HIVE Digital Technologies to Build 320 MW AI Data Center in Canada
HIVE Digital Technologies' subsidiary, BUZZ HPC, plans to build a 320-megawatt artificial intelligence data center near Toronto. Once fully operational, the project will support over 100,000 GPUs. The company aims to invest approximately 3.5 billion CAD in the project, with a target launch in the second half of 2027, according to Cointelegraph.com reports.
BUZZ has acquired 25 hectares of land in the Toronto-Waterloo technology corridor with 320 MW of allocated power. Currently, HIVE manages about 5,500 GPUs for AI computing, and its infrastructure can accommodate up to 130,000 GPUs in the future. The company has over 850 MW of total global power capacity across Canada, Sweden, and Paraguay.
The new facility will utilize the Ontario power grid and feature closed-loop cooling systems to minimize water consumption. The project is expected to create over 800 construction jobs. Following this news, HIVE shares rose by more than 27% on Monday, marking a 33% increase year-to-date.
In recent weeks, major miners like CleanSpark and MARA Holdings reported quarterly losses due to Bitcoin price drops and post-halving economic challenges. Nevertheless, companies like TeraWulf are increasing revenues through high-performance computing (HPC) operations despite declining Bitcoin mining income. This highlights the importance of AI investment strategies for crypto companies.
