Hive Digital Technologies, a cryptocurrency mining firm, has announced its strategic expansion plan by acquiring new property and data centers in Boden, Sweden. The company revealed its signing of a property transfer agreement with Turis AB on November 27, securing a data center property previously established under the EU’s Horizon 2020 project.
The new facility, located adjacent to Hive's existing data center in Sweden, marks an opportunity for further development and expansion across its portfolio. Hive plans to utilize the property to house next-generation ASIC servers, emphasizing its commitment to growing Bitcoin production.
Johanna Thornblad, Hive Sweden Country President, highlighted the significance of this expansion, emphasizing the company’s dedication to environmental sustainability, energy efficiency, and its broader ESG (Environmental, Social, and Governance) initiatives through the establishment of a new 'green' energy data center.
Hive Digital Technologies, which owns and operates data centers in Canada, Sweden, and Iceland, has been a proponent of utilizing green energy sources for mining digital assets like Bitcoin in cloud environments. The company underwent a name change in early 2023, dropping "blockchain" from its official name to align with its evolving focus on financial opportunities in AI, cloud computing, and GPU technologies.
Hive's CEO, Aydin Kilic, and Chairman, Frank Holmes, assured in an interview that the company’s pivot towards artificial intelligence wouldn’t diminish its commitment to Bitcoin and cryptocurrency mining. They emphasized the compatibility of blockchain and AI, stating that both can coexist and continue to underpin the foundation of Web3.
In September, Hive was part of the initiative that launched the Digital Power Network (DPN), a consortium associated with the Digital Chamber of Commerce. This consortium aims to highlight the significance of proof-of-work (PoW) mining in the cryptocurrency ecosystem.
