HIVE Stock Price Surges Over 35% at Market Open, Plans to Build 320MW AI 'Super Factory' in Toronto

BlockBeats News, May 18th - HIVE Digital, a Bitcoin mining firm transitioning to an AI infrastructure company, announced plans to build a 320MW AI infrastructure park in the Toronto area, aiming to create one of Canada's largest sovereign AI "super factories." Following the announcement, HIVE's stock price surged over 35% at Monday's opening.

HIVE stated that the project is being led by its high-performance computing subsidiary, BUZZ, and is expected to accommodate over 100,000 GPUs once fully built, with the goal of commencing operations in the second half of 2027. The total investment for the project is estimated to be around CAD 3.5 billion (approximately $2.55 billion USD) and will be used for the construction of large-scale data centers for training and running AI models.

In recent years, HIVE has been continuously driving its business transformation from traditional Bitcoin mining to AI and high-performance computing infrastructure. It has previously expanded its GPU cluster and AI data center operations in Paraguay and Sweden.