Hive Digital Technologies Accelerates AI Pivot with $100M HPC Expansion | Cointelegraph Exclusive
Hive Digital Technologies (HIVE) is transitioning from a crypto miner to a high-performance computing (HPC) services provider, aiming for $100 million in annual revenue. The company utilizes advanced AI chips, including Nvidia’s H100s and upcoming Blackwell GPUs. Hive's HPC revenue reached a $20 million annual run rate by Q2 2023, with plans to scale further. A new site near Pearson International Airport in Toronto will support up to 7.2 megawatts of HPC power, leveraging local AI talent. Despite the shift, Hive maintains positive gross mining margins and has doubled its daily Bitcoin production to over six BTC. Hive's stock behaves like a Bitcoin proxy, with a year-to-date decline of 27%, but analysts view it as undervalued. M&A activity in the mining sector is increasing, with notable transactions including CoreWeave's acquisition of Core Scientific for $9 billion.
