Canada's Bitcoin Miners Abandon Hashing for AI Data Centers
Canada's bitcoin mining industry is undergoing a significant transformation as companies shift their focus to artificial intelligence (AI) data centers. Hut 8, one of the largest miners in Canada, has reported 949 megawatts of contracted AI data-center capacity and $26.6 billion of expected contract value.
Hut 8's revenue from Canada declined to $2.7 million in the quarter, down from $7.4 million a year earlier, as it sold its 310 MW portfolio of gas-fired power plants in Ontario to TransAlta for C$105.1 million. The company still mines at Medicine Hat and Drumheller, Alberta, with Drumheller 'reenergized' in March 2026 by about 11,298 machines from American Bitcoin.
Bitfarms, now rebranded as Keel Infrastructure, has switched off every bitcoin miner it owned in the United States. The company is transitioning its Quebec mining sites to HPC and AI applications, with a 96 MW campus consolidation approved by the City of Sherbrooke in July 2026.
Hive is the only major Canadian miner still focused on bitcoin mining, but it has also made significant investments in AI data centers. The company's GPU cloud revenue reached $7.1 million in the quarter, driven by a $220 million contract with Bell AI Fabric and an unnamed investment-grade enterprise customer.