The next three-year contract for high-performance computing business under the HIVE flag, BUZZ HPC, is a $220 million AI Cloud Calculating Contract with the cooperation of Canadian Telecommunications Bell and AI Cohere. After the news came out, the price of the HIVE stock went up, which also led to a clearer path from bitcoin mining to AI computing.

2304 GPU landed in Canada

According to company disclosures, BUZZ HPC will provide the project with a GPU cloud layer, deployed at the Bell AI Fabric facility in Merritt, British Columbia, Canada. The project will use 2304 Nvidia Grace Blackwell GPU directly.

Bell is responsible for data centres and network services, and Cohere will use this platform to support large enterprise-level models and AI tools, with hardware provided by Canadian manufacturer Hypertec. HIVE indicated that the calculation would remain in Canada to meet the needs of local governments and business clients for data storage and indigenous AI infrastructure.

High-performance calculations continue to increase.

The contract further strengthens the direction of HIVE from a single bitcoin mine to AI and high performance calculations. As mining profits are under pressure, more and more mining companies are beginning to shift existing data centres, electricity, heat dispersion and transport capacity to the GPU workload.

  • The project is expected to go online at the end of 2026 until early 2027.
  • Contracts generate or generate recurrent income of approximately $7.0 million per year
  • HIVE has signed a high-performance calculation target of over $100 million.

Previously, the high-performance calculation of income for fiscal year 2026 had increased by 94 per cent over the year, to 1950 million dollars. Prior to the signing of this Canadian contract, BUZZ HPC had a recurrent contract revenue of $35 million.

Minerals are moving faster to AI.

HIVE is not the only bitcoin mine that turned to AI. IREN, Bitdeer and other mining-related companies have previously converted some data centre capabilities to AI and cloud computing.

This change reflects the common choice of mining companies to enter the AI infrastructure market more quickly when the earnings from mining are more volatile, with existing power contracts, cooling systems, technical teams and aircraft resources. For HIVE, this contract from Bell and Cohen also provides more explicit commercial support for its Canadian AI expansion plan.

Additional information:HIVE also presented the Toronto AI “Super Factory” programme, which plans 320 MW capacity and over 100,000 GPUs.