HIVE Digital Technologies Ltd. (HIVE) Acquires Data Center to Enhance Computing Capabilities

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is one of the best cryptocurrency stocks to buy according to Wall Street analysts. On September 17, the company acquired a 7.2 megawatt data center in Toronto through BUZZ High Performance Computing subsidiary, as it continues to bolster its high-performance computing capabilities.

It paid CAD$12 million for the facility, in addition to 1 million common shares at CAD$5.25 per share, bringing the total acquisition costs to CAD$17.25 million. The acquisition underscores Hive Digital’s push for growth opportunities in the Canadian digital infrastructure market.

It plans to upgrade the facility to Tier 3 standards to support high-performance computing and artificial intelligence workloads. The acquisition comes as Hive Digital’s Bitcoin mining capacity has reached 18 Exahashes per second, with plans to reach 25 Exahashes per second by year-end.

“By transforming former Bitcoin mining facilities into Tier 3, AI-ready infrastructure, we are capitalizing on one of the most exciting opportunities in the digital economy,” said Frank Holmes, Executive Chairman of HIVE.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is a company that builds and operates sustainable data centers for both Bitcoin mining and high-performance computing (HPC) for Artificial Intelligence (AI). It focuses on utilizing renewable energy sources, such as hydroelectric power, to power its operations. It offers investors a way to gain exposure to digital assets through traditional equity markets by mining and holding Bitcoin.

While we acknowledge the potential of HIVE as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.