Hive Digital Technologies Ltd. shares hit their highest price this year Monday after the company announced plans for an AI-focused data center in Ontario [1], [2].
The move signals a strategic pivot for the Bitcoin mining company as it seeks to capitalize on the surging demand for artificial intelligence infrastructure. By diversifying into high-performance computing, the company aims to reduce its reliance on cryptocurrency volatility.
The project, dubbed an "AI gigafactory," will be located near Toronto [1], [2]. The facility is designed to provide 320 MW of power [4], [5] and will host more than 100,000 GPUs by 2027 [8].
Investor reaction was immediate and positive. Shares surged 35% after the unveiling of the gigafactory [3]. Other reports indicated the share price climbed over 24% on Monday [1], while pre-market trading saw an increase of more than 30% [2].
Financial estimates for the project vary by currency and source. Some reports place the investment at $2.5 billion [2], while others cite a cost of CAD $3.5 billion [7]. The development will be managed through the company's BUZZ HPC subsidiary [1], [2].
This expansion represents one of the largest planned GPU campuses in Canada. The scale of the facility suggests a long-term bet on the growth of large language models and generative AI, which require massive amounts of compute power and stable energy grids.
“Hive shares hit their highest price this year Monday”
The transition of Bitcoin mining firms into AI infrastructure providers is becoming a broader industry trend. Because miners already possess the critical requirements for AI data centers — specifically massive power allotments and cooling expertise — they can scale GPU clusters faster than traditional developers. This shift allows companies like Hive to pivot from the speculative nature of crypto mining to the more stable, enterprise-driven demand of the AI sector.
