HIVE Digital Technologies plans 320 MW AI infrastructure project in Canada

HIVE Digital Technologies said its BUZZ HPC subsidiary plans to develop a 320-megawatt AI data center campus near Toronto capable of supporting more than 100,000 GPUs at full build-out.

The company said the project is expected to cost about CAD $3.5 billion with target deployment in the second half of 2027. HIVE said BUZZ acquired roughly 25 acres of land tied to a 320-MW power allocation in the Toronto-Waterloo technology corridor.

HIVE currently operates about 5,500 GPUs for AI computing and said its broader infrastructure pipeline could support roughly 130,000 GPUs.

The company already has more than 850 MW of global power capacity across operating data centers and development projects, including sites in Canada, Sweden and Paraguay. Existing operations include both Bitcoin (BTC) mining and AI-focused computing infrastructure.

The planned facility would use Ontario’s electricity grid and closed-loop cooling systems designed to reduce water usage. HIVE said the project could create more than 800 construction jobs and additional permanent technical roles.

Shares of HIVE  were up more than 27% on Monday, bringing year-t0-date gains to about 33%, according to Yahoo Finance data.

Source: Yahoo Finance

Related: Hut 8 refinances Bitcoin-backed loan with $200M FalconX deal

Bitcoin miners report weaker first-quarter earnings

Several publicly traded Bitcoin miners reported steep quarterly losses in recent weeks as depressed Bitcoin prices and post-halving mining economics weighed on profitability. 

CleanSpark posted a $378 million first-quarter loss, while MARA Holdings reported a roughly $1.3 billion net loss for the same period. Still, some miners are reporting growing contributions from AI and high-performance computing (HPC) operations.

TeraWulf, which posted a $427 million net loss for Q1 2026 as Bitcoin mining revenue fell 50% year-over-year, saw HPC lease revenue rise 117% from the prior quarter to $21 million, accounting for about 60% of total quarterly revenue.

Despite the weaker earnings, shares of the top publicly traded miners have continued to rise this year. Data from BitcoinMiningStock.io shows most of the top 10 publicly traded mining companies by market capitalization are up double digits year-to-date, with shares of Hut 8 rising more than 112%, while Riot Platforms, TeraWulf and Core Scientific have each gained more than 60%.

Top 10 Bitcoin mining stocks. Source: Bitcoinminingstocks.io

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