HIVE Digital Transforms Bitcoin Mining Sites into AI Infrastructure in Canada

HIVE Digital Technologies is leveraging its Bitcoin mining infrastructure to support artificial intelligence (AI) initiatives in Canada through its subsidiary, BUZZ High Performance Computing Inc. (BUZZ HPC). This shift allows the company to cater to the increasing demand for GPU computing, particularly from Canadian researchers, hospitals, and startups.

BUZZ HPC is converting assets originally developed for Bitcoin mining into advanced GPU cloud services, focusing on AI workloads utilizing NVIDIA GPU infrastructure. The company's operations span several Canadian provinces, including British Columbia, Manitoba, Ontario, Quebec, and New Brunswick, ensuring compliance with local data residency requirements.

Significant Contracts and Revenue Growth

In June 2026, BUZZ HPC secured a three-year contract with Bell AI Fabric valued at approximately $220 million, which involves deploying 2,304 NVIDIA Grace Blackwell GPUs for Cohere Inc., a Canadian AI company. Following this, in August 2026, the company signed a five-year agreement for AI cloud services worth an estimated $350 million, covering 2,016 NVIDIA GB300 GPUs. These contracts collectively represent around $570 million in estimated value and are projected to boost annual recurring revenue from GPU cloud services to about $180 million by September 2026.

Additionally, BUZZ HPC reported reaching a new milestone with average daily revenue exceeding $1 million as of September 10, 2026. The company is also expanding its team and capabilities through collaborations and strategic appointments.

Future Developments

HIVE plans to construct a 320 MW AI gigafactory in the Greater Toronto Area, expected to be operational in the second half of 2027. This facility aims to house over 100,000 GPUs and represents a significant investment of around CAD $3.5 billion. For HIVE shareholders, the anticipated $180 million ARR target provides a tangible metric for performance tracking.

As HIVE navigates this transition, the focus will be on the progress of the Toronto gigafactory and the potential for securing additional customers beyond its current major contracts.