HIVE Digital Technologies (HIVE) is developing a large-scale artificial intelligence (A.I.) data centre in Toronto.
The Bitcoin (BTC) miner turned data centre operator has spent $58 million buying land in Toronto to develop an industrial-scale A.I. data centre campus.
The future site will support 320 megawatts (MW) of energy capacity and house more than 100,000 graphic processing units (GPUs) that are used to run A.I. workloads.
In a written statement, HIVE Digital said the Toronto facility will be one of “Canada's largest gigafactories.”
The investment comes amid a widespread shift away from Bitcoin mining and into A.I. data centres among many companies.
Earlier in May, HIVE raised $115 million U.S., with proceeds earmarked for expanding its data centres and GPU capacity.
The company operates data centres in Canada, Sweden and Paraguay. The facilities are capable of running BTC mining, A.I. workloads, and high-performance computing (HPC).
Management at HIVE said the Toronto facility will place industrial-scale compute directly inside Canada's largest metropolitan area and one of North America’s premier hubs for technology.
HIVE now has over 850 MW of power globally, plus a pipeline of 400 MW of capacity, which it expects to bring online in 2027.
The stock of HIVE Digital rose 30% on May 18 immediately after plans for the Toronto data centre were made public. The shares are up 66% over the past year and trading at $3.46 U.S.
Tech Insider
