Bitcoin Miner HIVE’s Second AI Move in Two Months: $350 Million Deal

HIVE Digital Technologies has added $70 million to its annualized revenue with a five-year GPU cloud contract worth approximately $350 million signed through BUZZ HPC.

BUZZ HPC, the high-performance computing subsidiary of Bitcoin mining company HIVE, has signed a five-year, $350 million contract with an unnamed, investment-grade corporate customer. This agreement marks the company’s second major GPU cloud deal in two months.

The contract will add approximately $70 million to BUZZ HPC’s annualized revenue, bringing the unit’s total annualized revenue to approximately $180 million. Of this amount, $35 million comes from currently realized revenue, while $145 million will come from contracts to be deployed by the fourth quarter of 2026.

HIVE to Deploy 2,016 GPUs for AI

Under the agreement, BUZZ HPC will build a specialized cluster consisting of GB300 NVL72 systems containing 2,016 NVIDIA Blackwell Ultra GPUs. The infrastructure, based on NVIDIA’s reference architecture, will utilize Quantum-X800 InfiniBand networking and VAST Data storage technology.

The system is expected to go live in the fourth quarter of 2026 at the Bell AI Fabric facility in Merritt, British Columbia. Approximately $185 million in capital expenditures will be made for the facility, which is powered by hydroelectric energy and uses closed-loop liquid cooling. Financing will be provided through a $35 million customer deposit (equivalent to 10% of the contract value), a zero-interest convertible bond issued in June 2026, and equipment financing.

HIVE will continue to own the infrastructure and expects approximately $500,000 in daily revenue from AI and high-performance computing activities once the cluster is delivered. CEO Aydin Kilic announced that the company has an ARR target of $200 million for the end of the year.

In June, BUZZ HPC signed a three-year, $220 million sovereign AI cloud contract at the same facility. Similar large-scale deals by IREN, Hut 8, and TeraWulf indicate that Bitcoin miners are pivoting their energy and data center infrastructure toward AI services. HIVE shares rose 4 percent on Friday and gained approximately 8 percent in pre-market trading on Monday.