Hive Shares Hit Highest Price This Year After Bitcoin Miner Unveils Ontario 'AI Gigafactory'
Hive Digital Technologies’ stock surged 26% to $3.39 after announcing plans to build a major “AI Gigafactory” in Ontario, Canada, with a peak price reaching $3.92. The new facility, led by subsidiary Buzz High Performance Computing, will feature about 320 MW of utility capacity, making it among Canada’s largest AI data centers and enough to power 200,000 homes. Scheduled to open in the second half of next year, the buildout will cost approximately CA$3.5 billion (US$2.55 billion) and employ 800 construction workers, ultimately creating numerous skilled positions. The site will use closed-loop cooling to reduce water consumption, addressing growing local concerns over data center resource use. This Ontario expansion will raise Hive’s total power capacity to 850 MW globally, enough for about 130,000 GPUs. Hive, transitioning from pure Bitcoin mining since 2022, has shifted focus and reduced its Bitcoin holdings from 2,805 to 481 coins over the past year. For the quarter ending December 31, Hive reported $88.2 million in digital asset mining revenue and $4.8 million from high-performance computing.
