HIVE Digital’s BUZZ HPC turns Bitcoin mining sites into Canadian AI infrastructure
The HIVE subsidiary is repurposing legacy mining infrastructure to serve researchers, hospitals, and startups across Canada
Bitcoin miners spent years building warehouses full of power-hungry machines. HIVE Digital Technologies is now putting some of that infrastructure to work on artificial intelligence.
Through its subsidiary BUZZ High Performance Computing Inc., known as BUZZ HPC, the company is using Bitcoin mining infrastructure to support Canadian researchers, hospitals, and startups.
Demand for GPU computing keeps climbing, and Canada has data residency requirements that favor homegrown providers.
From hashing blocks to training models
The company is converting assets originally built for Bitcoin mining into advanced GPU cloud services. The target customers are enterprises and government agencies.
BUZZ HPC focuses on AI workloads running on NVIDIA GPU infrastructure. Its footprint already spans several provinces: British Columbia, Manitoba, Ontario, Quebec, and New Brunswick.
Canadian organizations handling sensitive information, such as hospitals, often need that data to stay inside the country. A provider with sites across Canada can meet those rules without shipping workloads south of the border.
The contracts behind the pivot
In June 2026, BUZZ HPC landed a three-year deal with Bell AI Fabric worth approximately $220 million. The agreement involves deploying 2,304 NVIDIA Grace Blackwell GPUs for Cohere Inc., the Canadian AI company.
Two months later, in August 2026, BUZZ HPC signed a five-year AI cloud services agreement estimated at $350 million. That customer is a major enterprise that has not been named. The deal covers 2,016 NVIDIA GB300 GPUs.
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Taken together, those two contracts represent roughly $570 million in combined estimated value. The contracts are expected to help push annual recurring revenue from GPU cloud services to approximately $180 million by September 2026.
The company also reported a new milestone: average daily revenue exceeding $1 million as of September 10, 2026.
Beyond the big contracts, BUZZ HPC has been building out its bench. It struck a collaboration with ProCogia and appointed a number of industry veterans to its team.
A gigafactory in Toronto’s backyard
HIVE intends to construct a 320 MW AI gigafactory in the Greater Toronto Area. The facility is expected to come online in the second half of 2027.
At full capacity, the site is designed to house more than 100,000 GPUs. The investment is estimated at around CAD $3.5 billion.
What this means for HIVE and Canada’s AI ambitions
For HIVE shareholders, the approximately $180 million ARR target gives the market a concrete number to track against.
The CAD $3.5 billion gigafactory plan will require serious financing. Customer concentration is another factor to monitor. Two large contracts account for a big share of the visible pipeline, and one of those customers remains unnamed.
The Cohere link through Bell AI Fabric connects HIVE to one of the country’s best-known AI developers. Serving researchers, hospitals, and startups from domestic sites aligns with growing interest in keeping critical computing capacity on Canadian soil.
The milestones to watch next are the September 2026 ARR figure, progress on the Toronto gigafactory, and whether BUZZ HPC can sign additional customers beyond its current anchor contracts.