Hive Shares Hit Highest Price This Year After Bitcoin Miner Unveils Ontario 'AI Gigafactory'
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- Hive Digital Technologies saw its shares surge 26% to $3.39 (peaking at $3.92) after announcing a 320 MW AI Gigafactory in the Greater Toronto Area.
- Buzz High Performance Computing, Hive’s subsidiary, will invest CAD $3.5 billion to build the facility, slated to start operations in the second half of next year and create about 800 construction jobs.
- Hive will boost its global power capacity to 850 MW, enough to power 200,000 homes and host roughly 130,000 GPUs for vertically integrated AI supercomputers.
- Hive’s revenue mix shifted, with digital‑asset mining earnings climbing to $88.2 million while high‑performance computing revenue rose to $4.8 million, and its Bitcoin holdings fell to 481 BTC (~$36.7 million).
- Hive’s plant features closed‑loop cooling to limit water use, addressing community concerns about the environmental impact of large data centers.
Why it matters: Investors benefit from Hive’s 26% share surge and the $3.5 bn AI plant promises 800 jobs, while Canadian tech firms gain domestic AI capacity; miners lose relevance as Bitcoin holdings shrink.
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