HIVE still mines Bitcoin, and says it will keep doing so. What changed is what the mining pays for. At Mining Disrupt Miami 2026, held July 21–23, 2026, Chief Operating Officer Luke Rossy laid out how HIVE runs two businesses on the same power: Bitcoin mining, and AI compute through its subsidiary Buzz.
From Ethereum miner to infrastructure platform
Rossy began with the company's evolution, from mostly an Ethereum miner, to a Bitcoin miner, to what he called a global digital infrastructure platform. The skills behind that journey, finding land, securing power and building sites, are now being applied to AI and high-performance compute.
To put it simply, we've gone from being mostly an Ethereum miner, then a Bitcoin miner to now a global digital infrastructure platform.
Luke Rossy · 0:20
HIVE operates 440 megawatts in three countries, Sweden, Canada and Paraguay, with just over 25 exahash of installed hashrate. But the megawatts and machines are not the only assets, Rossy said: so is the operating system of its teams, spread across three continents, nine time zones and five languages. That discipline, he said, is what bridges the mining and AI sides.
The Economic Logic of the Dual-Engine Model
Mining is the fast side of the business: rapid deployment, daily liquid revenue and a flexible, interruptible load. Over the past year HIVE energized 300 megawatts in Paraguay in three phases in about six months and mined about 2,885 Bitcoin, generating just under $300 million of revenue.
At the highest level, Hive turns power into two different types of digital compute, Bitcoin mining and AI compute.
Luke Rossy · 1:14
Buzz, the AI subsidiary HIVE owns outright, brought in a little under $20 million in revenue and closed the year at $35 million of contracted annual recurring revenue. Its first cluster, 504 Nvidia B200 GPUs, went live with Bell earlier in the year. AI customers sign multi-year contracts, Rossy said, and the revenue potential per megawatt is materially higher than mining.
On the Bitcoin side, it offers us rapid deployment, daily liquid revenue, and a flexible interruptible load.
Luke Rossy · 2:52
Why Swapping ASICs for GPUs Is Not Simple
Converting a mining site is not a hardware swap, Rossy said. AI needs power quality and redundancy, with backups and UPS systems. Rack densities are now well above 100 kilowatts, and HIVE is designing for 150-kilowatt racks, which need direct-to-chip liquid cooling. Then come diverse fiber connectivity, enterprise-grade security, service-level agreements and the tier-three processes customers will want to audit.
But switching from mining to AI is not as simple as just swapping an ASIC for a GPU server.
Luke Rossy · 5:16
Only some mining sites are worth turning into AI factories, so HIVE is going in phases. First, deploying clusters and filling the colocation space it already has. Next year, selective site conversions: HIVE has a non-binding letter of intent with an offtaker for its Boden site in Sweden, which once retrofitted could house more than 10,000 GB300 GPUs. After that comes the anchor asset, a site in the Toronto area with 300 megawatts of utility load, brought up in phases to house more than 100,000 GPUs.
The Road to a $660 Million AI Revenue Target
The goal is $660 million of contracted ARR on the AI engine by the end of 2028. The next step is a contract worth nearly $220 million over three years, for 234 Nvidia GB200 NVL72 systems, which once fully live would add $70 million of ARR and bring it to $105 million. Rossy was frank that the target has many gating items: customers, power, construction and commissioning.
However, customers could sign multiple year contracts and the revenue potential per megawatt is materially higher.
Luke Rossy · 3:18
HIVE also strengthened its balance sheet in the past quarter, raising $245 million at a 0% coupon.
Our goal by the end of 2028 is to have $660 million contracted ARR on our AI engine.
Luke Rossy · 7:19
Capital Discipline as a Competitive Advantage
The same argument, a year apart
HIVE has been making this case on the Mining Disrupt stage for a while. At Mining Disrupt Dallas 2025, Executive Chairman Frank Holmes described HIVE as the first crypto miner to go public in Canada and the first to balance the grid in Sweden, and drew the same contrast Rossy did: a new Antminer is unpacked, plugged in and earning within hours, while AI capacity takes far longer and far more capital to bring online. Holmes framed mining discipline as the base for AI; eight months later, Rossy put numbers on it, from 440 megawatts and 2,885 Bitcoin to a $660 million ARR goal. The earlier story is listed under Sources below.
Key numbers from the talk
Power: 440 megawatts across Sweden, Canada and Paraguay, with just over 25 exahash installed. Mining: about 2,885 Bitcoin and just under $300 million of revenue in the past year. AI: just under $20 million of revenue and $35 million of contracted ARR at Buzz, rising to $105 million once the next three-year contract is fully live. Sites: an LOI for Boden, Sweden (more than 10,000 GB300 GPUs) and a 300-megawatt Toronto-area campus (more than 100,000 GPUs). Capital: $245 million raised at a 0% coupon. Goal: $660 million of contracted AI ARR by the end of 2028.
Rossy closed with three points. HIVE remains a high-conviction Bitcoin miner, which gives it daily liquid revenue and trains its teams in power economics. AI offers higher revenue per megawatt, but only where the conditions justify the investment. And capital goes where the risk-adjusted returns are best.