HIVE Digital is converting former Bitcoin-mining sites into Canadian GPU cloud infrastructure, with two reported contracts worth an estimated $570 million combined. The plan links repurposed power-hungry facilities to demand for domestic AI computing, including a Cohere deployment.
Watch Desk analysis
What happened
CryptoBriefing, in an article carried by TradingView, reports that HIVE subsidiary BUZZ HPC signed a three-year agreement with Bell AI Fabric worth about $220 million. The deal involves deploying 2,304 NVIDIA Grace Blackwell GPUs for Cohere. In August, BUZZ HPC also signed a five-year AI cloud services agreement estimated at $350 million, for an unnamed major enterprise using 2,016 GB300 GPUs.
The article says BUZZ HPC’s sites span British Columbia, Manitoba, Ontario, Quebec and New Brunswick. HIVE is targeting about $180 million in annual recurring GPU-cloud revenue by September 2026 and plans a 320 MW Toronto-area AI facility for the second half of 2027. Those are company milestones and plans as reported by CryptoBriefing, not proof the targets have been met.
Why it matters
This is a concrete example of the infrastructure scramble taking an unusual route: turning facilities built for Bitcoin mining towards AI workloads. The Cohere deal also shows how local compute capacity can be tied to a Canadian AI provider and a domestic infrastructure push. For organisations with data-residency requirements, where computing happens can matter nearly as much as how many GPUs are available.
The figures are ambitious, and the report says one of the two large customers remains unnamed. That leaves a useful distinction between contracted business, planned capacity and revenue targets. They are related, but they are not interchangeable just because the numbers sit in the same paragraph.
Our read
Repurposing existing sites may give HIVE a route into AI cloud services faster than building every facility from scratch. But a large contract total is not the same as delivered capacity or dependable recurring revenue. The key test is whether BUZZ HPC can bring the promised GPUs online and broaden its customer base beyond these anchor deals. The TradingView article carrying CryptoBriefing’s report gives the reported figures and plans.
What to watch
- Whether the reported GPU deployments and contract schedules proceed as planned.
- HIVE’s September 2026 recurring-revenue figure against its stated $180 million target.
- Progress, financing and customer commitments for the planned 320 MW Toronto-area facility.
- Whether BUZZ HPC discloses more about its unnamed enterprise customer.
Discussion spark: Should Canada prioritise building domestic AI compute, even when projects rely on a small number of large customers, or is that concentration too much risk?
Sources and evidence
- HIVE Digital's BUZZ HPC turns Bitcoin mining sites into Canadian AI infrastructure – TradingView (5 October 2026, 13:24 UTC)
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