HIVE Digital Technologies (HIVE) said Tuesday it had made a $30 million investment to acquire and deploy an additional cluster of NVIDIA H100 GPUs and receive the newest NVIDIA H200 GPUs.

The company said the investment strengthens its position in the global gig economy and helps advance artificial intelligence and high-performance computing.

The H100 cluster, with 248 GPUs across 32 nodes, is now operational in Quebec and is expected to generate about $15 million in annualized run-rate revenue once deployed with a customer by the end of 2024, the company said.

It added that the H200 cluster, comprising 508 GPUs in 64 nodes, is expected to arrive in early January 2025 and generate over $20 million in annualized run-rate revenue by Q2 2025 after installation.

HIVE said it anticipates that by mid-2025, its high-performance computing services will generate over $20 million in annualized revenue, focusing on high-margin cloud computing and AI model training, which offer significantly higher margins than its previous Bitcoin mining business.