Two weeks ago, HIVE raised $115 million, with proceeds earmarked for expanding its global data center footprint and GPU capacity
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"Compute is the new engine of the AI economy," Craig Tavares, BUZZ HPC's president, said in a statement.
Key facts
- HIVE Digital Technologies (HIVE) shares climbed as much as 40% Monday after the bitcoin BTC $76,419.57 mining firm said it spent $58 million buying land in Toronto to develop an industrial-scale AI
- Canada-based BUZZ HPC completed the strategic acquisition of about 21 acres of land for $46 million and an adjacent 4-acre site for $12 million
- Shares of the company surged to as high as $3.92 on Nasdaq, and were recently trading 26% higher at $3.38
- HIVE now has over 850 MW of power globally, including 450 MW of operating data centers plus a pipeline of 400 MW of capacity, which it expects to bring online in 2027
Summary
HIVE Digital Technologies shares rose as much as 45% percent after the company said it spent $58 million on land in the Toronto area to build an industrial-scale AI computing center. The planned facility, to be developed through HIVE’s BUZZ High Performance Computing unit, is expected to support about 320MW of capacity and more than 100,000 GPUs, making it one of Canada’s largest compute “gigafactories.” The move underscores HIVE’s broader shift from pure bitcoin mining toward AI and high-performance computing. HIVE Digital Technologies (HIVE) shares climbed as much as 40% Monday after the bitcoin BTC $76,419.57 mining firm said it spent $58 million buying land in Toronto to develop an industrial-scale AI center. The land, purchased through the company's BUZZ High Performance Computing subsidiary, will support about 320 megawatts (MW) of capacity and more than 100,000 graphic processing units (GPUs) when fully equipped, becoming one of "Canada's largest gigafactories," the company said.