HIVE plans 320 MW AI data center in Toronto area

HIVE Digital Technologies Ltd. (NASDAQ: HIVE) announced plans to build a 320-megawatt AI infrastructure facility in the Greater Toronto Area through its subsidiary BUZZ High Performance Computing Inc.

The company acquired approximately 25 acres of land for $58 million, comprising a 21-acre main parcel for $46 million and an adjacent 4-acre parcel for $12 million. The facility is designed to host more than 100,000 GPUs at full build-out and target operations in the second half of 2027.

HIVE stated the project represents a capital investment of approximately CAD $3.5 billion and is expected to create over 800 construction jobs plus hundreds of permanent positions. The facility will use closed-loop cooling systems designed to operate without water consumption.

"At full build-out, this intelligence factory will deploy over 100,000 GPUs, creating one of North America's largest domestically controlled AI clusters," said Frank Holmes, Executive Chairman of HIVE and BUZZ.

The project expands HIVE's global power capacity to over 850 MW, including 450 MW of operating data centers and a 400 MW pipeline expected online in 2027. In Canada specifically, the company operates 100 MW of data centers and now has a 320 MW pipeline for 2027.

HIVE operates data centers across Canada, Sweden, and Paraguay, serving Bitcoin mining and high-performance computing clients. The company was founded in 2017 and has deployed 5,500 GPUs currently performing AI compute tasks.

The information is based on a company press release statement.

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