Hive Digital has signed a purchase agreement to acquire a 7.2 MW data center in Toronto for its newly formed subsidiary, BUZZ HPC, marking the company’s first entry into dedicated AI infrastructure in Canada.
The facility—located in Canada’s primary tech hub—will be upgraded to Tier 3 standards with liquid cooling and is expected to host up to 5,000 GPUs for large-scale AI model training, inference, and workloads for enterprise and government clients.
Hive’s push into AI mirrors industry trends where bitcoin mining firms are increasingly diversifying into AI business lines.
Read more: Can bitcoin miners use AI bottlenecks to their advantage?
To fund the expansion, Hive upsized its most recent at the market offering, enabling the sale of up to $119 million additional shares to fund both ASIC and GPU deployments across its sites.
Hive earned $2.5 million from its HPC business line in Q4 2024.
