HIVE Digital Technologies announces massive 320 MW Canadian AI data center development
The Bitcoin mining firm is expanding its BUZZ HPC operations with a facility expected to come online in 2027.
HIVE Digital Technologies has announced that BUZZ HPC, its subsidiary, intends to build a 320-megawatt artificial intelligence data center campus in the Toronto area with the capacity to house over 100,000 GPUs when fully completed.
According to the company, the initiative carries an estimated price tag of approximately CAD $3.5 billion and aims for deployment during the latter half of 2027. HIVE disclosed that BUZZ has secured around 25 acres of property connected to a 320-MW power allocation situated within the Toronto-Waterloo technology corridor.
HIVE presently runs approximately 5,500 GPUs dedicated to artificial intelligence computing operations and indicated that its overall infrastructure development roadmap has the potential to accommodate around 130,000 GPUs.
The firm maintains over 850 MW of worldwide power capacity spanning operational data facilities and ongoing development initiatives, with locations in Canada, Sweden and Paraguay. Current operations encompass both Bitcoin (BTC) mining activities and AI-oriented computing infrastructure.
The proposed data center would leverage Ontario's power grid and incorporate closed-loop cooling technologies engineered to minimize water consumption. HIVE indicated that the development could generate over 800 construction employment opportunities plus additional permanent technical positions.
HIVE's stock price climbed more than 27% during Monday trading, pushing year-to-date increases to approximately 33%, based on Yahoo Finance data.
Bitcoin miners report weaker first-quarter earnings
Multiple publicly listed Bitcoin mining companies have disclosed substantial quarterly losses in recent weeks due to suppressed Bitcoin valuations and post-halving mining economic conditions that have pressured profitability metrics.
CleanSpark recorded a $378 million loss for the first quarter, whereas MARA Holdings announced approximately $1.3 billion in net losses during the identical timeframe. Nevertheless, certain mining operations are experiencing increased revenue contributions from artificial intelligence and high-performance computing (HPC) services.
TeraWulf, which recorded a $427 million net loss during Q1 2026 while Bitcoin mining revenue declined 50% on a year-over-year basis, experienced HPC lease revenue growth of 117% compared to the previous quarter, reaching $21 million and representing roughly 60% of total quarterly revenue.
Notwithstanding the diminished earnings reports, stock prices for leading publicly traded mining companies have maintained upward momentum throughout this year. Information from BitcoinMiningStock.io indicates that the majority of the top 10 publicly listed mining enterprises by market capitalization have posted double-digit percentage gains year-to-date, with Hut 8 shares surging more than 112%, while Riot Platforms, TeraWulf and Core Scientific have each registered gains exceeding 60%.
