HIVE Digital Technologies just told the market it’s not really a Bitcoin miner anymore. The company’s stock jumped roughly 35% after it unveiled plans to build a 320-megawatt AI gigafactory in the Greater Toronto Area, a facility designed to house more than 100,000 GPUs at full capacity.
The project, channeled through HIVE’s subsidiary BUZZ High Performance Computing Inc., carries an expected price tag of CAD $3.5 billion. If that number sounds enormous for a company with a market cap of approximately $706.26 million as of mid-May, well, that’s because it is.
From hashrate to horsepower
HIVE’s roots are firmly planted in crypto mining. As of January 2026, the company reported a hashrate of 22.2 EH/s, representing a 290% year-over-year increase. It controls over 850 MW of power capacity globally. Those are not small numbers in the mining world.
But here’s the thing. The economics of AI compute are pulling former miners like moths to a very expensive, very bright flame. HIVE has already secured contracts worth $30 million in AI cloud services, and this gigafactory represents the company going all-in on that transition.
