Cryptoprowl / Vancouver based HIVE Digital Technologies (TSXV: $HIVE) has announced $30 million in new artificial intelligence (A.I.) cloud computing contracts.
HIVE Digital builds and operates data centres for both Bitcoin (CRYPTO: $BTC) mining and high-performance computing that powers A.I. workloads.
The new A.I. cloud contracts were secured through HIVE's BUZZ high-performance computing unit. The $30 million contract will run over the next two years, said the company in a statement.
"HIVE has built a track record as one of the longest-standing publicly traded crypto Tier-I data center operators, performing through multiple market cycles while protecting cash flow and balance sheet strength," said Frank Holmes, Executive Chairman of HIVE.
BUZZ is expanding HIVE's A.I. cloud computing data centres, which complement the company's Bitcoin mining operations.
The new contracts will be executed at BUZZ's data centre operation located in the western Canadian province of Manitoba, with additional compute capacity expected to come online during the current first quarter of 2026.
Management at HIVE said they expect the new contracts to help generate an additional $15 million in annual recurring revenue for BUZZ's cloud business once fully operational.
Total annualized revenue from HIVE's high-performance computing segment is forecast to grow from $20 million currently to $35 million, reflecting continued A.I. demand.
HIVE stock, which is traded on the Nasdaq (NDAQ) exchange, has declined 25% in the last 12 months to trade at $2.14 U.S. per share.
