# HIVE Digital Plans CAD $3.5 Billion AI Gigafactory in Ontario

**Published:** 2026-05-22T18:48:49.000Z  
**Topic:** Bitcoin  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/040283f4-1164-4b70-8158-11cfd9ec4244

HIVE Digital Technologies will invest CAD $3.5 billion in a 320 MW AI data center near Toronto, aiming to house over 100,000 GPUs by 2027.

HIVE Digital Technologies announced plans to build a CAD $3.5 billion AI gigafactory in the Greater Toronto Area, marking a significant shift from its Bitcoin mining origins [1, 2]. The facility, developed through HIVE's subsidiary BUZZ High Performance Computing Inc., will have a dedicated 320 MW power allocation from Ontario’s clean electricity grid and is designed to host over 100,000 GPUs [1, 2]. Operations are expected to begin in the second half of 2027 [1, 2].

The company secured approximately 25 acres of land for CAD $58 million for the project [1, 2]. This expansion represents an 18-fold increase in HIVE's current GPU capacity, which stands at about 5,500 GPUs globally [1]. The 320 MW power capacity for the Ontario facility alone would expand HIVE's total global power footprint by roughly 38% from its existing 850 MW [1, 2]. Following the announcement on May 18, 2026, HIVE's stock surged between 28% and 40% [1, 2, 4].

HIVE's move reflects a broader trend among cryptocurrency miners to pivot towards AI infrastructure, driven by tougher economics in pure-play crypto mining due to Bitcoin halving events, increasing network difficulty, and market volatility [1]. The scale of HIVE's investment, at CAD $3.5 billion, distinguishes its approach, and the choice of Ontario aligns with a push for "sovereign compute" within Canada, leveraging the region's clean hydroelectric power and cooler climate [1, 2]. HIVE currently operates data centers in Canada, Sweden, and Paraguay, serving both Bitcoin and high-performance computing clients [3].

The ambitious project raises questions about HIVE's ability to execute, including managing construction, securing high-end GPU supply, and negotiating customer contracts, all while potentially maintaining existing mining operations [1]. Financing the CAD $3.5 billion capital commitment will be a key factor to watch, with potential avenues including equity raises, debt, government incentives, or customer pre-commitments [1]. For the broader crypto mining sector, HIVE’s pivot could accelerate a trend of companies repositioning themselves as energy-to-compute platforms [1]. The success of this large-scale bet on AI compute demand will determine if the investment justifies its significant cost [1].

## Sources
1. Crypto Briefing — [HIVE Digital Technologies plans CAD $3.5 billion AI gigafactory in...](https://cryptobriefing.com/hive-digital-ai-gigafactory-canada/)
2. Particle — [HIVE’s BUZZ HPC Unveils C$3.5 Billion, 320‑MW AI ‘Gigafactory...](https://particle.news/story/hives-buzz-hpc-unveils-c35-billion-320mw-ai-gigafactory-near-toronto)
3. Intellectia — [HIVE Stock: Price, Forecast, Financials & AI Analysis](https://intellectia.ai/stock/HIVE)
4. Binance — [HIVE Digital Plans Major AI... | Binance News on Binance Square](https://www.binance.com/en/square/post/05-18-2026-hive-digital-plans-major-ai-infrastructure-facility-in-toronto-324495105788177)

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Cite as: TrendWatcher, "HIVE Digital Plans CAD $3.5 Billion AI Gigafactory in Ontario", https://www.trendwatcher.in/article/040283f4-1164-4b70-8158-11cfd9ec4244