Hive Digital Technologies targets $1bn revenue with new $350m AI data centre deal

HIVE Digital Technologies Ltd (TSX:HIVE, NASDAQ:HIVE, FRA:YO0, BVC:HIVECO) executive chairman Frank Holmes told Proactive's Stephen Gunnion that a new five-year agreement has taken Buzz HPC's contracted active ARR to around $180 million, and represents a key milestone in the company's strategy to build $300 million in revenue from tier-one data centres and Bitcoin mining, alongside a separate $300 million AI Gigafactory target. Holmes said the collective long-term goal is to reach one billion dollars in revenue, with a particular focus on the AI business. The new contract relates to a facility in Merritt, British Columbia, three hours from Vancouver, powered by hydroelectricity and backed by a strategic partnership with Bell Canada. Holmes said Hive is deploying approximately $185 million in the cluster and expects the 2,016 Blackwell Ultra GPUs to be operational in the fourth quarter of this year, with the run rate expected to ratchet up from over $3 million per month currently toward $20-$30 million per month, and ultimately $50 million per month. Holmes drew a sharp contrast between GPU and ASIC economics, noting that older GPU chips earn around $1 per hour per chip versus $0.10 for an ASIC chip, while the latest NVIDIA chips can push toward $4 per hour. He also pointed to GPU longevity - potentially seven years of value - compared with ASIC chips, which he said are largely worthless after four years, as a key reason for confidence in long-term returns. On financing the build-out, Holmes noted that large alternative capital providers including Blackrock and Blackstone are among those lending against GPU assets, reducing reliance on traditional bank financing. Hive has previously outlined plans to deploy more than 120,000 GPUs over the next two years through its Buzz HPC division. Read Proactive's Editorial Policy here: https://www.proactiveinvestors.co.uk/pages/editorialPolicy #HiveDigital #HIVE #BuzzHPC #AIdatacentre #GPUcomputing #Bitcoin #NVIDIA #Canada #techinvesting #growthinvesting