TheBlock
Hive Digital shares rallied 35% after the company unveiled a 320MW AI gigafactory project in Toronto, adding to a string of GPU buildouts that have repositioned the former Bitcoin miner as an AI infrastructure operator.
Executive Chair Frank Holmes said the facility could eventually support more than 100,000 GPUs, putting the Toronto site in the same tier as the largest announced AI campuses globally. The project extends HIVE's recent GPU expansions in Paraguay and Sweden earlier this year, signalling that the company's pivot from Bitcoin mining toward AI compute is scaling faster than the market had priced.
Why it matters
HIVE was a mid-cap Bitcoin miner through the 2022-2023 cycle and has spent the last year converting power capacity from SHA-256 mining into GPU clusters sold to AI customers. A 320MW campus is large enough to attract hyperscaler-adjacent tenants and validates the thesis that former miners can repurpose stranded power faster than greenfield data-centre developers can break ground.
Market impact
The 35% single-session move lifts HIVE's market cap materially and pulls the broader crypto-miner-to-AI pivot cohort higher. Investors will now watch for tenant announcements, GPU procurement partners, and power-purchase agreements to confirm the timeline.
Frequently asked questions
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What is HIVE's new AI gigafactory in Toronto?
Hive Digital unveiled a 320MW AI infrastructure project in Toronto. Executive Chair Frank Holmes said the facility could eventually support more than 100,000 GPUs.
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Why did HIVE stock rally 35%?
Shares jumped after HIVE announced the 320MW Toronto AI gigafactory plan, which extends recent GPU expansions in Paraguay and Sweden and signals the company's pivot from Bitcoin mining to AI compute is scaling faster than expected.
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Is HIVE still a Bitcoin mining company?
HIVE spent 2022-2023 as a mid-cap Bitcoin miner but has spent the last year converting SHA-256 power capacity into GPU clusters sold to AI customers. The Toronto gigafactory is the largest single site in that pivot so far.
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How does HIVE's 320MW site compare to other AI campuses?
At 320MW, the Toronto facility is large enough to attract hyperscaler-adjacent tenants and sits in the same tier as the largest announced AI campuses globally.
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What should investors watch next from HIVE?
Key signals are tenant announcements, GPU procurement partners, and power-purchase agreements that confirm the Toronto timeline and prove the AI compute revenue thesis.
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