Bitcoin-driven
AI-ARR-driven
BTC break
AI break
HIVE revenue mix: ASIC bitcoin mining vs contracted GPU-cloud ARR
A tipping beam lets the reader switch which revenue stream dominates the mix and see the valuation multiple re-rate off bitcoin or stall at a break terminal.
ASIC mining
bitcoin · 24 EH/s
gated by difficulty · energy
BUZZ HPC GPU
B200 · GB200 · contracted ARR
hash price
AI services agreement
revenue mix
btc revenue
GPU ARR
valuation multiple
tracks bitcoin
valuation multiple
re-rates on contracted ARR
valuation multiple
stalls · ARR not contracted
Mining break
btc drop
hash-cost squeeze
Cloud break
customers idle
GPU capacity
breaks: btc drop · hash squeeze · idle GPU capacity