HIVE Digital Technologies is doing what a growing number of Bitcoin miners are attempting: turning cheap renewable power into an AI and high-performance computing business.
The company’s HPC pipelines, run through its BUZZ HPC subsidiary, are already generating $35 million in annualized recurring revenue. That’s up from roughly $20 million previously. And the target for 2028 is not a modest step up. HIVE is aiming for somewhere between $450 million and $660 million in HPC ARR by scaling to 500 MW of capacity.
The numbers behind the pivot
HIVE currently operates approximately 440 to 464 MW of renewable-powered capacity spread across facilities in Canada, Sweden, and Paraguay.
The centerpiece of the expansion is a 320 MW AI “gigafactory” near Toronto, scheduled to begin operations in the second half of 2027. HIVE acquired a $58 million CAD plot in Toronto specifically for this facility.
