Canadian Bitcoin miner HIVE Digital Applied sciences mentioned its AI subsidiary BUZZ HPC has signed a three-year GPU cloud contract value roughly $220 million with Bell AI Material for AI startup Cohere, increasing the corporate’s push into high-performance computing (HPC) and AI infrastructure.
The settlement requires BUZZ HPC to deploy 2,304 NVIDIA Grace Blackwell GPUs at a Bell Canada knowledge middle in British Columbia, the place the infrastructure will assist Cohere’s synthetic intelligence fashions and companies for enterprise and authorities prospects.
After the deployment enters service, HIVE expects the venture to contribute about $70 million in contracted annual recurring income, rising its contracted HPC income goal to greater than $100 million, based on the corporate.
HIVE mentioned it would fund the acquisition of the AI infrastructure utilizing a portion of the proceeds from the $115 million convertible observe financing it accomplished in April.
The corporate’s inventory worth was up round 9% on the time of writing and nearly 24% up to now month, based on Yahoo Finance knowledge. Sector monitoring exchange-traded fund CoinShares Bitcoin Mining ETF (WGMI) was up 5.4% on the day, and up greater than 30% up to now month. HIVE inventory is the fund’s eighth-biggest holding.
Supply: Yahoo Finance
Associated: Georgia targets unlawful crypto mining in Mestia crackdown: Report
HIVE grows AI enterprise as Bitcoin holdings decline
The deal is the most recent transfer in HIVE’s broader enlargement into AI infrastructure. In Might, the corporate mentioned its BUZZ HPC subsidiary deliberate a 320-megawatt AI knowledge middle campus close to Toronto, able to supporting greater than 100,000 GPUs.
Earlier this month, HIVE reported that income from its HPC division elevated to $19.5 million in fiscal 2026, practically doubling from a yr earlier. The corporate additionally mentioned contracted annual recurring income from the enterprise reached $35 million, supported by deployments of Nvidia-powered GPU clusters and new enterprise contracts.
HIVE additionally reported a decline in its Bitcoin (BTC) treasury holdings, which fell to 150 BTC from 481 BTC 1 / 4 earlier.
Supply: BitcoinTreasuries.NET
Associated: Nvidia’s $20 billion debt increase reinforces Bitcoin miners’ AI pivot
Hashrate declines as AI investments develop
On Thursday, The Power Magazine (previously The Miner Magazine) famous that Bitcoin mining problem, a measure of how laborious it’s for miners to provide new blocks, fell 10.09% on June 14, one of many largest downward changes within the community’s historical past.
The publication attributed the decline to weaker mining economics, Bitcoin’s worth decline, seasonal energy curtailment in Texas and broader power-market dynamics. It additionally argued that miners dedicating energy to AI and HPC tasks might alter future hashrate progress by decreasing the quantity of capability obtainable for Bitcoin mining.
Bitcoin mining problem. Supply: Coinwarz.com
The decline got here days after Cointelegraph reported that Bitcoin mining profitability had fallen to report lows, making it tougher for some operators to stay worthwhile.
In the meantime, miners proceed increasing into AI and high-performance computing. On Tuesday, IREN accomplished its acquisition of Spanish knowledge middle developer Nostrum Group, whereas TeraWulf just lately added a Kentucky improvement website that it mentioned might finally assist greater than 1 gigawatt of AI and HPC capability.
Journal: Does ‘Paper Bitcoin’ imply there’s a vast provide of BTC?
