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Shares Canada’s HIVE Digital Technologies (NASDAQ: $HIVE) are up 20% after the company produced positive research results on its microchip cluster.  

Specifically, HIVE, which is a Bitcoin (CRYPTO: $BTC) miner turned artificial intelligence (A.I.) infrastructure provider, showcased research from Columbia University on its graphics processing unit (GPU) cluster in Paraguay.

The university researchers trained neural networks remotely on HIVE's infrastructure in Paraguay, studying ways to make large language models more efficient. 

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The research has been submitted to the NeurIPS conference, one of the world’s biggest gatherings for A.I. research, which will be held this December.

HIVE said the study found that its Nvidia (NASDAQ: $NVDA) A40 GPUs delivered performance that was comparable to newer systems for certain workloads. 

HIVE also said that the researchers were using its Paraguay facility to benchmark A.I. latency and distributed training performance while it evaluated high-performance computing (HPC).

HIVE currently operates 300 megawatts of hydro-powered infrastructure in Paraguay and has another 100 megawatts under development. 

Earlier this year, the company revealed plans for a 320-megawatt A.I. gigafactory in Toronto, Canada that it says could eventually support more than 100,000 GPUs.

Earlier in June, HIVE announced a three-year, $220 million U.S. A.I. cloud contract with Bell Canada ($BCE) and Cohere. 

The company expects the Bell and Cohere deal to add $70 million U.S. in annual recurring revenue to its balance sheet.

HIVE stock has gained 204% in the last 12 months to trade at $5.07 U.S. per share.