HIVE Digital's BUZZ HPC unit has signed a $350M, five-year GPU cloud deal with an unnamed enterprise client, adding $70M in annualized revenue and pushing contracted ARR to $180M.
Crypto Mining & Infrastructure News
Bitcoin (BTC) miner HIVE Digital Technologies has signed a five-year GPU cloud services agreement worth approximately $350 million through its BUZZ High Performance Computing subsidiary. The unnamed counterparty was described only as an investment-grade enterprise customer.
The contract adds roughly $70 million in annualized revenue to BUZZ HPC's books. Combined with existing agreements, the subsidiary now carries about $180 million in total annualized revenue, split between $35 million currently being realized and $145 million under contract expected to come online through Q4 2026.
What the New Cluster Will Look Like
BUZZ HPC will build a dedicated GPU cluster of 2,016 NVIDIA Blackwell Ultra GPUs configured in GB300 NVL72 rack-scale systems. The hardware will run on Quantum-X800 InfiniBand networking and VAST Data storage, following NVIDIA's reference architecture.
The cluster will be housed at the Bell AI Fabric facility in Merritt, British Columbia. That site is powered by renewable hydroelectric energy and uses closed-loop liquid cooling. HIVE expects the system to go live in Q4 2026, at which point it projects HPC and AI daily revenue of approximately $500,000.
Capital expenditure for the deployment is approximately $185 million. Funding sources include a roughly $35 million upfront deposit from the customer, equal to 10% of the total contract value, proceeds from a zero-percent convertible bond HIVE issued in June 2026, and equipment financing. HIVE will retain ownership of the infrastructure once built.
HIVE's Broader AI Pivot Takes Shape
This is the second major GPU cluster deal BUZZ HPC has closed in two months. In June 2026, the subsidiary signed a three-year, $220 million sovereign AI cloud contract at the same Merritt facility, deploying NVIDIA Grace Blackwell systems for Bell and Cohere.
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HIVE president and chief executive Aydin Kilic said the company is targeting $200 million in annualized recurring revenue from its GPU cloud business by year-end. On Aug. 14, HIVE reported quarterly revenue of $79.1 million, including $7.1 million from BUZZ HPC, with the subsidiary's revenue up 47% year-over-year. Contracted GPU cloud annualized recurring revenue reached approximately $110 million at that time.
The deals fit a pattern forming across the Bitcoin mining sector, as operators convert power infrastructure and data center capacity into long-term AI compute contracts. HIVE stock closed up 4% on Aug. 14 and was trading nearly 8% higher in Monday's pre-market session.
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