Bitcoin miner-turned-digital infrastructure firm HIVE saw its stock surge more than 35% on Monday after unveiling a massive AI expansion plan. The company will build a 320-megawatt 'AI Gigafactory' in the Greater Toronto Area, with an estimated cost of $2.55 billion.
320MW Campus to Host 100,000+ GPUs
Details released by HIVE show the project, dubbed 'sovereign AI gigafactories', will be developed through its subsidiary BUZZ High Performance Computing. The facility will house over 100,000 GPUs upon completion, targeting a launch in the second half of 2027. BUZZ has already spent about C$58 million to acquire 25 acres of land and secure power access for the site.
HIVE Executive Chairman Frank Holmes said: 'AI is the new industrial foundation, and computing power is the factory. Canada gave birth to the godfather of deep learning, but we've been renting factories. That era is over.'
Pivot from Mining to AI Infrastructure
The gigafactory is the latest milestone in HIVE's shift from bitcoin mining to AI and high-performance computing. Last month, the company raised $75 million in convertible bonds to buy GPUs and expand data centers. In March, it began closing its ASIC mining facility in Boden, Sweden, to convert it into an AI data center, while also deploying GPU clusters in Asunción, Paraguay.
CEO Aydin Kilic noted that HIVE's total power capacity, including ongoing projects, now exceeds 850 MW. Other North American mining giants like Riot Platforms and TeraWulf are also rapidly expanding their data center and HPC businesses.