HIVE Digital Technologies Appoints AI Veteran Mark Volk as SVP of Revenue, Achieves $1M Daily Revenue

By Hao Liu • Wednesday, September 16 10:50 • Permanent Link

Hive Digital Technologies said its Buzz HPC unit has named AI and HPC veteran Mark Volk as senior vice president of revenue, while also saying the company has pushed average daily revenue above $1 million.

Volk will oversee Buzz HPC’s global go-to-market effort across enterprise, government, sovereign AI, hyperscale, research and academic markets. He will also lead commercialization of GPU-powered AI infrastructure, including sovereign AI cloud, GPU-as-a-service, colocation and hybrid AI offerings.

The company said Volk previously served as CEO of CiphexAI Corporation. Before that, he spent five years at Hewlett Packard Enterprise, where its HPC and AI business grew about 425% to more than $2 billion in revenue during his tenure. At IBM, he managed a portfolio of about $1.2 billion and helped launch the company’s first HPC cloud SaaS offering, which grew about 200% in less than two years. Earlier at Platform Computing, he helped lift sales from about $25 million to more than $60 million before IBM acquired the business.

On the operating side, Hive said that on Aug. 21 it surpassed $1 million in daily revenue from combined hashrate services and GPU cloud services. Since then, the company has averaged about 12 bitcoin per day, equal to roughly 2% of global bitcoin network production, while GPU cloud operations have generated about $100,000 in average daily revenue.

Hive also said its GPU cloud demand pipeline now exceeds $1 billion in total contract value potential. Year to date, the company has closed more than $600 million in total contract value for GPU cloud contracts, including three* and five-year agreements with creditworthy counterparties.

The company added that its Swedish bitcoin mining operations accounted for less than 5% of global daily revenue during August and that it intends to wind down bitcoin mining at those facilities as it evaluates repurposing the infrastructure for higher-value HPC and AI applications. The market has reacted to these announcements by moving the company's shares 0.86% to a price of $2.915. If you want to know more, read the company's complete 8-K report here.

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