HIVE Digital Technologies Ltd. announces the purchase of 96 Nvidia H100 GPUs as part of its high-performance computing (HPC) and artificial intelligence (AI) strategy. These chips will operate in 12 HGX servers, each of which has 8xH100 GPUs with SXM connectivity. The Company will receive eight of these GPUs in January 2024 and 88 of them in March 2024.

HIVE's existing GPU business unit now has 2,600 GPUs listed with its HPC platform partners, which allow individual users to use HIVE Nvidia GPUs for hours, days or weeks at a time, allowing HIVE to focus on having a B2B model for its HPC GPU infrastructure. The Company's beta site is on track, as have suggested in previous press releases. HIVE currently has $4 million of annual run rate revenue, over four times the revenue realized from its beta test.

HIVE expects to have 2,800 GPUs listed with HPC platforms by next week. Once these chips realize full market utilization, HIVE expects to realize over $15 million of annual run rate revenue in January 2024. Additionally, the Company is installing the infrastructure in January for another 2,000 GPUs.

Therefore, once all 4,800 of these GPUs are listed and realize full market utilization, HIVE expects to reach over $25 million of annual run rate revenue in First Quarter 2024, with robust gross margins. By harnessing innovation, HIVE's data center teams have unlocked the potential of existing GPUs at their Boden, Sweden facility. These GPUs, originally dedicated to mining, are now tapping into their capabilities for lighter HPC workloads.

Frank Holmes the Executive Chairman of HIVE said "HIVE has seen a healthy four-fold increase in daily revenue. In simple terms the company have gone from $250,000 a quarter to $250,000 a month and expect to be $250,000 a week by March 2024. The transformation has been achieved without large additional capital expenditures.

Repurposing over 3,000 GPUs within their crypto-mining facility has not only led to higher revenue but has also boosted profitability by approximately six times. HIVE's focus on return on invested capital and commitment to optimization and resourcefulness continues to drive progress in the ever-evolving world of data centers and cryptocurrency mining.