Bitcoin Miner HIVE Eyes $45 Million in Annual Revenue From AI Deal

Judgment

HIVE CEO Aydin Kilic must decide whether to sign the Boden lease with weaker deposit or termination protections to accelerate project financing, trading lender terms and customer risk against a delay to the $45 million annual revenue.

Basis

CEO Aydin Kilic said on Tuesday’s earnings call that HIVE is negotiating deposits, termination rights and other terms that could affect financing costs, and that a lender’s consultant had visited the site the previous week. He said, “We do not want to rush into a deal just for the sake of reporting new top-line revenue.” The $45 million annual figure depends on a definitive agreement, financing, facility upgrades and the project entering service; the proposed lease with an unnamed investment-grade Swedish technology company lasts up to 10 years. HIVE plans to retrofit the 32-megawatt Big Boden facility for up to 10,000 Nvidia GB300 GPUs, with the customer receiving approximately 25 megawatts of usable computing capacity. HIVE reports $185 million in contracted GPU-cloud annualized run-rate revenue, but only $40 million is live; it targets approximately $700 million in total high-performance computing annualized revenue by the end of 2028.