HIVE Blockchain Technologies sent its stock soaring 35% this week after revealing plans to build a 320MW AI gigafactory. The company, long known for mining Bitcoin, is making a sharp turn into artificial intelligence infrastructure.
A 320MW bet on AI
The gigafactory will be dedicated to AI computing, not crypto mining. HIVE says the facility will host high-performance GPUs for training and inference workloads. The scale is notable — 320 megawatts puts it among the larger dedicated AI data centers under construction.
Stock pops 35%
Investors liked the news. Shares jumped more than a third on the announcement, giving HIVE a market cap boost that erased months of losses tied to falling crypto mining margins. The rally suggests the market sees AI infrastructure as more lucrative than proof-of-work mining right now.
Leaving crypto mining behind
HIVE isn't the first crypto miner to eye AI. But this pivot is explicit: the company says it's shifting focus from mining to AI infrastructure development. That means less reliance on Bitcoin's price and network difficulty, and more exposure to the booming demand for AI compute. The timing isn't accidental — mining profitability has been squeezed for months, while AI data center leases are going for premium rates.
Whether HIVE can execute the transition remains the open question. Building a 320MW facility requires serious capital and construction timelines. But the stock move shows that for now, the market is giving the company the benefit of the doubt.
