HIVE Digital Applied sciences (HIVE) shares rose as a lot as 40% on Monday after the Bitcoin mining firm introduced it spent $58 million to purchase land in Toronto to develop an industrial-scale AI middle.
The land, bought by the corporate’s BUZZ Excessive Efficiency Computing subsidiary, will help roughly 320 megawatts (MW) of capability and greater than 100,000 graphics processing models (GPUs) when absolutely geared up, making it one in every of “Canada’s largest gigafactories,” the corporate mentioned.
The funding comes amid a broader shift from Bitcoin mining to AI information facilities. Simply two weeks in the past, HIVE raised $115 million, with the proceeds going towards increasing its international information middle footprint and GPU capability. The corporate is rising its concentrate on information facilities in Canada, Sweden, and Paraguay, positioning them for Bitcoin mining, AI, and high-performance computing (HPC) workloads.
“Computing is the brand new engine of the AI financial system,” Craig Tavares, president of BUZZ HPC, mentioned in a press release. “If Canada desires to guide in AI, we have to construct intelligence factories proper right here at dwelling. Canada has the clear vitality, connectivity and analysis ecosystem to guide in AI innovation around the globe.”
The corporate’s inventory soared to $3.92 on the Nasdaq and was just lately buying and selling at $3.38, up 26%.
Canada-based BUZZ HPC has accomplished a strategic acquisition of roughly 21 acres of land for $46 million and an adjoining four-acre web site for $12 million.
San Antonio, Texas-based HIVE mentioned the deal will carry large-scale, industrial-scale computing on to Canada’s largest metropolitan financial system and one in every of North America’s premier expertise, monetary providers and synthetic intelligence hubs.
HIVE presently has over 850 MW of energy worldwide, together with 450 MW of operational information facilities and a pipeline with 400 MW of capability scheduled to return on-line in 2027.
