Canadian mining firm HIVE Digital Technologies has invested $30 million in Nvidia’s popular GPUs for AI computations.
$HIVE announces the acquisition and deployment of an additional cluster of cutting-edge NVIDIA H100 GPUs and the newest NVIDIA H200 GPUs.
This $30 million investment reinforces HIVE’s growth position as a leader in the global gig economy while adhering to the Company’s… pic.twitter.com/cmZ5rnUHaR
— HIVE Digital Technologies (@HIVEDigitalTech) December 24, 2024
The firm has acquired a cluster of 248 H100 GPUs and connected them to a high-speed Infiniband network. The devices are expected to be operational by the end of December following final configuration.
HIVE anticipates that the installations will generate approximately $15 million in annual revenue for its HPC division.
The company will receive a batch of 508 of the latest Nvidia H200 GPUs in early January. Deployment of these GPUs is expected to be completed in the first quarter, with projected revenue exceeding $20 million annually.
“This expansion underscores the strategic importance of diversifying into high-performance computing to capitalize on the rapidly growing AI market, while maintaining our commitment to business sustainability, innovation, and bitcoin mining,” said HIVE Executive Chairman Frank Holmes.
The company is following an industry trend among cryptocurrency miners to seek additional revenue amid the AI boom.
According to the Policy Institute, the artificial intelligence sector offers 17-25 times greater revenue per kWh compared to bitcoin production.
One of the largest diversification deals was made by Core Scientific. The partnership with AI firm CoreWeave is expected to generate $8.7 billion over 12 years. Other industry players like TeraWulf, Hut 8, and IREN have also taken steps in this direction.
Back in October, German public miner Northern Data decided to focus on the HPC segment and began seeking a buyer for its bitcoin mining business.