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HIVE, A Bitcoin Mining Firm, Has Enlisted A Former Executive From Apple To Lead Its Cloud Division As Part Of A $100 Million Project.
Craig Tavares has been named President and COO of Buzz HPC, tasked with leading the growth of its GPU Cloud and HPC services.
With over two decades of experience in digital infrastructure, Tavares is set to guide the company into a burgeoning $40 billion market.
HIVE Digital Technologies, a publicly traded Bitcoin (BTC) mining company on NASDAQ under the ticker HIVE, has announced that Craig Tavares will take on the role of President and Chief Operating Officer for its Buzz HPC segment. This division specializes in GPU Cloud services and High-Performance Computing (HPC) solutions.
HIVE Appoints Former Apple Executive to Boost Cloud Computing Growth
The appointment occurs as HIVE, a provider focused on eco-friendly blockchain and AI infrastructure, seeks to expand its high-performance computing business to achieve $100 million in revenue. Tavares, who has over twenty years of expertise in digital infrastructure and cloud services, assumes the position.
"With his exceptional capabilities in leadership, entrepreneurship, and ethics, coupled with his extensive knowledge of digital infrastructure, cloud technology, and high-performance computing, he truly embodies our vision," stated Frank Holmes, Co-Founder and Executive Chairman of Buzz HPC, a subsidiary of HIVE Digital Technologies.
Tavares's professional journey includes pivotal leadership positions at leading tech firms like Apple, where he spearheaded product and program strategies for external cloud services and data centers. His experience also encompasses launching a comprehensive cloud service globally at Aptum and forging alliances with industry leaders such as Microsoft and Amazon Web Services.
The Wall Street-listed Bitcoin mining enterprise has decided to act following its earnings report for the fourth quarter, which revealed a revenue of $29.2 million and an adjusted EBITDA of $17.3 million. Although these numbers are slightly below the results from the prior year, the company has bolstered its Bitcoin reserves, now possessing 2,805 tokens valued at roughly $260.8 million.
AI and High-Performance Computing Shift
The appointment of the new executive is in line with HIVE's strategy to bolster its standing in the swiftly changing cloud computing sector. The company is currently running a sovereign AI GPU platform fueled by renewable energy, which is set to be further developed under Tavares's direction.
"Buzz is already delivering one of the most high-performing Sovereign AI GPU platforms in the industry," stated Tavares. "Our plan is to enhance it with a vertically integrated infrastructure and a range of unique HPC service offerings." A recent assessment by VanEck suggests that the shift towards High-Performance Computing (HPC) within the Bitcoin mining sector could potentially unlock nearly $40 billion in value for publicly listed mining companies.
Alongside this development, HIVE has announced the allocation of 1,090,000 Restricted Share Units (RSUs) to a selected group of employees, executives, board members, and advisors, including Tavares. These RSUs are governed by TSX Venture Exchange rules and come with a vesting period of one year. HIVE Digital Technologies is also continuing to broaden its footprint across Canada, Sweden, and soon Paraguay, with plans to boost its hash rate to 25 EH/s by September.
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