HIVE Pivots From Bitcoin to AI, Targeting $200M in Revenue

Edgen Stock·Mar 18 2026, 21:00

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Key Takeaways

HIVE Digital Technologies is aggressively shifting its business model from cryptocurrency mining to high-performance computing (HPC) for artificial intelligence, leveraging its existing data center infrastructure to chase more stable, high-growth revenue. The company is expanding its GPU capacity in North America while winding down some European mining operations.

Massive Capacity Expansion: HIVE is scaling its Canadian AI data center capacity from 4 MW to 16.6 MW and plans to deploy 4,000 AI-optimized GPUs within six months.
Aggressive Revenue Goal: The company is targeting $200 million in contracted annualized revenue from its AI and HPC services by 2027.
Industry-Wide Pivot: This move mirrors a broader trend where Bitcoin miners like Core Scientific and MARA are diversifying to serve the power-intensive AI market, a sector where they may be undervalued compared to traditional data center peers.

HIVE Expands AI Capacity to 16.6 MW, Targets $200M Revenue

HIVE Digital Technologies is accelerating its strategic pivot from Bitcoin mining to artificial intelligence, committing to a significant expansion of its AI data center infrastructure. The company is increasing its liquid-cooled GPU capacity in Canada from 4 MW to 16.6 MW through its BUZZ High Performance Computing unit. This expansion includes an immediate 5 MW addition at a new British Columbia facility, with plans to roll out 4,000 AI-optimized GPUs within six months. This aggressive push is designed to secure $200 million in contracted annualized revenue by 2027.

Underscoring this strategic shift, HIVE is simultaneously winding down its ASIC-based Bitcoin mining operations in Sweden, citing regulatory and tax challenges. The company will convert its 7 MW Boden site into a Tier-III GPU cluster hub, moving from volatile crypto hashrates toward more predictable revenue from AI workloads. The company also recently launched its first AI GPU cluster in Paraguay as a performance testing ground for further expansion.

Bitcoin Miners Repurpose Infrastructure for AI Boom

The strategic repositioning by HIVE reflects a wider industry trend where Bitcoin miners are leveraging their core assets—power agreements and data center infrastructure—to capture surging demand from the AI sector. Analysts note that these companies are well-positioned to serve the power-hungry AI market. According to Matthew Sigel, VanEck’s head of digital asset research, miners are monetizing existing infrastructure by shifting capacity to AI services.

These miners were early to identify that they were sitting on a gold mine in terms of the cost of capital that they can earn by pivoting.

— Matthew Sigel, Head of Digital Asset Research, VanEck.

This sentiment is validated by major financing deals across the sector. Core Scientific recently secured up to $1 billion from Morgan Stanley to fund its own pivot to AI infrastructure, while MARA has also struck deals to convert mining sites into hyperscale data center campuses. Analysts argue that despite this diversification, mining firms still trade at a significant discount to pure-play data center companies on a market-cap-to-megawatt basis, suggesting potential for valuation upside as they successfully transition their business models.