HIVE Digital just signed a $220M AI deal with Bell Canada. The bitcoin miner is officially something else now.
A former bitcoin miner just landed a sovereign AI contract with a national telco. Whether the revenue materializes depends on when the GPUs actually turn on.
CryptoVibe Desk · hive-digital · gpu-cloud · bitcoin-miners
- →HIVE Digital signed a $220 million, three-year GPU cloud deal with Bell Canada and AI firm Cohere to deploy 2,304 Nvidia GPUs for Canadian government AI workloads, per CoinDesk.
- →The deal is expected to add roughly $70 million in annual recurring revenue, pushing HIVE's total contracted HPC target above $100 million and showing the bitcoin miner pivot has real customers behind it.
- →Deployment is set for late 2026 to early 2027, so watch whether HIVE's realized HPC revenue matches the contracted figure when it reports its first full HPC quarter.
- HPC (high-performance computing) → Powerful computer clusters, usually built around GPUs, that businesses and governments rent to run intensive tasks like AI model training.
- ARR (annual recurring revenue) → The amount of money a company expects to collect every year from ongoing contracts, counted as a steady stream rather than a one-time payment.
HIVE Digital signed a $220 million GPU deal with Bell Canada and Cohere, per CoinDesk. HIVE shares jumped 10% in pre-market trading this morning.
The contract runs three years. It puts 2,304 Nvidia Grace Blackwell GPUs inside Bell's AI Fabric facility in Merritt, British Columbia. The compute stays on Canadian soil, serving Ottawa's push to keep government AI off foreign-controlled hardware.
HIVE currently runs about $35 million in realized HPC annual recurring revenue, CoinDesk reports. This deal adds roughly $70 million more. But deployment runs from late 2026 to early 2027.
If you hold HIVE shares, that ARR is contracted, not collected. And that's the catch.
HIVE started as a bitcoin miner. This is the biggest commercial proof point yet that the pivot is real. A $220 million contract with Bell Canada is not a press release. It is a customer.
HIVE's $100 million ARR target is built on hardware that hasn't turned on yet. Every other miner-to-AI pivot front-ran the contracted number and then walked it back. This deal has Bell Canada's name on it, which makes it different. The hardware timeline is still the risk.
HIVE's first earnings report showing realized HPC ARR above $50 million, expected around Q1 2027 when the Bell Canada deployment is scheduled to go live.
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