HIVE Inks $350M AI Cloud Deal, Targets $500K Daily Revenue

Bitcoin miner HIVE Digital Technologies has announced a major AI cloud deal worth $350 million over five years through its subsidiary BUZZ HPC. The company signed this contract with an undisclosed investment-grade corporate client, which is expected to generate nearly $70 million in annualized recurring revenue.

The deployment includes 2,016 NVIDIA Blackwell Ultra GPUs at the Merritt facility in British Columbia, backed by VAST Data storage architecture and running on renewable hydroelectric power. Estimated capital expenditure for this deployment amounts to $185 million, covered by an initial client deposit of $35 million, proceeds from a zero-coupon convertible bond issued in June, and equipment financing schemes.

This deal increases BUZZ HPC's contracted annualized revenue to nearly $180 million. The company is scheduled to complete the final commissioning of the GPU cluster in British Columbia by the end of the fourth quarter of 2026.