HIVE Signs $350 Million Five-Year AI Cloud Deal

Canadian bitcoin miner HIVE Digital Technologies is expanding its high-performance computing business through wholly owned subsidiary BUZZ HPC, reducing its dependence on mining-cycle revenue. The partnership combines Bell AI Fabric’s data centers and network with Cohere’s enterprise-grade models, while keeping data and computing in Canada to address corporate and government demand for sovereign AI and cybersecurity.

HIVE announced on June 18, 2026, that BUZZ HPC had signed a three-year GPU cloud contract worth about $220 million. It will deploy 2,304 NVIDIA Grace Blackwell GPUs at Bell’s facility in Merritt, British Columbia. The system is expected to come online between late 2026 and early 2027, supporting Cohere’s services for enterprise and government customers and adding about $70 million in annualized recurring revenue.

HIVE Digital Technologies, originally focused on Bitcoin mining, has expanded into AI cloud computing in recent years through its BUZZ High Performance Computing subsidiary. As GPU and power constraints hinder AI expansion, HIVE is using its existing data centers, energy resources and operational expertise to develop sovereign AI infrastructure, reducing its dependence on cryptocurrency prices and the mining cycle.

HIVE said on May 18, 2026, that it would invest about C$3.5 billion ($2.55 billion) in a 320 MW AI superfactory in Canada’s Toronto–Waterloo technology corridor. The facility could house more than 100,000 GPUs at full capacity and is targeted to begin operations in the second half of 2027. The announcement sent HIVE shares up more than 35% at the open. On June 18, BUZZ signed a separate three-year, $220 million GPU cloud contract with Bell Canada and Cohere.

HIVE Digital Technologies and Keel Infrastructure, formerly Bitfarms, began as Bitcoin miners and are now redirecting their existing power, facilities and operational capabilities toward AI and high-performance computing. As mining profitability deteriorates and demand for AI computing rises, their ability to convert mining assets into data centers will be crucial to their revenue mix and capital efficiency.

On April 22, 2026, HIVE said it had raised $115 million through zero-interest notes to expand its global data-center footprint and GPU capacity. Keel sold a 70 MW site in Paraguay for about $13 million to redirect investment toward AI and HPC in North America. On May 18, HIVE subsidiary BUZZ HPC spent a further $58 million on a 25-acre Toronto site planned for 320 MW and more than 100,000 GPUs.