Hive Digital Technologies saw its stock price hit the highest level of 2026 after the Bitcoin mining firm unveiled plans for a massive data center in Ontario, branded as an 'AI Gigafactory'. The project marks the latest push by a crypto miner to repurpose its infrastructure for the booming artificial intelligence compute market.
The Ontario AI Gigafactory
The company said it will build a large-scale data center in Ontario, Canada, specifically designed for AI workloads. Hive, which has long operated Bitcoin mining facilities, is positioning the facility as a hub for high-performance computing. The branding—'AI Gigafactory'—signals a deliberate pivot from pure crypto mining to hybrid infrastructure that can serve both blockchain and AI clients.
Details on the facility’s capacity and timeline remain scarce, but the announcement alone was enough to move the stock.
Stock reaction
Shares climbed sharply after the news broke, reaching their highest point so far this year. The rally reflects investor enthusiasm for mining companies that are diversifying into AI—a sector that's hungry for energy and computing power, exactly what miners have in spades.
Hive's stock had been under pressure earlier in 2026 amid volatile Bitcoin prices and rising energy costs. This project offers a fresh narrative.
Miners' AI pivot
Hive isn't the first crypto miner to chase AI dollars. But the company’s choice to brand the Ontario site as a dedicated 'AI Gigafactory' suggests it sees AI as a core business line, not just a side hustle. The shift makes sense: AI data centers need massive amounts of electricity and specialized chips, and Bitcoin miners already own both.
The Ontario location also gives Hive access to cheap hydroelectric power, a key advantage in a capital-intensive industry where power costs can make or break a project.
What’s next
Construction on the AI Gigafactory is underway, though Hive hasn't disclosed a completion date. Investors will be watching for more concrete details—capacity, customers, and power agreements—in the coming months. For now, the stock is riding high on promise alone.
