HIVE Digital repurposes Bitcoin mining sites for Canadian AI infrastructure

HIVE Digital Technologies is repurposing its Bitcoin mining infrastructure to support artificial intelligence (AI) initiatives across Canada. Through its subsidiary BUZZ High Performance Computing Inc. (BUZZ HPC), the company is converting its mining facilities into advanced GPU cloud services for enterprises, government agencies, and research institutions.

The demand for GPU computing is surging, and Canada's data residency requirements favor domestic providers. BUZZ HPC is leveraging NVIDIA GPU infrastructure to serve customers in British Columbia, Manitoba, Ontario, Quebec, and New Brunswick. This approach helps Canadian organizations, such as hospitals, comply with regulations requiring data to remain within the country.

In June 2026, BUZZ HPC secured a three-year, $220 million contract with Bell AI Fabric to deploy 2,304 NVIDIA Grace Blackwell GPUs for Cohere Inc. Two months later, it signed a five-year, $350 million AI cloud services agreement with an unnamed major enterprise for 2,016 NVIDIA GB300 GPUs. Together, these contracts total approximately $570 million and are expected to push annual recurring revenue to around $180 million by September 2026. Additionally, BUZZ HPC reported average daily revenue exceeding $1 million as of September 10, 2026.

Looking ahead, HIVE plans to construct a 320 MW AI gigafactory in the Greater Toronto Area, slated for completion in late 2027. The facility, with an estimated investment of CAD $3.5 billion, will house over 100,000 GPUs. The company's strategic pivot aligns with Canada's growing focus on maintaining critical computing capacity domestically, though the concentration of large contracts poses some risks.