{"id":12154,"date":"2026-08-20T22:30:13","date_gmt":"2026-08-20T22:30:13","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=12154"},"modified":"2026-08-20T22:30:13","modified_gmt":"2026-08-20T22:30:13","slug":"this-bitcoin-miner-just-signed-a-350-million-ai-deal-but-it-needs-185-million-to-make-it-work","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=12154","title":{"rendered":"This Bitcoin miner just signed a $350 million AI deal, but it needs $185 million to make it work"},"content":{"rendered":"<p><\/p>\n<div data-single-article-content=\"\">\n<p>HIVE Digital Technologies\u2019 $350 million AI cloud contract depends on a $185 million GPU buildout that must be completed in the fourth quarter before most of the revenue can begin.<\/p>\n<p>The five-year agreement, signed by HIVE\u2019s BUZZ High Performance Computing unit with an unnamed investment-grade enterprise customer, is expected to generate about $70 million in annualized revenue once the infrastructure is deployed.<\/p>\n<p>BUZZ plans to install 2,016 NVIDIA Blackwell Ultra GPUs in GB300 NVL72 systems at HIVE\u2019s Bell AI Fabric facility in Merritt, British Columbia. HIVE expects the hardware, related equipment, and service warranties to cost about $185 million, with deployment targeted for calendar Q4 2026.<\/p>\n<p>The customer has agreed to provide an upfront deposit equal to roughly 10% of the contract value, or about $35 million. HIVE has not disclosed whether it has already received that payment.<\/p>\n<p><img fetchpriority=\"high\" fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-556707 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-0fbd25ef-521d-493f-afd5-1064c1090c26.png\" alt=\"Infographic showing HIVE's $350 million five-year contract, $185 million planned capex, $35 million customer-agreed deposit, 2,016 GPU Q4 deployment, and $180 million ARR mix.\" width=\"1122\" height=\"1402\"\/><\/p>\n<p>That leaves the company relying on existing financing and additional equipment funding to complete the buildout.<\/p>\n<p>HIVE raised $130 million from zero-percent exchangeable senior notes in June and said it raised $245 million from zero-percent notes during the quarter. Chief Executive Officer Aydin Kilic said proceeds from the bond and debt financing would help fund the GPU purchase.<\/p>\n<aside id=\"cs-inline-newsletter-1\" class=\"cs-inline-newsletter\" data-inline-newsletter=\"\" data-newsletter-placement=\"article-midpoint\" data-newsletter-pending-label=\"Joining\u2026\" data-newsletter-pending-status=\"Joining the Daily Brief\u2026\" data-newsletter-email-required-message=\"Before sending, please provide your email address.\" aria-labelledby=\"cs-inline-newsletter-1-title\" aria-describedby=\"cs-inline-newsletter-1-copy\">\n<div class=\"cs-inline-newsletter__inner\">\n<div class=\"cs-inline-newsletter__content\"> <span class=\"cs-inline-newsletter__eyebrow\"> <i class=\"fa-regular fa-envelope\" aria-hidden=\"true\"\/> The Daily Brief <\/span><\/p>\n<h2 id=\"cs-inline-newsletter-1-title\" class=\"cs-inline-newsletter__title\">The signal, before the noise.<\/h2>\n<p id=\"cs-inline-newsletter-1-copy\" class=\"cs-inline-newsletter__copy\">Start your day with the crypto stories moving markets, decoded by CryptoSlate\u2019s editors.<\/p>\n<\/div>\n<div class=\"cs-inline-newsletter__form-shell\">\n<p class=\"cs-inline-newsletter__form-heading\">One email. Everything that matters.<\/p>\n<p id=\"cs-inline-newsletter-1-privacy\" class=\"cs-inline-newsletter__privacy\">Free to join. Unsubscribe any time.<\/p>\n<p> <i class=\"fa-regular fa-circle-xmark\" aria-hidden=\"true\"\/> <span>Whoops, looks like there was a problem. Please try again.<\/span><\/p>\n<p> <i class=\"fa-regular fa-circle-check\" aria-hidden=\"true\"\/> <span><strong>You\u2019re on the list.<\/strong> Your next Daily Brief is on its way.<\/span><\/p>\n<\/div>\n<\/div>\n<\/aside>\n<div class=\"cs-article-embed\">\n<p> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">Bitcoin miners start funding pivot to AI with debt while selling BTC to stay liquid<\/h3>\n<\/p>\n<p> <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\"> <i class=\"fa-light fa-arrow-up-right\"\/> <\/span> <\/div>\n<p>The company has not disclosed how much of those proceeds remains available for the project or the terms and closing status of additional equipment financing.<\/p>\n<h2>Most contracted AI revenue is not yet live<\/h2>\n<p>The deal lifts BUZZ\u2019s reported annual recurring revenue to about $180 million, but only around $35 million of that is currently active.<\/p>\n<p>Another $145 million is contracted and expected to come online through the fourth quarter, meaning most of HIVE\u2019s projected AI revenue still depends on hardware delivery, installation and commissioning.<\/p>\n<p>HIVE defines ARR as annualized weekly, daily or quarterly revenue rather than reported revenue and warns that projected figures may not reflect future cancellations, discounts or service reductions.<\/p>\n<p>Once the new infrastructure is operating, HIVE expects its HPC and AI business to generate about $500,000 of daily revenue.<\/p>\n<p>The company recently reported $208 million of cash, though it has not disclosed how much is earmarked for the GPU deployment.<\/p>\n<p>The contract therefore gives HIVE a significant pipeline of committed AI demand, but the economics now depend on execution: securing the remaining financing, receiving and commissioning the GPUs on schedule, and converting contracted capacity into live revenue by year-end.<\/p>\n<\/div>\n<p>AI,Deals,Featured,Mining,Nvidia,regulationAI,Nvidia,regulation#Bitcoin #miner #signed #million #deal #million #work1787265013<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HIVE Digital Technologies\u2019 $350 million AI cloud contract depends on a $185 million GPU buildout that must be completed in the fourth quarter before most of the revenue can begin. The five-year agreement, signed by HIVE\u2019s BUZZ High Performance Computing unit with an unnamed investment-grade enterprise customer, is expected to generate about $70 million in<\/p>\n","protected":false},"author":1,"featured_media":12155,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[1065,91,431,406,2347,708,389,2660,3974],"class_list":["post-12154","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum","tag-ai","tag-bitcoin","tag-deal","tag-million","tag-miner","tag-nvidia","tag-regulation","tag-signed","tag-work"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>This Bitcoin miner just signed a $350 million AI deal, but it needs $185 million to make it work - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"description\" content=\"HIVE must finance and deploy 2,016 Nvidia Blackwell Ultra GPUs for the AI deal to reach its expected $70 million annual run rate.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=12154\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This Bitcoin miner just signed a $350 million AI deal, but it needs $185 million to make it work\" \/>\n<meta property=\"og:description\" content=\"HIVE must finance and deploy 2,016 Nvidia Blackwell Ultra GPUs for the AI deal to reach its expected $70 million annual run rate.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptonews.uk.com\/?p=12154\" \/>\n<meta property=\"og:site_name\" content=\"Crypto News: Latest Cryptocurrency News and Analysis\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-20T22:30:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/08\/exec-0fbd25ef-521d-493f-afd5-1064c1090c26.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1672\" \/>\n\t<meta property=\"og:image:height\" content=\"941\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"\u884c\u653f\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\u884c\u653f\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12154\",\"url\":\"https:\/\/cryptonews.uk.com\/?p=12154\",\"name\":\"This Bitcoin miner just signed a $350 million AI deal, but it needs $185 million to make it work - Crypto News: Latest Cryptocurrency News and Analysis\",\"isPartOf\":{\"@id\":\"https:\/\/cryptonews.uk.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12154#primaryimage\"},\"image\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12154#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/08\/exec-0fbd25ef-521d-493f-afd5-1064c1090c26.png\",\"datePublished\":\"2026-08-20T22:30:13+00:00\",\"author\":{\"@id\":\"https:\/\/cryptonews.uk.com\/#\/schema\/person\/822778c5844e0d16d43dce6630f4f1bf\"},\"description\":\"HIVE must finance and deploy 2,016 Nvidia Blackwell Ultra GPUs for the AI deal to reach its expected $70 million annual run rate.\",\"breadcrumb\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12154#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cryptonews.uk.com\/?p=12154\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12154#primaryimage\",\"url\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/08\/exec-0fbd25ef-521d-493f-afd5-1064c1090c26.png\",\"contentUrl\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/08\/exec-0fbd25ef-521d-493f-afd5-1064c1090c26.png\",\"width\":1672,\"height\":941},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12154#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/cryptonews.uk.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"This Bitcoin miner just signed a $350 million AI deal, but it needs $185 million to make it work\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cryptonews.uk.com\/#website\",\"url\":\"https:\/\/cryptonews.uk.com\/\",\"name\":\"Crypto News: Latest Cryptocurrency News and Analysis\",\"description\":\"Latest Crypto &amp; 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