HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) executive chairman Frank Holmes talked with Proactive about the company’s dual-growth strategy in Bitcoin mining and high-performance computing (HPC).
The company has now surpassed 22 Exahash, marking a 270% increase year-to-date.
Holmes said this milestone means HIVE is currently generating over $1.2 million per day in revenue and aims to reach 35 Exahash next year through a 100-megawatt buildout in Paraguay, sourcing only green energy.
Holmes also highlighted HIVE’s rapid growth in its AI-driven HPC segment, which now operates at a $20 million run rate with a target to scale to $100 million. The company has repurposed a former Bitcoin mining data centre in Toronto and is now doing the same at its facility in northern Sweden.
“We were the first to go into AI business,” Holmes noted, adding that the company is leveraging Nvidia chips across multiple sites in Stockholm, Montreal, and beyond.
Holmes said HIVE expects further valuation gains as the market rerates data centers transitioning from Bitcoin mining to HPC. He contrasted current revenue multiples of 3–4x in Bitcoin with 10x or more in HPC, stating, “When you're HPC, you're trading at 10 times revenue.”
The conversation also touched on geographic investment gaps, with Holmes stating that countries like Canada and Sweden are behind, compared to the United States, which he said has scaled up AI infrastructure spending rapidly to compete with China.