Crypto Miner Hive Digital Technologies acquires Swedish Data Center

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Key Takeaways

  • The data center to house Hive’s upcoming generation of ASIC servers
  • Hive recently entered a property transfer agreement with Turis AB to take over the data center

Cryptocurrency mining company Hive Digital Technologies is expanding its global presence with the acquisition of a property and data 

center in Boden, Sweden. The company recently entered a property transfer agreement with Turis AB to take over the data center, previously constructed as part of the European Union’s Horizon 2020 project. 

Horizon Europe is the EU’s key funding programme for research and innovation with a budget of €95.5 billion. Positioned in close proximity to Hive’s existing data center in Sweden, the new property is strategically important for the company’s growth plans. It will house Hive’s upcoming generation of ASIC servers, contributing to increased Bitcoin production.

Johanna Thornblad, Hive’s country president for Sweden, emphasized the significance of the new data center, stating that it enables Hive to grow its regional presence while reinforcing its commitment to environmental sustainability, energy efficiency, and green energy practices.

This move comes as part of Hive Digital Technologies’ broader efforts to promote the use of green energy in cryptocurrency mining. The company operates data center facilities in Canada, Sweden, and Iceland.

Earlier this year, Hive Digital Technologies rebranded itself by removing the term “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 plans to leverage its 38,000 Nvidia GPUs to offer efficient alternatives for small and medium-sized businesses, highlighting the coexistence of blockchain and AI as pillars of Web3.

Despite the emphasis on AI, Hive Digital Technologies remains deeply involved in Bitcoin and cryptocurrency mining. CEO Aydin Kilic and Chairman Frank Holmes emphasized that blockchain and AI can coexist synergistically.

In September, Hive participated in launching the Digital Power Network (DPN), advocating for the importance of proof-of-work (PoW) mining. In August, Genesis Digital Assets Limited, another mining and data center company, inaugurated a new data center in Sweden with over 400 megawatts of power generation worldwide.

This expansion aligns with broader developments in Sweden, including ongoing research by the central bank, Riksbank, into central bank digital currency (CBDC). The third phase of this research focuses on a collaborative model for retail payments and conditional payments, showcasing Sweden’s commitment to exploring the potential of digital currencies.

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Saniya Raahath
Saniya Raahath

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