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.
