Why did HIVE Digital Technologies buy land in Toronto?

HIVE Digital Technologies bought $58 million worth of land in the Toronto area to build a large-scale AI computing facility. The project is part of HIVE’s strategy to expand beyond Bitcoin mining into artificial intelligence and high-performance computing infrastructure.

How large is HIVE’s planned AI facility?

The planned facility could support around 320 megawatts of power capacity and more than 100,000 GPUs. HIVE said the project could become one of Canada’s largest AI compute “gigafactories.”

Why did HIVE shares surge after the announcement?

Investors reacted positively because the expansion strengthens HIVE’s exposure to the fast-growing AI infrastructure sector. The stock rose as much as 45% as traders viewed the move as a potential long-term growth driver beyond crypto mining revenue.

Why are Bitcoin mining companies moving into AI infrastructure?

Many mining firms already operate large energy-intensive data centers that can also support AI and high-performance computing workloads. AI demand is growing rapidly, giving miners an opportunity to diversify revenue away from the volatility of crypto markets.

What is BUZZ High Performance Computing?

BUZZ High Performance Computing is HIVE’s subsidiary focused on AI and data center infrastructure. The Toronto project will be developed through BUZZ HPC as part of HIVE’s broader push into enterprise computing services.

Is this bullish for HIVE’s long-term business model?

Many investors may see the AI expansion as bullish because it diversifies HIVE beyond Bitcoin mining. AI infrastructure could potentially provide more stable and scalable revenue streams if enterprise demand for GPU computing continues rising.

What are the main risks for HIVE after this expansion?

Key risks include high infrastructure costs, AI market competition, execution challenges and ongoing volatility in both crypto and AI sectors. The company also depends heavily on power availability and sustained demand for GPU computing services.

Image for illustrative purposes only. Not a real photo.

HIVE shares jump on Toronto AI expansion

Q: How much infrastructure capacity does HIVE now control?

HIVE said it controls more than 850MW of global power capacity, including 450MW of active data centers and another 400MW pipeline expected online by 2027. The company operates facilities across Canada, Sweden and Paraguay.

Written by Isaac FrancisPublished May. 12 2026Last Updated May. 19 2026

HIVE Digital Technologies shares climbed as much as 45% after the company announced a $58 million land acquisition in the Toronto area to develop a large-scale artificial intelligence computing facility.

The project, being developed through HIVE’s BUZZ High Performance Computing subsidiary, is expected to support roughly 320 megawatts of power capacity and more than 100,000 GPUs, positioning it among Canada’s largest AI compute “gigafactories.”

“Compute is the new engine of the AI economy,”

Said Craig Tavares, adding:

“If Canada wants to lead in AI, we need to build the factories that produce intelligence here at home.”

The acquisition included approximately 21 acres purchased for $46 million alongside an adjacent four-acre property acquired for another $12 million, giving HIVE a significant footprint inside Canada’s largest metropolitan technology and financial hub.

The expansion follows HIVE’s recent $115 million capital raise, with proceeds earmarked for increasing the company’s global AI data center and GPU infrastructure across Canada, Sweden and Paraguay.

HIVE has increasingly shifted beyond its traditional Bitcoin mining business toward AI and high-performance computing workloads as crypto mining companies seek more stable and diversified revenue streams tied to rising enterprise demand for AI infrastructure.

The company now controls more than 850MW of global power capacity, including 450MW of active data centers and another 400MW pipeline expected to come online by 2027, while HIVE shares recently traded around 26% higher at $3.38 on Nasdaq after earlier surging to $3.92.