HIVE invests $58 million to purchase land in Toronto to build an AI center.

CoinFeed reported on May 19th that, according to CoinDesk, Bitcoin mining company HIVE Digital Technologies purchased $58 million worth of land in Toronto to build an industrial-grade AI computing center, sending its stock price soaring 40% on Monday. The site will be developed through its subsidiary BUZZ High Performance Computing, and at full capacity, it will support approximately 320 megawatts of capacity and over 100,000 GPUs, becoming one of Canada's largest computing "super factories." Two weeks ago, HIVE raised $115 million to expand its global data center footprint and GPU capacity. The company is transitioning from pure Bitcoin mining to AI and high-performance computing, currently possessing over 850 megawatts of power capacity globally, including 450 megawatts of operational data centers and 400 megawatts of reserve capacity expected to come online in 2027.