HIVE's high-performance computing business, BUZZ HPC, has signed a three-year, $220 million AI cloud computing contract with Canadian telecommunications company Bell and AI company Cohere. Following the announcement, HIVE's stock price rose, further clarifying its path from Bitcoin mining to AI computing power.

2304 GPUs landed in Canada

According to the company's disclosure, BUZZ HPC will provide the GPU cloud for the project, deployed at the Bell AI Fabric facility in Merritt, British Columbia, Canada. The project will directly utilize 2,304 Nvidia Grace Blackwell GPUs.

Bell will handle data center and network services, while Cohere will use the platform to support enterprise-level large models and AI tools. The hardware will be provided by Canadian company Hypertec. HIVE stated that the computing power will remain within Canada to meet the data storage and local AI infrastructure needs of local government and enterprise customers.

High-performance computing revenue continues to rise

This contract further reinforces HIVE's shift from revenue solely from Bitcoin mining to revenue from AI and high-performance computing. As mining profits come under pressure, more and more mining companies are beginning to migrate their existing data center, power, cooling, and operational capabilities to GPU workloads.

• The project is expected to launch between the end of 2026 and the beginning of 2027.
• The contract could generate approximately $70 million in recurring revenue annually.
• HIVE has signed a contract with a revenue target of over $100 million for high-performance computing.

Previously, HIVE's high-performance computing revenue for fiscal year 2026 increased by 94% year-over-year, reaching $19.5 million. Prior to this Canadian contract signing, BUZZ HPC already had $35 million in contracted recurring revenue.

Mining companies are accelerating their shift towards AI businesses.

HIVE is not the only Bitcoin mining company to shift towards AI. Previously, mining-related companies such as IREN and Bitdeer had already converted some of their data center capabilities for AI and cloud computing purposes.

This shift reflects a common choice among mining companies: when mining revenues become more volatile, existing power contracts, cooling systems, technical teams, and data center resources allow for a faster entry into the AI infrastructure market. For HIVE, this contract from Bell and Cohere also provides clearer commercial support for its AI expansion plans in Canada.

Additional information:HIVE had previously proposed a Toronto AI "gigafactory" plan, with a planned capacity of 320 megawatts and more than 100,000 GPUs.