Summary
- HIVE secured a $350 million GPU cloud contract, adding approximately $70 million in annualized revenue through its BUZZ HPC subsidiary.
- BUZZ HPC will deploy 2,016 NVIDIA Blackwell Ultra GPUs, potentially lifting HIVE’s HPC and AI daily revenue to $500,000 eventually.
- HIVE’s AI expansion follows a $220 million June agreement, reflecting Bitcoin miners’ growing push toward long-term computing infrastructure revenue streams.
Bitcoin miner HIVE Digital Technologies has secured a $350 million GPU cloud services contract through its BUZZ HPC subsidiary. The five-year agreement strengthens the company’s expansion into artificial intelligence computing while adding another major source of contracted revenue.
HIVE identified the counterparty only as an investment-grade enterprise customer and did not disclose its name. The contract will contribute approximately $70 million in annualized revenue to BUZZ HPC.
Consequently, BUZZ HPC’s total annualized revenue will reach roughly $180 million as contracted capacity becomes operational. About $35 million is already being realized, while another $145 million remains contracted through the fourth quarter of 2026.
Under the agreement, BUZZ HPC will build a dedicated cluster containing 2,016 NVIDIA Blackwell Ultra GPUs. The company will deploy the processors through GB300 NVL72 rack-scale systems using NVIDIA’s reference architecture.
Additionally, the infrastructure will feature Quantum-X800 InfiniBand networking and VAST Data storage. HIVE plans to install the cluster at the Bell AI Fabric facility in Merritt, British Columbia. The facility operates with renewable hydroelectric power and uses closed-loop liquid cooling. HIVE expects the new GPU cluster to become operational later this year.
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HIVE Pushes GPU Cloud Revenue Toward $200 Million Target
HIVE expects the deployment to require approximately $185 million in capital expenditure. However, several financing sources will support the infrastructure investment. The customer has provided an upfront deposit of approximately $35 million, representing 10% of the contract’s total value. HIVE will also use proceeds from its June 2026 zero-percent convertible bond and equipment financing.
Importantly, HIVE will retain ownership of the computing infrastructure throughout the five-year agreement. Once deployed, the cluster could lift the company’s HPC and AI daily revenue to approximately $500,000.
HIVE President and CEO Aydin Kilic linked the contract to the company’s $200 million GPU cloud annual recurring revenue target. Management expects to reach that target by year-end.
Meanwhile, HIVE reported quarterly revenue of $79.1 million, with BUZZ HPC contributing $7.1 million. BUZZ HPC revenue increased 47% year over year, highlighting the growing contribution from artificial intelligence computing.
Contracted GPU cloud annual recurring revenue also reached approximately $110 million. The latest agreement substantially expands that contracted revenue base as additional computing capacity enters service.
Second Major AI Contract Expands HIVE’s Revenue Base
The $350 million contract represents BUZZ HPC’s second large artificial intelligence computing agreement within two months. In June, the subsidiary secured a three-year sovereign AI cloud contract worth approximately $220 million.
That project involves NVIDIA Grace Blackwell systems deployed at the same Merritt facility for Bell and Cohere. Together, both contracts demonstrate HIVE’s growing reliance on its existing energy and data-center infrastructure for AI computing.
Moreover, the strategy reflects a broader shift among Bitcoin miners seeking additional revenue from artificial intelligence infrastructure. Several mining companies have already secured multibillion-dollar computing and data-center agreements.
IREN secured a $9.7 billion cloud agreement with Microsoft. Hut 8 also entered a $7 billion data-center lease connected with Anthropic and Fluidstack. TeraWulf separately entered a $9.5 billion Google-backed joint venture with Fluidstack. These agreements highlight growing competition among miners seeking to monetize power capacity through AI infrastructure.
Conclusion
HIVE’s $350 million contract strengthens its transition toward a broader business combining Bitcoin mining with artificial intelligence infrastructure. With another major GPU deployment secured, BUZZ HPC is moving closer to HIVE’s $200 million annual recurring revenue target.
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