HIVE Digital Lands $220M AI Infrastructure Deal With Bell and Cohere
HIVE Digital Technologies secured a $220M contract with Bell and Cohere, projected to generate roughly $70M in annual recurring revenue.
HIVE Digital Technologies has secured a landmark $220 million artificial intelligence infrastructure contract with Canadian telecommunications giant Bell and AI company Cohere, marking one of the more consequential pivots by a former crypto-mining firm into the mainstream AI compute market. The deal underscores a broader industry realignment in which companies with large-scale GPU and data center assets are reorienting their business models toward the surging demand for AI processing power.
The contract is expected to contribute approximately $70 million in annual recurring revenue to HIVE, a figure that signals a meaningful and durable shift in the company's income profile rather than a one-time windfall. For a firm that built its foundation on blockchain mining — a sector still subject to volatile commodity dynamics — locking in that kind of recurring revenue from enterprise AI clients represents a significant de-risking of its balance sheet.
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The partnership with Cohere is particularly notable given that Cohere is one of the more prominent enterprise-focused large language model developers, competing in a space alongside OpenAI and Anthropic but with a sharper emphasis on private, business-grade deployments. Bell's involvement brings a major national carrier into the equation, suggesting the infrastructure will likely support Canadian enterprise and potentially public-sector AI workloads at scale.
The HIVE deal fits into a recognizable pattern: as Bitcoin mining margins compress under post-halving economics, miners with sophisticated power infrastructure and cooling systems are discovering that repurposing capacity for AI inference and training can offer more predictable cash flows. The $220 million contract value also reflects how capital-intensive AI infrastructure has become, with enterprises increasingly willing to commit to long-term agreements to secure compute capacity in a constrained market.
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