HIVE Digital, a mining company, invests $30 million to deploy Nvidia chip cluster to expand AI computing power

On December 24, according to official information, the cryptocurrency mining company HIVE Digital Technologies (Nasdaq: HIVE) announced the deployment of a new batch of NVIDIA GPU clusters in Quebec. The project has a total investment of $30 million, including 248 H100 GPUs (32 nodes) and 508 H200 GPUs (64 nodes). The H100 cluster will be operational by the end of 2024, and the annualized revenue from the HPC business is expected to reach $15 million next quarter. The H200 cluster will be delivered in January 2025 and is planned to be deployed in the second quarter of 2025, with an expected annualized revenue of over $20 million. HIVE's Executive Chairman, Frank Holmes, stated that the revenue potential of the 10 MW HPC NVIDIA chip service for AI demand is equivalent to the revenue of 100 MW of Bitcoin mining.