"HIVE Digital Technologies, through its BUZZ HPC subsidiary, is planning a 320-megawatt AI data center campus near Toronto.
The project is expected to cost roughly CAD $3.5 billion and aims for deployment in the second half of 2027. BUZZ has secured about 25 acres of land in the Toronto-Waterloo technology corridor with a 320-MW power allocation.
Once fully built out, the campus could support more than 100,000 GPUs. HIVE currently operates around 5,500 GPUs for AI computing and says its broader infrastructure pipeline could support roughly 130,000 GPUs.
The company already has more than 850 MW of global power capacity across data centers and development sites in Canada, Sweden, and Paraguay. Its operations include both Bitcoin mining and AI-focused computing.
The Ontario facility will use the local power grid and closed-loop cooling systems to reduce water use. It's expected to create over 800 construction jobs, plus additional permanent technical roles.
Shares of HIVE jumped more than 27% on Monday, bringing year-to-date gains to about 33%.
In a broader earnings picture, several Bitcoin miners reported steep first-quarter losses due to low Bitcoin prices and post-halving economics. CleanSpark posted a $378 million loss, while MARA Holdings reported a $1.3 billion net loss. However, TeraWulf saw its HPC lease revenue rise 117% to $21 million, now accounting for about 60% of its total quarterly revenue.
Shares of the top publicly traded miners have continued to rise this year, with Hut 8 up over 112%, and Riot Platforms, TeraWulf, and Core Scientific each gaining more than 60%.
