Hive Digital Technologies has acquired both land and a cutting-edge data center in Boden, Sweden. This expansion aims to accommodate the next generation of ASIC servers and significantly boost Bitcoin production.

Property Transfer Agreement with Turis AB Unveiled

On November 27, Hive Digital Technologies officially announced a significant milestone—a property transfer agreement with Turis AB. This agreement marks the acquisition of a data center that was initially developed as part of the European Union’s Horizon 2020 project.

The new property is situated in close proximity to Hive’s existing data center in Sweden. Now, it is poised to become a crucial component in the company’s portfolio.

Hive Digital Technologies plans to leverage this new property to further develop its facilities. This is with a specific focus on housing the upcoming generation of ASIC servers. Further, the strategic move is expected to result in a substantial increase in Bitcoin production. This will help reinforce Hive’s position in the cryptocurrency mining industry.

Visual representation of ASIC servers

Johanna Thornblad’s Emphasis and Diversification Beyond Blockchain

Johanna Thornblad, Hive’s country president for Sweden, emphasized the significance of the new data center in the company’s regional growth. She highlighted the commitment to Environmental, Social, and Governance (ESG) principles, sustainable practices, environmental responsibility, and energy efficiency.

Thornblad further stated that the new data center would operate on “green” energy, aligning with Hive’s dedication to responsible and eco-friendly cryptocurrency mining practices.

In a notable development earlier in 2023, Hive Digital Technologies underwent a significant shift in focus by dropping the term “blockchain” from its official name. This move reflects the company’s evolving focus on financial opportunities in artificial intelligence (AI), cloud computing, and graphics processing units (GPUs).

38,000 Nvidia GPUs to Revolutionize Cloud Services for Businesses

With a strong commitment to innovation, Hive Digital Technologies plans to utilize its extensive fleet of 38,000 Nvidia GPUs. The goal is to offer small and medium-sized businesses an efficient alternative to major cloud service providers. The company envisions these GPUs as a game-changer in providing businesses with enhanced capabilities and cost-effectiveness.

Despite the shift in focus, Hive’s leadership, including CEO Aydin Kilic and Chairman Frank Holmes, has clarified that the move towards AI does not diminish its involvement in Bitcoin and crypto mining. In a recent interview, they asserted that “blockchain and AI can certainly co-exist” and remain essential “pillars of Web3.”

Digital Power Network Launch and Advocacy for Proof-of-Work Mining

Highlighting its continued commitment to the cryptocurrency mining ecosystem, Hive was a key participant in the launch of the Digital Power Network (DPN) in September. This coalition, affiliated with the Chamber of Digital Commerce, aims to underscore the importance of proof-of-work (PoW) mining. Additionally, it is a testament to Hive’s dedication to supporting and advancing industry-wide best practices.

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