Bitcoin Miner HIVE Spends $58M on AI Facility, Stock Jumps 40%

A company that mines Bitcoin just made a $58 million bet on artificial intelligence, and investors love it.

HIVE Digital Technologies saw its stock price jump as much as 40% in one day after announcing it bought land in Toronto to build a massive AI computing facility. The company's shares (pieces of ownership you can buy) rose from about $2.70 to nearly $4.

What's Actually Happening: • HIVE is shifting from Bitcoin mining (using computers to create cryptocurrency) to AI data centers (buildings full of powerful computers) • The Toronto facility will house over 100,000 GPUs (special computer chips that power AI) • The site will use 320 megawatts of power - enough to power about 240,000 homes • This follows HIVE raising $115 million just two weeks ago for similar projects

The company is betting that AI computing will be more profitable than Bitcoin mining. Many crypto mining companies are making similar moves as AI demand explodes worldwide. HIVE already operates data centers in Canada, Sweden, and Paraguay.

"Compute is the new engine of the AI economy," said Craig Tavares from HIVE's computing division. The company believes Canada's clean energy and tech ecosystem make it perfect for AI development.

For investors, this news signals HIVE's successful transition from a pure crypto company to an AI infrastructure player - and the market clearly approves.

This is an AI-generated summary. Read the original article at: https://www.coindesk.com/business/2026/05/18/hive-buys-usd58-million-toronto-plot-for-ai-facility-shares-climb