HIVE Digital Technologies signs $600 million in AI cloud contracts

HIVE Digital Technologies says it has signed $600 million in AI cloud contracts this year. It also says it still mines over 11 BTC every day.

The contracts run through BUZZ High Performance Computing, or BUZZ HPC, HIVE’s subsidiary that rents out GPU computing power. That makes HIVE one of the clearest examples of a Bitcoin miner turning its data centers into something closer to an AI landlord.

Inside the $600 million order book

The total contract value of approximately $600 million comes from three primary GPU cloud contracts signed in 2026. Two of them carry most of the weight.

The first is a three-year deal worth approximately $225 million with Bell AI Fabric. HIVE describes it as a sovereign AI contract, and Bell AI Fabric supports Cohere Inc., the AI company.

The second is a five-year contract worth approximately $350 million. The customer has not been named, and HIVE identifies it only as an investment-grade enterprise client.

Those signed deals are turning into recurring revenue. HIVE’s contracted GPU cloud annual recurring revenue, or ARR, reached approximately $185 million as of September 30, 2026.

The company is targeting approximately $200 million in GPU cloud ARR by the end of 2026.

To fund the buildout, HIVE recently took on a $129 million loan. The money is aimed at expanding its GPU capacity using NVIDIA technology.

The mining side still pays the bills

HIVE mined 1,070 BTC in its second quarter of fiscal 2027, up 49% from the same period a year earlier.

Recent daily output has ranged between 9 and 12 BTC, according to the company’s figures, with hashrate sitting between 23 and 25 EH/s. HIVE’s own latest claim puts daily production at over 11 BTC.

Combined, HIVE says its mining and AI businesses generate daily revenues exceeding $1 million.

Total revenue for Q2 FY2027 came in at $84.9 million. HIVE also reported a 70.7% year-over-year increase in revenue from its high-performance computing operations.

HIVE posted a net loss of $78.7 million for the quarter. A large chunk of that came from a $31.2 million impairment on mining equipment.

On the balance sheet, HIVE held $139 million in cash plus $22.6 million in digital currencies, including Bitcoin, as of Q2 FY2027.

Why miners keep wandering into AI

HIVE runs data centers powered by hydroelectric energy in Canada, Sweden, and Paraguay. Those sites were built to feed power-hungry mining rigs.

The pitch for diversifying is simple. Bitcoin mining revenue rises and falls with the Bitcoin price and network difficulty, while a five-year cloud contract pays on a schedule regardless of what crypto markets are doing.

What this means for HIVE and its shareholders

The most important shift is in revenue quality. Mining revenue is volatile by nature, while contracted ARR from named or investment-grade customers is closer to the predictable income that public market investors tend to reward.

If HIVE reaches its approximately $200 million ARR target, GPU cloud revenue alone would run at a meaningful clip relative to a quarter in which the whole company booked $84.9 million.

The contracts also carry concentration risk. Two deals make up the bulk of the $600 million, and one of those customers is unnamed, which leaves outside investors taking the credit quality partly on HIVE’s word.

The Bell AI Fabric deal ties HIVE to the sovereign AI trend through a telecom partner and an AI developer in Cohere.

The $129 million NVIDIA-focused loan adds leverage, and the $31.2 million impairment shows that older mining hardware can drag on earnings even when coin output climbs.