HIVE Digital accelerates AI infrastructure push with $1.7 million Canada data-center land deal
Quick Take
- Hive and many other Bitcoin miners are repositioning themselves as infrastructure providers for hyperscalers amid soaring demand for AI compute power.
- The company aims to leverage renewable energy and existing mining facilities to bridge its bitcoin operations with large-scale GPU hosting.
Nasdaq-listed HIVE Digital Technologies unveiled a major expansion of its AI and high-performance computing operations on Monday, securing a $1.7 million, 32.5-acre parcel in Grand Falls, New Brunswick, to build a renewable-powered data-center campus.
The site, beside HIVE's existing six-acre property, will house its first Tier III+ facility in Atlantic Canada — a classification for high-reliability, continuously operating data centers. The site is designed to host more than 25,000 GPUs and will draw on abundant local hydroelectric power near the U.S. border in Maine.
"HIVE is turbocharging the transition from bitcoin mining to AI HPC data centers," Executive Chairman Frank Holmes said, adding that the firm is repurposing stranded renewable energy and existing infrastructure for hyperscaler-ready compute.
Other miners like Canaan have recently launched similar projects repurposing stranded or flared energy for AI-ready compute sites.
Shift to AI compute power
HIVE's expansion follows a flurry of AI-infrastructure announcements from peers IREN and Cipher Mining, which on Monday disclosed $9.7 billion and $5.5 billion cloud-hosting agreements with Microsoft and Amazon Web Services, respectively.
Together, the deals represent roughly $15 billion in new AI-capacity contracts in a single day — a shift VanEck’s Matthew Sigel described as "AI rewiring the global energy stack."
CEO Aydin Kilic said HIVE's "dual-engine" model of using bitcoin-mining revenues to fund AI and HPC build-outs creates a "virtuous loop" that supports both network security and the growing demand for compute in the AI economy.
HIVE shares traded around $5.18 on Monday morning, up more than 200% over the past six months, according to The Block's price page.
Hive Digital (HIVE) Stock Price. Source: The Block Price Page
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