreciation and impairment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	0	0
Disposals	0	0
Depreciation	0	0
Foreign exchange on translation	0	0
Ending balance	0	0
Buildings and Leasehold [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	23,398
Ending balance	22,814	23,398
Buildings and Leasehold [Member] \| Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	28,450	26,528
Disposals	0	0
Additions	465	375
Atlantic acquisition		1,587
Foreign exchange on translation	104	(40)
Ending balance	29,019	28,450
Buildings and Leasehold [Member] \| Accumulated depreciation and impairment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	5,052	2,914
Disposals	0	0
Depreciation	1,179	2,230
Foreign exchange on translation	(26)	(92)
Ending balance	$ 6,205	$ 5,052

Deposits (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Deposits [Line Items]
Security deposit	$ 17,845	$ 28,048
ANDE [Member]
Deposits [Line Items]
Security deposit	$ 3,360	$ 0

Deposits - Schedule of deposits (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024
Deposits [Line Items]
Deposits excluding provision	$ 17,845	$ 28,048
Equipment deposit provision, opening	(12,131)	(27,331)
Reclassed amounts	0	15,200
Provision on equipment deposits	(12,131)	(12,131)
Total	5,714	15,917
ANDE [Member]
Deposits [Line Items]
Deposits excluding provision	3,360	0
Atnorth [Member]
Deposits [Line Items]
Deposits excluding provision	307	292
Bodens Energi [Member]
Deposits [Line Items]
Deposits excluding provision	272	258
Equipment deposits [Member]
Deposits [Line Items]
Deposits excluding provision	12,654	26,307
Vattenfall AB [Member]
Deposits [Line Items]
Deposits excluding provision	$ 1,252	$ 1,191

Convertible Loan (Narrative) (Details) $ in Thousands, shares in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 12, 2021 USD ($) Year shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Year	Sep. 30, 2023 USD ($)	Mar. 31, 2024 Year $ / shares	Sep. 30, 2024 $ / shares	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Jan. 12, 2021 $ / shares
Disclosure of detailed information about borrowings [line items]
Convertible loan - derivative component								$ 32	$ 120
Change in fair value of derivative liability		$ 21	$ 417	$ 88	$ 274
Convertible Loan [Member]
Disclosure of detailed information about borrowings [line items]
Proceeds from borrowings	$ 15,000
Term of borrowings	60 months
Borrowings, interest rate											8.00%
Conversion price of convertible debt \| $ / shares											$ 15
Number of warrants issued \| shares	5
Exercise price of warrants \| $ / shares											$ 15
Term of warrants issued	3 years
Proceeds of borrowings allocated to derivative component	$ 8,600
Proceeds of borrowings allocated to liability component	$ 6,400
Convertible Loan [Member] \| Derivative Component [Member]
Disclosure of detailed information about borrowings [line items]
Conversion price of convertible debt \| $ / shares						$ 4.56	$ 4.32
Expected weighted average risk-free interest								3.46%	4.50%		0.69%
Expected weighted average volatility								72.00%	79.00%		105.00%
Expected weighted average life \| Year	2.71			0.84		1.1
Convertible loan - derivative component								$ 32	$ 120	$ 482
Change in fair value of derivative liability		$ 20	$ 400	$ 90	$ 300

Convertible Loan - Schedule of liability and derivative component (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Disclosure of detailed information about borrowings [line items]
Principal payment	$ (1,500)	$ (1,504)
Beginning balance	120
Less: Current portion	(2,052)		$ (1,679)
Non-current portion	741		1,875
Ending balance	32		120
Convertible Loan [Member] \| Liability Component [Member]
Disclosure of detailed information about borrowings [line items]
Beginning balance	3,554	4,729	4,729
Principal payment	(1,500)		(3,000)
Interest payment	(203)		(587)
Accretion and interest	942		2,412
Ending balance	2,793		3,554
Less: Current portion	(2,052)
Non-current portion	741
Convertible Loan [Member] \| Derivative Component [Member]
Disclosure of detailed information about borrowings [line items]
Beginning balance	120	$ 482	482
Change in fair value of liability	(88)		(362)
Ending balance	$ 32		$ 120

Accounts Payable and Accrued Liabilities (Narrative) (Details) $ in Millions	Sep. 30, 2024 USD ($)
Trade and other current payables [abstract]
Accounts payable for equipment received	$ 10.1

Accounts Payable and Accrued Liabilities - Schedule of accounts payable and accrued liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Trade and other current payables [abstract]
Accounts payable	$ 16,677	$ 7,466
Accrued liabilities	1,752	1,878
Holdback payable	500	500
Other payable	873	760
Total	$ 19,802	$ 10,604

Loans Payable (Narrative) (Details)	1 Months Ended
Loans Payable (Narrative) (Details)	Mar. 31, 2021
Disclosure of detailed information about borrowings [line items]
Description of interest rate for loan payable	The facility bears interest at the Swedish government borrowing rate plus 1% per annum and has a maturity date of December 31, 2035.

Loans Payable - Schedule of continuity of loans payable (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024
Disclosure of detailed information about borrowings [line items]
Less: Current portion	$ (1,492)	$ (2,788)
Non-current portion	11,185	10,400
Boden Technologies AB [Member]
Disclosure of detailed information about borrowings [line items]
Beginning balance	13,188	13,078
Interest	223	397
Repayment	(1,420)
Foreign exchange movement	686	(287)
Ending balance	12,677	$ 13,188
Less: Current portion	(1,492)
Non-current portion	$ 11,185

Term Loan (Narrative) (Details) - Atlantic acquisition [Member] $ in Thousands, $ in Thousands	6 Months Ended
	Sep. 30, 2024 CAD ($)	Sep. 30, 2024 USD ($)
Disclosure of detailed information about borrowings [line items]
Term loans payable	$ 13,600	$ 11,000
Term loan, interest rate	3.33%	3.33%
Maturity date	June 30, 2024
Borrowings	$ 200
Term Loan One [Member]
Disclosure of detailed information about borrowings [line items]
Term loan, interest rate	5.31%	5.31%
Borrowings	$ 4,200
Term Loan Two [Member]
Disclosure of detailed information about borrowings [line items]
Term loan, interest rate	5.15%	5.15%
Borrowings	$ 2,600
Renewed term loan period	2 years

Term Loan - Schedule of term loan (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024
Disclosure of detailed information about borrowings [line items]
Beginning balance	$ 5,608
Ending balance	4,631	$ 5,608
Atlantic acquisition [Member]
Disclosure of detailed information about borrowings [line items]
Beginning balance	5,608	7,139
Interest	84	212
Repayments	(1,070)	(1,742)
Foreign exchange movement	9	(1)
Ending balance	4,631	5,608
Term Loan One [Member] \| Atlantic acquisition [Member]
Disclosure of detailed information about borrowings [line items]
Beginning balance	3,454	4,397
Interest	52	131
Repayments	(659)	(1,073)
Foreign exchange movement	6	(1)
Ending balance	2,853	3,454
Term Loan Two [Member] \| Atlantic acquisition [Member]
Disclosure of detailed information about borrowings [line items]
Beginning balance	2,154	2,742
Interest	32	81
Repayments	(411)	(669)
Foreign exchange movement	3	0
Ending balance	$ 1,778	$ 2,154

Right of Use Asset and Lease Liability (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disclosure of quantitative information about leases for lessee [Abstract]
Interest expense on lease liabilities	$ 114	$ 135	$ 229	$ 280

Right of Use Asset and Lease Liability - Schedule of right of use assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024
Disclosure of quantitative information about right-of-use assets [Line Items]
Beginning balance	$ 8,488
Ending balance	7,570	$ 8,488
Cost [Member]
Disclosure of quantitative information about right-of-use assets [Line Items]
Beginning balance	17,581	17,302
Additions	432
Lease modification	117
Adjustment for change in variable payments based on rate or index		287
Foreign exchange	31	(8)
Ending balance	18,161	17,581
Accumulated Depreciation [Member]
Disclosure of quantitative information about right-of-use assets [Line Items]
Beginning balance	(9,093)	(6,329)
Depreciation	(1,480)	(2,771)
Foreign exchange	(18)	7
Ending balance	$ (10,591)	$ (9,093)

Right of Use Asset and Lease Liability - Schedule of lease liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Disclosure of quantitative information about right-of-use assets [Line Items]
Lease payments made			$ (1,522)	$ (1,397)
Interest expense on lease liabilities	$ 114	$ 135	229	280
Less: current portion	(2,873)		(2,873)		$ (2,525)
Non-current portion	4,878		4,878		5,728
Lease liabilities [Member]
Disclosure of quantitative information about right-of-use assets [Line Items]
Beginning balance			8,253	$ 10,468	10,468
Lease payments made			(1,522)		(2,855)
Additions			432
Lease modification			117
Adjustment for change in variable payments based on rate or index					287
Interest expense on lease liabilities			229		533
Foreign exchange			242		(180)
Ending balance	7,751		7,751		$ 8,253
Less: current portion	(2,873)		(2,873)
Non-current portion	$ 4,878		$ 4,878

Right of Use Asset and Lease Liability - Schedule of lease disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Disclosure of quantitative information about right-of-use assets [Line Items]
Interest expense on lease liabilities	$ 114	$ 135	$ 229	$ 280
Total cash outflow for leases			1,522	$ 1,397
Lease liabilities [Member]
Disclosure of quantitative information about right-of-use assets [Line Items]
Interest expense on lease liabilities			229		$ 533
Total cash outflow for leases			$ 1,522		$ 2,855

Right of Use Asset and Lease Liability - Schedule of maturity analysis - undiscounted contractual payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Disclosure of maturity analysis of finance lease payments receivable [Line Items]
Maturity Analysis - Undiscounted Contractual Payments	$ 8,398
Less than 1 year [Member]
Disclosure of maturity analysis of finance lease payments receivable [Line Items]
Maturity Analysis - Undiscounted Contractual Payments	3,244
1 to 2 years [Member]
Disclosure of maturity analysis of finance lease payments receivable [Line Items]
Maturity Analysis - Undiscounted Contractual Payments	3,161
2 to 3 years [Member]
Disclosure of maturity analysis of finance lease payments receivable [Line Items]
Maturity Analysis - Undiscounted Contractual Payments	1,214
3 to 4 years [Member]
Disclosure of maturity analysis of finance lease payments receivable [Line Items]
Maturity Analysis - Undiscounted Contractual Payments	776
4 to 5 years [Member]
Disclosure of maturity analysis of finance lease payments receivable [Line Items]
Maturity Analysis - Undiscounted Contractual Payments	$ 3

Commitments and Contingencies (Narrative) (Details) kr in Millions, $ in Millions	Sep. 30, 2024 SEK (kr)	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)
Disclosure of transactions between related parties [line items]
Purchase commitment on mining equipment		$ 64.1	$ 5.8
Other property, plant and equipment	kr 411.9	40.9
100 MW Facility in Paraguay [Member]
Disclosure of transactions between related parties [line items]
Purchase commitment on mining equipment		$ 37.1	$ 0.0

Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Disclosure of transactions between related parties [line items]
Paid for marketing services	$ 563	$ 331	$ 946	$ 638
Executive Chairman, CEO and CFO [Member]
Disclosure of transactions between related parties [line items]
Amount payable to directors as reimbursement expenses	159		159		$ 144
Executive Chairman [Member]
Disclosure of transactions between related parties [line items]
Amount payable to directors as reimbursement expenses	0		0		$ 0
Paid for marketing services	98	48	162	128
Key Management Personnel And Directors [Member]
Disclosure of transactions between related parties [line items]
Salaries and wages paid to key management personnel	300	300	600	600
Share-based payments to key management personnel	$ 1,200	$ 2,400	$ 1,500	$ 3,900

Equity (Narrative) (Details) $ / shares in Units, $ in Thousands, $ in Thousands	1 Months Ended					3 Months Ended		6 Months Ended			12 Months Ended
	Jul. 18, 2024 Share $ / shares	Feb. 02, 2024 $ / shares	Dec. 28, 2023 CAD ($) $ / shares shares	Aug. 17, 2023 USD ($)	Dec. 01, 2021 $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 CAD ($) Share $ / shares shares	Sep. 30, 2024 USD ($) Share shares	Sep. 30, 2023 USD ($)	Mar. 31, 2024 Share $ / shares
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Shares reserved for issuance under stock option plan, maximum percentage of total issued and outstanding shares								10.00%	10.00%
Maximum percentage of yearly shares issuable to any one optionee under stock option plan								5.00%	5.00%
Maximum term of options granted								10 years	10 years
Share-based compensation						$ 2,234	$ 4,044		$ 2,723	$ 6,017
Number of shares granted \| Share											620,000
Fair value of RSU granted \| $ / shares											$ 6.86
August 2023 Equity Distribution Agreement [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of common shares issued in ATM Equity Program \| shares								12,534,457	12,534,457
Proceeds from common shares issued in ATM Equity Program				$ 90,000				$ 51,100	$ 37,400
Average price per ATM Share \| $ / shares								$ 4.08
Cash commission paid in Equity Distribution Agreement									1,100
Fees for share issue costs									$ 2
Titan.io [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of warrants issued \| shares					106,677
Exercise price of warrants issued \| $ / shares					$ 30
2023 Special Warrants [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of special warrants issued \| shares			5,750,000
Exercise price of special warrants issued \| $ / shares		$ 6	$ 5
Gross proceeds from special warrants issued			$ 28,750
Broker Warrants [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Cash consideration of services								$ 1,725
Number of warrants issued \| shares								345,000	345,000
Exercise price of warrants issued \| $ / shares								$ 5
Fair value of warrants						1,280			$ 1,280
Warrants risk free interest rate								3.51%	3.51%
Warrants expected volatility								100.00%	100.00%
Warrants expected life								3 years	3 years
Warrants forfeiture rate								0.00%	0.00%
Warrants expected dividend								0.00%	0.00%
Amount of professional and other fees									$ 257
Stock option [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Share-based compensation						69	3,100		$ 104	3,400
Restricted share units [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of other equity instruments vested \| Share								108,100	108,100		802,650
Shares reserved for issuance under restricted share unit plan, maximum percentage of total issued and outstanding shares								10.00%	10.00%
Maximum percentage of yearly shares issuable to any one optionee under restricted share unit plan								5.00%	5.00%
Share-based compensation						$ 385,000	$ 900		$ 2,200	$ 1,000
Restricted share units [Member] \| Employees, officers, directors [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of shares granted \| Share	2,491,000
Fair value of RSU granted \| $ / shares	$ 5

Equity - Schedule of changes in stock options outstanding (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2024 Share $ / shares	Mar. 31, 2024 Share $ / shares
Disclosure of equity and share based arrangement [Abstract]
Number of stock options, beginning balance \| Share	3,465,915	3,073,415
Number of stock options granted \| Share		620,000
Number of stock options expired \| Share	(54,615)	(2,400)
Number of stock options forfeited \| Share		(202,600)
Number of stock options exercised \| Share		(22,500)
Number of stock options, ending balance \| Share	3,411,300	3,465,915
Weighted average exercise price, beginning balance \| $ / shares	$ 5.24	$ 6.2
Weighted average exercise price, granted \| $ / shares		6.86
Weighted average exercise price, expired \| $ / shares	9.76	6.09
Weighted average exercise price, forfeited \| $ / shares		24.75
Weighted average exercise price, exercised \| $ / shares		5.66
Weighted average exercise price, ending balance \| $ / shares	$ 5.17	$ 5.24

Equity - Schedule of stock options outstanding and exercisable (Details)	Sep. 30, 2024 Share $ / shares	Mar. 31, 2024 Share $ / shares	Mar. 31, 2023 Share $ / shares
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of stock options outstanding	3,411,300	3,465,915	3,073,415
Number of stock options exercisable	3,319,300
Exercise price \| $ / shares	$ 5.17	$ 5.24	$ 6.2
February 11, 2026 [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of stock options outstanding	2,000
Number of stock options exercisable	2,000
Exercise price \| $ / shares	$ 15.7
August 26, 2027 [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of stock options outstanding	387,900
Number of stock options exercisable	387,900
Exercise price \| $ / shares	$ 5.66
September 14, 2027 [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of stock options outstanding	1,000,000
Number of stock options exercisable	1,000,000
Exercise price \| $ / shares	$ 1.5
March 26, 2028 [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of stock options outstanding	50,000
Number of stock options exercisable	50,000
Exercise price \| $ / shares	$ 10
July 6, 2028 [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of stock options outstanding	600,000
Number of stock options exercisable	600,000
Exercise price \| $ / shares	$ 6.86
September 18, 2028 [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of stock options outstanding	400,000
Number of stock options exercisable	400,000
Exercise price \| $ / shares	$ 3.1
December 21, 2028 [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of stock options outstanding	100,000
Number of stock options exercisable	100,000
Exercise price \| $ / shares	$ 1.35
February 10, 2030 [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of stock options outstanding	500,000
Number of stock options exercisable	500,000
Exercise price \| $ / shares	$ 1.45
May 29, 2030 [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of stock options outstanding	20,000
Number of stock options exercisable	20,000
Exercise price \| $ / shares	$ 1.9
December 24, 2030 [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of stock options outstanding	1,400
Number of stock options exercisable	1,400
Exercise price \| $ / shares	$ 10.8
April 6, 2031 [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of stock options outstanding	30,000
Number of stock options exercisable	30,000
Exercise price \| $ / shares	$ 25.15
April 29, 2031 [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of stock options outstanding	60,000
Number of stock options exercisable	60,000
Exercise price \| $ / shares	$ 18.35
October 7, 2031 [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of stock options outstanding	180,000
Number of stock options exercisable	108,000
Exercise price \| $ / shares	$ 18.5
November 10, 2031 [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of stock options outstanding	60,000
Number of stock options exercisable	40,000
Exercise price \| $ / shares	$ 25.35
December 9, 2031 [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of stock options outstanding	20,000
Number of stock options exercisable	20,000
Exercise price \| $ / shares	$ 21

Equity - Schedule of changes in warrants outstanding (Details) - Warrants [member]	6 Months Ended	12 Months Ended
	Sep. 30, 2024 Share $ / shares	Mar. 31, 2024 Share $ / shares
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of other equity instruments outstanding, beginning balance \| Share	5,243,727	3,573,727
Number of other equity instruments granted \| Share		3,220,000
Number of other equity instruments expired \| Share	(2,023,727)	(1,550,000)
Number of other equity instruments outstanding, ending balance \| Share	3,220,000	5,243,727
Weighted average exercise price of other equity instruments outstanding at beginning of period \| $ / shares	$ 15.2	$ 22.92
Weighted average exercise price of other equity instruments granted \| $ / shares		5.89
Weighted average exercise price of other equity instruments expired \| $ / shares	30	13.69
Weighted average exercise price of other equity instruments outstanding at end of period \| $ / shares	$ 5.89	$ 15.2

Equity - Schedule of warrants outstanding and exercisable (Details) - Warrants [member]	Sep. 30, 2024 Share $ / shares	Mar. 31, 2024 Share $ / shares	Mar. 31, 2023 Share $ / shares	Mar. 31, 2022 Share $ / shares
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of warrants outstanding	3,220,000	5,243,727	3,573,727	3,573,727
Number of warrants exercisable	3,220,000
Exercise price \| $ / shares	$ 5.89	$ 15.2	$ 22.92	$ 22.92
December 28, 2026 [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of warrants outstanding	2,875,000
Number of warrants exercisable	2,875,000
Exercise price \| $ / shares	$ 6
December 28, 2026 [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of warrants outstanding	345,000
Number of warrants exercisable	345,000
Exercise price \| $ / shares	$ 5

Equity - Schedule of changes in restricted share units outstanding (Details) - Restricted share units [Member] - Share	6 Months Ended	12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of other equity instruments outstanding, beginning balance	1,379,056	1,928,530
Number of other equity instruments granted	2,491,000	257,976
Number of other equity instruments cancelled		(3,000)
Number of other equity instruments exercised	(108,100)	(802,650)
Number of other equity instruments expired		(1,800)
Number of other equity instruments outstanding, ending balance	3,761,956	1,379,056

Loss per Share - Schedule of loss per Share (Details) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings per share [Abstract]
Basic weighted average number of common shares outstanding	118,593,637	85,052,418	114,664,155	84,614,638
Diluted weighted average common shares outstanding	118,593,637	85,052,418	114,664,155	84,614,638

Finance Expense - Schedule of finance expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest costs [Abstract]
Interest and accretion on convertible loan	$ 448	$ 628	$ 942	$ 1,285
Interest on lease liabilities	114	135	229	280
Interest on loans payable	117	74	224	152
Interest on term loan	64	39	108	97
Total	$ 743	$ 876	$ 1,503	$ 1,814

General and Administrative Expenses - Schedule of general and administrative expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Selling, general and administrative expense [Abstract]
Management fees, salaries and wages	$ 761	$ 760	$ 1,733	$ 1,408
Marketing	563	331	946	638
Office, administration, and regulatory	1,098	1,316	2,080	2,237
Professional fees, advisory, and consulting	959	1,156	2,065	2,047
Total	$ 3,381	$ 3,563	$ 6,824	$ 6,330

Cost of sales - Schedule of cost of sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cost Of Sales [Line Items]
Cost of sales	$ 21,482	$ 18,096	$ 42,283	$ 33,622
Digital currency mining [Member]
Cost Of Sales [Line Items]
Cost of sales	19,650	17,676	38,496	33,055
High performance computing hosting [Member]
Cost Of Sales [Line Items]
Cost of sales	$ 1,832	$ 420	$ 3,787	$ 567

Financial Instruments and Risk Management - Schedule of classified financial assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Assets
Digital currencies	$ 165,177	$ 161,645
Investments	24,446	6,974	$ 2,866
Total assets	334,686	307,582
Liabilities and equity
Convertible loan - derivative component	32	120
Total liabilities	55,155	47,890
Level 1 of fair value hierarchy [Member]
Assets
Cash	0	0
Digital currencies	0	0
Investments	22,858	5,356
Total assets	22,858	5,356
Liabilities and equity
Convertible loan - derivative component	0	0
Total liabilities	0	0
Level 2 of fair value hierarchy [Member]
Assets
Cash	7,241	9,678
Digital currencies	165,177	161,645
Investments	0	0
Total assets	172,418	171,323
Liabilities and equity
Convertible loan - derivative component	0	0
Total liabilities	0	0
Level 3 of fair value hierarchy [Member]
Assets
Cash	0	0
Digital currencies	0	0
Investments	1,588	1,618
Total assets	1,588	1,618
Liabilities and equity
Convertible loan - derivative component	32	120
Total liabilities	$ 32	$ 120

Financial Instruments and Risk Management - Schedule of reconciliation of Level 3 assets and liabilities (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2024 USD ($)
Assets
Opening assets balance	$ 307,582
Ending assets balance	334,686
Liabilities and equity
Opening liabilities balance	47,890
Ending liabilities balance	55,155
Level 3 of fair value hierarchy [Member]
Assets
Opening assets balance	1,618
Additions	0
Disposals	0
Change in fair value	(30)
Ending assets balance	1,588
Liabilities and equity
Opening liabilities balance	120
Additions	0
Disposals	0
Change in fair value	(88)
Ending liabilities balance	32
Level 3 of fair value hierarchy [Member] \| Investments [Member]
Assets
Opening assets balance	1,618
Additions	0
Disposals	0
Change in fair value	(30)
Ending assets balance	1,588
Level 3 of fair value hierarchy [Member] \| Convertible loan - derivative component [Member]
Liabilities and equity
Opening liabilities balance	120
Additions	0
Disposals	0
Change in fair value	(88)
Ending liabilities balance	$ 32

Financial Instruments and Risk Management - Schedule of financial and other liabilities & estimated interest payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Accounts payable	$ 19,802	$ 10,604
Term loan	4,631	$ 5,608
Contractual cash flows [Member]
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Accounts payable	17,550
Term loan	4,631
Convertible loan	4,063
Lease commitments	8,398
Loans payable and interest	14,578
Total	49,220
within 1 year [Member]
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Accounts payable	17,550
Term loan	4,631
Convertible loan	3,216
Lease commitments	3,244
Loans payable and interest	1,427
Total	30,068
1 to 3 years [Member]
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Accounts payable	0
Term loan	0
Convertible loan	847
Lease commitments	4,375
Loans payable and interest	4,015
Total	9,237
3 to 5 years [Member]
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Accounts payable	0
Term loan	0
Convertible loan	0
Lease commitments	779
Loans payable and interest	2,499
Total	3,278
5+ years [Member]
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Accounts payable	0
Term loan	0
Convertible loan	0
Lease commitments	0
Loans payable and interest	6,637
Total	$ 6,637

Financial Instruments and Risk Management - Schedule of net monetary position in significant foreign currencies (Details) - Sep. 30, 2024 - Currency risk [Member] € in Thousands, kr in Thousands, kr in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands	USD ($)	CAD ($)	EUR (€)	CHF (SFr)	SEK (kr)	ISK (kr)
US Dollars [Member]
Disclosure of detailed information about hedging instruments [Line Items]
Net Monetary Position	$ (3,651)
Impact of 10% variance in foreign exchange rate	332
Canadian Dollars [Member]
Disclosure of detailed information about hedging instruments [Line Items]
Net Monetary Position	214
Impact of 10% variance in foreign exchange rate		$ 14
Euro Dollars [Member]
Disclosure of detailed information about hedging instruments [Line Items]
Net Monetary Position	38
Impact of 10% variance in foreign exchange rate \| €			€ 4
Swiss Francs [Member]
Disclosure of detailed information about hedging instruments [Line Items]
Net Monetary Position	78
Impact of 10% variance in foreign exchange rate \| SFr				SFr 8
Swedish Krona [Member]
Disclosure of detailed information about hedging instruments [Line Items]
Net Monetary Position	(493)
Impact of 10% variance in foreign exchange rate \| kr					kr 4
Icelandic Krona [Member]
Disclosure of detailed information about hedging instruments [Line Items]
Net Monetary Position	$ 827
Impact of 10% variance in foreign exchange rate \| kr						kr 1

Digital Currency and Risk Management - Schedule of digital currency and risk management (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2024 USD ($)
Bitcoin [Member]
Digital Currency And Risk Management [Line Items]
Impact of 5% variance in price	$ 8,243

Segmented Information - Schedule of external revenues are attributed by geographical location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disclosure of operating segments [line items]
Revenue from digital currency mining	$ 20,765	$ 22,514	$ 50,401	$ 45,858
High performance computing hosting			4,488	474
Total revenue	$ 22,648	$ 22,767	54,889	46,332
Canada [Member]
Disclosure of operating segments [line items]
Revenue from digital currency mining			0	0
High performance computing hosting			0	0
Total revenue			0	0
Sweden [Member]
Disclosure of operating segments [line items]
Revenue from digital currency mining			0	0
High performance computing hosting			0	0
Total revenue			0	0
Iceland [Member]
Disclosure of operating segments [line items]
Revenue from digital currency mining			0	0
High performance computing hosting			0	0
Total revenue			0	0
Switzerland [Member]
Disclosure of operating segments [line items]
Revenue from digital currency mining			0	0
High performance computing hosting			0	0
Total revenue			0	0
Paraguay [Member]
Disclosure of operating segments [line items]
Revenue from digital currency mining			0	0
High performance computing hosting			0	0
Total revenue			0	0
Bermuda [Member]
Disclosure of operating segments [line items]
Revenue from digital currency mining			50,401	45,858
High performance computing hosting			4,488	474
Total revenue			$ 54,889	$ 46,332

Segmented Information - Schedule of non-current tangible assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Disclosure of operating segments [line items]
Plant and equipment	$ 115,220	$ 95,356
ROU asset	7,570	8,488
Non-current tangible assets	122,790	103,844
Canada [Member]
Disclosure of operating segments [line items]
Plant and equipment	83,654	74,425
ROU asset	3,351	3,352
Non-current tangible assets	87,005	77,777
Sweden [Member]
Disclosure of operating segments [line items]
Plant and equipment	30,828	19,529
ROU asset	4,159	5,051
Non-current tangible assets	34,987	24,580
Iceland [Member]
Disclosure of operating segments [line items]
Plant and equipment	492	1,367
ROU asset	0	0
Non-current tangible assets	492	1,367
Switzerland [Member]
Disclosure of operating segments [line items]
Plant and equipment	0	0
ROU asset	0	0
Non-current tangible assets	0	0
Paraguay [Member]
Disclosure of operating segments [line items]
Plant and equipment	232	0
ROU asset	0	0
Non-current tangible assets	232	0
Bermuda [Member]
Disclosure of operating segments [line items]
Plant and equipment	14	35
ROU asset	60	85
Non-current tangible assets	$ 74	$ 120

Subsequent Events (Narrative) (Details) $ / shares in Units, $ in Millions				12 Months Ended
	Oct. 03, 2024 USD ($)	Jul. 01, 2024 CAD ($) Share $ / shares shares	Jul. 01, 2024 USD ($) Share shares	Mar. 31, 2024 Share
Disclosure of non-adjusting events after reporting period [line items]
Number of shares granted \| Share				620,000
Restricted share-units granted in subsequent period [Member]
Disclosure of non-adjusting events after reporting period [line items]
Increase (decrease) in number of shares outstanding \| shares		3,600	3,600
Restricted share-units granted in subsequent period [Member] \| Certain employees, officers, directors and eligible consultant [Member]
Disclosure of non-adjusting events after reporting period [line items]
Number of shares granted \| Share		2,442,000	2,442,000
Fair value price per share \| $ / shares		$ 5.06
Description of vesting requirements		vest over two years	vest over two years
October 2024 ATM Equity Program [Member]
Disclosure of non-adjusting events after reporting period [line items]
Increase (decrease) in number of shares outstanding \| shares		10,315,735	10,315,735
Proceeds from common shares issued in ATM Equity Program	$ 200	$ 58.6	$ 42,300,000
Average price per ATM Share \| $ / shares		$ 5.68
Payments for share issue costs \| $			$ 1,100,000