Canada to $3.5 billion AI hub
HIVE Digital Technologies' subsidiary, BUZZ HPC, is set to launch a major project near Toronto. This was reported by Zamin.uz.
As part of the project, a state-of-the-art artificial intelligence data center with a capacity of 320 megawatts will be constructed. According to plans, once operating at full capacity, the center will be able to support over 100,000 graphics processors.
The company plans to invest approximately 3.5 billion Canadian dollars in this large-scale construction. The new facility is expected to become operational in the second half of 2027.
BUZZ has acquired a 25-hectare land plot in the technology corridor between Toronto and Waterloo. Currently, HIVE manages nearly 5,500 graphics processors for artificial intelligence computations.
In the future, the company's total infrastructure will be capable of accommodating up to 130,000 devices. Today, the total power capacity of its facilities in Canada, Sweden, and Paraguay has exceeded 850 megawatts.
The new facility will draw power from Ontario's general electrical grid. To protect the environment, closed-loop cooling systems that significantly reduce water consumption will be installed at the center.
Over 800 new jobs are expected to be created during the construction phase. Following this positive news, the company's share price rose by more than 27 percent in a single day.
Since the beginning of the year, the growth indicator for share prices has amounted to 33 percent. Recently, the decline in Bitcoin prices and changes in the mining sector have caused financial difficulties for many large companies.
While some major miners have reported losses based on quarterly results, companies focusing on high-performance computing operations have managed to maintain their revenues. This situation once again demonstrates how important investments in the artificial intelligence direction are for companies operating in the digital technology and cryptocurrency sectors.
Changes in strategic planning enable companies to adapt to the market's changing conditions.
