Hive Expands Crypto Mining in Sweden with New Data Center

Cryptocurrency mining firm Hive Digital Technologies is set to expand globally with the acquisition of a data center in Boden, Sweden. 

The company finalized a property transfer agreement with Turis AB to take over the data center, previously part of the EU Horizon 2020 project. Located near its existing facility in Sweden, Hive plans to develop the site for ASIC servers, boosting its Bitcoin production. 

The move aligns with the company’s dedication to environmental responsibility and green energy, as emphasized by Johanna Thornblad, Hive’s Country President for Sweden. 

Johanna Thornblad stated, “We are pleased about this acquisition and our continued expansion in Boden. The Property is strategically located and provides HIVE with the opportunity to expand its operation, contributing to the company’s overall growth strategy.”

This year, Hive rebranded, dropping “blockchain” from its name to reflect a focus on AI, cloud computing, and GPUs. Despite the shift, CEO Aydin Kilic and Chairman Frank Holmes emphasized continued involvement in Bitcoin and crypto mining. 

The acquisition follows Hive’s participation in launching the Digital Power Network, highlighting the importance of proof-of-work mining. The financial deal involves cash and Hive common shares, totaling about $2.25 million. 

Hive, a member of the Bitcoin Mining Council, continues to underscore its dedication to green energy-powered data centers and emphasizes that blockchain and AI can coexist as pillars of Web3.

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