Hive Digital Stock Surges 26% on Ontario AI Data Center Plan
Hive Digital Technologies' stock jumped 26% on Monday, reaching its highest point this year, after the Bitcoin miner announced a massive AI data center buildout in Ontario, Canada. The company's subsidiary, Buzz High Performance Computing, plans to construct a 320-megawatt (MW) 'AI Gigafactory' in the Greater Toronto Area, billed as one of Canada's largest sovereign AI infrastructure projects. The facility will keep data and processing power within Canada to foster domestic tech dominance. The project is expected to come online in the second half of 2025, requiring $3.5 billion Canadian dollars ($2.55 billion) and 800 construction workers. Hive's total power capacity will reach 850 MW globally. The company has been pivoting from pure Bitcoin mining since 2022, and its Q4 digital asset mining revenue surged to $88.2 million, while high-performance computing revenue remained small at $4.8 million. Hive has reduced its Bitcoin holdings from 2,805 BTC a year ago to 481 BTC as of December 31.
Key facts
- Hive Digital stock rose 26% after announcing AI data center in Ontario.
- Buzz HPC plans 320 MW AI facility; cost $3.5 billion CAD.
- Facility aims for sovereign AI infrastructure for Canada.
- Hive's total power capacity to reach 850 MW globally.
- Hive reduced Bitcoin holdings from 2,805 to 481 BTC in 2023.