HIVE Digital Technologies just announced the kind of project that makes you rethink what a “Bitcoin miner” actually is these days. The company, through its subsidiary BUZZ High Performance Computing Inc., plans to build a massive AI gigafactory in the Greater Toronto Area, powered by 320 megawatts of capacity and packed with more than 100,000 GPUs.

The price tag: C$3.5 billion. The timeline: operations expected to begin in the second half of 2027. The market’s reaction: HIVE’s stock surged roughly 30-40% immediately after the May 18 announcement.

What HIVE is actually building

HIVE has already secured about 25 acres of land in the GTA for approximately C$58 million. That breaks down to a 21-acre parcel purchased for C$46 million and an additional 4-acre plot for C$12 million. The land comes with a 320 MW power allocation, which in the current AI infrastructure gold rush is arguably more valuable than the dirt itself.

The facility will use closed-loop cooling systems, a design choice that recirculates coolant rather than dumping waste heat into the environment. All power will be drawn from Ontario’s clean electricity grid, which leans heavily on nuclear and hydroelectric generation.

HIVE is framing the project as a “sovereign AI infrastructure hub.” In English: a domestically owned and operated facility that keeps sensitive AI workloads on Canadian soil, rather than routing them through hyperscalers headquartered elsewhere.

From Bitcoin mining to AI: the pivot

HIVE Digital Technologies, listed on both the TSX and NASDAQ under the ticker HIVE, built its reputation as a crypto mining operation. The company rebranded from HIVE Blockchain Technologies in 2023 and has established sustainable data centers powered by clean energy across multiple countries, including Canada, Sweden, and Paraguay.

What makes HIVE’s announcement stand out is the sheer scale. Over 100,000 GPUs at full build-out would place this facility among the largest dedicated AI compute campuses in North America.

What this means for investors

The 30-40% stock pop tells you the market’s initial verdict. Investors are hungry for companies that can credibly bridge the gap between crypto infrastructure and AI demand. HIVE’s announcement checks several boxes that institutional capital cares about: clean energy sourcing, sovereign positioning, significant land already secured, and a concrete timeline.

That said, C$3.5 billion is an enormous commitment for a company of HIVE’s size. Financing details will be critical to watch. Whether the remaining capital comes from equity raises, debt, government incentives, or strategic partnerships will materially affect shareholder dilution and long-term returns.

Ontario’s clean grid is a genuine strategic advantage. As AI companies face increasing scrutiny over energy consumption and carbon footprint, a facility powered predominantly by nuclear and hydro carries a sustainability narrative that coal-heavy jurisdictions simply cannot match.