HIVE Digital Technologies Buys Toronto Land for AI Computing Center
HIVE Digital Technologies purchased land in the Toronto area for $58 million to develop an industrial-scale AI computing facility. The company also raised $115 million two weeks earlier to expand its data center operations.
CoinDeskHIVE Digital Technologies bought about 25 acres of land in the Toronto area for $58 million to build an industrial-scale AI computing center. The purchase was made through the company's BUZZ High Performance Computing subsidiary. The site is planned to support about 320 megawatts of capacity and more than 100,000 GPUs when fully developed.
HIVE raised $115 million two weeks earlier, with the proceeds intended for expanding its global data center footprint and GPU capacity. The company operates data centers in Canada, Sweden, and Paraguay for bitcoin mining, AI, and high-performance computing workloads.
HIVE now has over 850 megawatts of power capacity globally, including 450 megawatts of operating data centers and a pipeline of 400 megawatts expected to come online in 2027. "Compute is the new engine of the AI economy," Craig Tavares, BUZZ HPC's president, said in a statement.
"If Canada wants to lead in AI, we need to build the factories that produce intelligence here at home. 38.
Key Facts
Story Timeline
2 events- May 18, 2026
HIVE Digital Technologies purchased Toronto-area land for $58 million to build an AI computing center.
1 sourceCoinDesk - Early May 2026
HIVE raised $115 million to expand its global data center and GPU capacity.
1 sourceCoinDesk
Potential Impact
- 01
HIVE's share price rose following the land purchase announcement.
- 02
The new facility would add significant AI computing capacity in Canada if completed.
Transparency Panel
Related Stories
ibtimes.comSEC Chair Paul Atkins Says Congress Will Pass Crypto Legislation
SEC Chair Paul Atkins stated he is confident Congress will pass crypto market structure legislation. He added that President Trump will sign the bill into law.
asiaone.comIran Says Strait of Hormuz Management Belongs to Iran and Oman
Iran's Foreign Ministry spokesperson stated that control of the Strait of Hormuz must be decided solely by Iran and Oman. The spokesperson also said no agreement has been reached with the United States and that current focus remains on ending the war.
cnbc.comFed Official Highlights Regulatory Barriers to AI Productivity Gains
A Federal Reserve official stated that productivity growth remains key to economic expansion and that regulatory hurdles are the main obstacle to sustained gains from artificial intelligence.