HIVE Digital Technologies is doing what a growing number of Bitcoin miners are attempting: turning cheap renewable power into an AI and high-performance computing business.

The company’s HPC pipelines, run through its BUZZ HPC subsidiary, are already generating $35 million in annualized recurring revenue. That’s up from roughly $20 million previously. And the target for 2028 is not a modest step up. HIVE is aiming for somewhere between $450 million and $660 million in HPC ARR by scaling to 500 MW of capacity.

The numbers behind the pivot

HIVE currently operates approximately 440 to 464 MW of renewable-powered capacity spread across facilities in Canada, Sweden, and Paraguay.

The centerpiece of the expansion is a 320 MW AI “gigafactory” near Toronto, scheduled to begin operations in the second half of 2027. HIVE acquired a $58 million CAD plot in Toronto specifically for this facility.

On the crypto side, HIVE is simultaneously scaling its Paraguayan hashrate to 25 EH/s. The company has also secured $75 million in financing through notes and equity to fund these parallel growth tracks.

Fiscal 2026 revenue came in at $297.8 million, representing 158% year-over-year growth, driven by both hashrate scaling and the early-stage HPC diversification working in tandem.

In the near term, HIVE is pushing its power capacity toward 540 MW, with a broader goal exceeding 850 MW further out.

From Bitcoin miner to dual operator

HIVE is positioning itself as a dual operator, running both Bitcoin hashrate services and Tier-III+ AI and HPC data centers. The company has invested in NVIDIA Blackwell B200 GPU clusters.

Under President and CEO Aydin Kilic and Executive Chairman Frank Holmes, the company has leaned hard into the renewable energy angle. All of HIVE’s capacity runs on renewable power.

What this means for investors

The bull case: HIVE takes $35 million in current HPC ARR and scales it by more than 10x within a few years, while maintaining a Bitcoin mining operation as a cash flow baseline. If the company hits even the low end of its $450 million HPC ARR target, it becomes a fundamentally different business than what the market currently prices.

The bear case is equally straightforward. Building 320 MW of AI-grade data center capacity near Toronto is subject to permitting delays, supply chain bottlenecks for power equipment, and the possibility that GPU demand cycles shift before the facility is fully operational. The second half of 2027 is the target for the gigafactory, which means roughly two years of execution risk.

Investors should watch two things closely: the pace of enterprise customer signings for BUZZ HPC, and whether the Toronto gigafactory stays on its 2027 timeline. Those two variables will determine whether HIVE’s ambitious power targets translate into actual revenue.