HIVE Digital Technologies, the publicly traded Bitcoin (BTC) miner (NASDAQ: HIVE), has announced the appointment of Craig Tavares as President and Chief Operating Officer of its Buzz HPC division, which specializes in GPU Cloud and High-Performance Computing (HPC) services.
HIVE Engages Former Apple Executive for Cloud Computing Growth
This appointment is part of HIVE’s goal to grow its HPC business to $100 million in revenue. Tavares brings over two decades of expertise in digital infrastructure and cloud services to his new position. Frank Holmes, Executive Chairman of HIVE, stated:
“With his distinctive blend of leadership, entrepreneurial vision, and ethical standards, combined with his comprehensive knowledge of digital infrastructure, cloud, and high-performance computing, he truly embodies our vision,” said Frank Holmes, Co-Founder and Executive Chairman of Buzz HPC, a HIVE Digital Technologies subsidiary.
Tavares has held significant leadership positions at prominent tech companies, including Apple, where he directed product and program strategy for third-party clouds and data centers. His experience encompasses launching a global cloud business at Aptum and forging partnerships with industry leaders like Microsoft and Amazon Web Services.
This move follows the fourth-quarter earnings report from the Wall Street-listed Bitcoin mining company, revealing $29.2 million in revenue and an adjusted EBITDA of $17.3 million. While these figures are slightly lower than last year’s, the company has bolstered its Bitcoin reserves, now holding 2,805 tokens valued at approximately $260.8 million.
AI and HPC Initiative
The hiring of Tavares aligns with HIVE’s strategy to enhance its presence in the rapidly changing cloud computing landscape. The company currently operates a sovereign AI GPU platform powered by renewable energy, which it intends to expand with Tavares at the helm.
“Buzz already operates one of the highest-performance Sovereign AI GPU platforms in the industry,” Tavares remarked. “We will further develop it through vertically integrated infrastructure and an array of distinct HPC service offerings.”
HIVE is delighted to announce the appointment of Craig Tavares as President and Chief Operating Officer of Buzz HPC, where he will oversee the GPU Cloud and High-Performance Computing (HPC) data center division. ⬇️ pic.twitter.com/LrYeSBFQ8k
According to a recent analysis by VanEck, the HPC initiative within the Bitcoin mining sector could unlock roughly $40 billion in value for publicly traded miners.
In line with this appointment, HIVE disclosed the awarding of 1,090,000 Restricted Share Units (RSU) to select employees, officers, directors, and consultants, including Tavares. These RSUs are subject to a one-year vesting period per TSX Venture Exchange regulations.
HIVE Digital Technologies continues to expand its operations across Canada, Sweden, and soon, Paraguay, with a target to increase its hash rate to 25 EH/s by September.
