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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.

Photo by Executium on Unsplash

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 to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than HIVE and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 9 Best Lidar Stocks to Buy Right Now  and 7 Best Cement Stocks to Buy According to Analysts.

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

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Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

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  • 175 Teslas
  • 107 Amazons
  • 140 Metas
  • 84 Googles
  • 65 Microsofts
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  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

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