HIVE Converts Bitcoin Mining Infrastructure to AI Cloud Services
HIVE Digital Technologies is repurposing its Bitcoin mining infrastructure to support Canadian researchers, hospitals, and startups through its subsidiary BUZZ High Performance Computing Inc. (BUZZ HPC).
The company is converting its assets into advanced GPU cloud services, targeting enterprises and government agencies with AI workloads running on NVIDIA GPU infrastructure.
BUZZ HPC's footprint spans several provinces in Canada, including British Columbia, Manitoba, Ontario, Quebec, and New Brunswick.
The company has secured significant deals, including a three-year agreement with Bell AI Fabric worth approximately $220 million and a five-year agreement with a major enterprise valued at $350 million.
The contracts are expected to contribute to the company's goal of reaching annual recurring revenue (ARR) of $180 million by September 2026.
HIVE intends to construct a 320 MW AI gigafactory in the Greater Toronto Area, with an estimated investment of CAD $3.5 billion.