Hive Digital Technologies Expands Crypto Mining Operations with Data Center Acquisition in Sweden

Hive Focuses on ESG Commitments, Secures Property and Data Center for Advanced ASIC Servers and Bitcoin Production Increase

Hive Digital Technologies, a prominent player in the cryptocurrency mining sector, is set to fortify its global presence with the acquisition of property and a data center in Boden, Sweden. The move underscores the company's strategic expansion plans and commitment to sustainable practices.

In an announcement on November 27, Hive disclosed the completion of a property transfer agreement with Turis AB, facilitating the takeover of a data center constructed under the European Union's Horizon 2020 project. Positioned in close proximity to Hive's existing data center in Sweden, the newly acquired property is slated for extensive development. The company plans to utilize the facility to accommodate its next generation of ASIC servers, aiming to bolster Bitcoin production.

Johanna Thornblad, Hive's Country President for Sweden, highlighted the significance of the new data center, stating, "The new data center will enable HIVE to grow its regional footprint while further demonstrating its commitment to its ESG focus, sustainable practices, environmental responsibility, and energy efficiency with its newest 'green' energy powered data center."

With operational data centers in Canada, Sweden, and Iceland, Hive emphasizes the use of green energy in mining digital assets like Bitcoin through cloud computing.

Earlier in 2023, Hive underwent a strategic evolution by removing "blockchain" from its official name, signaling a shift in focus towards financial opportunities in artificial intelligence (AI), cloud computing, and graphics processing units (GPUs). The company, boasting 38,000 Nvidia GPUs, aims to offer small and medium-sized businesses an efficient alternative to major cloud service providers.

CEO Aydin Kilic and Chairman Frank Holmes clarified in an interview with Cointelegraph that the pivot towards AI does not diminish the company's involvement in Bitcoin and crypto mining. Instead, they emphasized the coexistence of blockchain and AI as "pillars of Web3."

In September, Hive participated in the launch of the Digital Power Network (DPN), a coalition affiliated with the Chamber of Digital Commerce, advocating for the importance of proof-of-work (PoW) mining in the crypto industry.

(Photo Source / Blockonome)