Bitcoin miner HIVE Digital Technologies has secured a three-year artificial intelligence infrastructure contract worth about $220 million, one of the largest AI-related deals by a publicly traded crypto mining company. HIVE’s subsidiary BUZZ HPC will deploy 2,304 NVIDIA Grace Blackwell GPUs to support AI startup Cohere through Bell Canada’s AI Fabric initiative.
The infrastructure will be installed at a Bell Canada data centre in British Columbia to provide computing power for Cohere’s enterprise and government AI services. Once operational, the deployment is expected to generate about $70 million in annual recurring revenue for HIVE, raising its contracted HPC revenue target above $100 million.
HIVE plans to fund the project using part of the proceeds from its $115 million convertible note financing completed earlier this year.
The announcement highlights a trend among Bitcoin miners seeking new revenue streams as mining economics become more challenging. HIVE recently reported that revenue from its high-performance computing business nearly doubled to $19.5 million in fiscal 2026, with contracted annual recurring revenue reaching $35 million.
The company also disclosed that its Bitcoin treasury declined to 150 BTC from 481 BTC a quarter earlier, reflecting its increasing focus on AI infrastructure.
Investors responded positively. HIVE shares rose about 9% after the announcement and were up nearly 24% over the past month.
This development comes as Bitcoin mining profitability remains under pressure. Industry analysts cite lower mining margins, fluctuating energy costs, and changing network conditions as reasons miners are exploring AI and high-performance computing opportunities.
Several mining companies have taken a similar path. Recent acquisitions and data centre expansions in North America suggest AI infrastructure may become a key growth driver for firms previously focused on Bitcoin production. For HIVE, the $220 million contract is a significant step in this transformation.
When we raised $115M at 0% coupon, we gave investors our target:
$200M ARR in GPU AI cloud revenue by Q4 2026.
We were at $35M in Q1.
We’re at $105M contracted today.@BUZZHPC is executing and on pace. pic.twitter.com/j61jNa4pdw— HIVE Digital Technologies (@HIVEDigitalTech) June 18, 2026
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