Hive Digital subsidiary plans 320 megawatt AI data centre near Toronto in $3.5 billion investment

HIVE Digital Technologies Ltd (TSX:HIVE, NASDAQ:HIVE, FRA:YO0, BVC:HIVECO), the Canadian integer infrastructure radical listed successful Toronto and New York, has unveiled plans to physique 1 of Canada's largest artificial quality information centres successful the Greater Toronto Area done its subsidiary Buzz High Performance Computing.

The facility, which the institution describes arsenic an "AI gigafactory", would person astir 320 megawatts of powerfulness capableness and location much than 100,000 graphics processing units (GPUs), the specialised chips utilized to bid and tally AI models.

Buzz HPC has acquired a 25-acre tract comprising 2 adjacent parcels for a combined $58 cardinal and says it has secured cardinal milestones on the powerfulness pathway needed to bring the task online.

The people day for the installation to statesman operating is the 2nd fractional of 2027, with a full superior concern of astir 3.5 cardinal Canadian dollars.

The institution said the task would make much than 800 operation jobs and hundreds of imperishable skilled positions erstwhile operational.

Hive framed the concern successful presumption of nationalist sovereignty, arguing that Canada needs domestically controlled computing infrastructure to debar relying connected information centres overseas for delicate workloads.

Executive president Frank Holmes said the installation would let AI applications, including fiscal platforms, healthcare and technological probe to "run connected Canadian iron, nether Canadian control".

The tract sits successful what Hive calls the Toronto-Waterloo innovation corridor, a agelong that includes the University of Toronto, wherever AI pioneer Geoffrey Hinton conducted foundational research, and the University of Waterloo's engineering programmes.

Chief enforcement Aydin Kilic said the announcement takes Hive's full planetary powerfulness capableness to much than 850 megawatts, comprising 450 megawatts of operating information centres and a pipeline of 400 megawatts expected to travel online adjacent year.

In Canada specifically, the institution present has 100 megawatts of operating capableness alongside the 320-megawatt Toronto task and a 70-megawatt tract astatine Grand Falls successful New Brunswick, giving it onshore and powerfulness to enactment astir 130,000 GPUs.

The installation is designed to tally connected Ontario's energy grid, which draws heavy connected nuclear, hydroelectric and renewable generation, and volition usage closed-loop cooling systems that debar h2o consumption.

Hive was founded successful 2017 arsenic 1 of the archetypal publically listed cryptocurrency mining companies and has since expanded into AI computing and high-performance information centre services crossed Canada, Sweden and Paraguay.