HIVE's Strategic Acquisition Expands Its Data Center Operations in Sweden

By: Isha Das

In pursuit of continual global expansion, Canadian-based cryptocurrency mining company HIVE Digital Technologies has acquired a new data center facility in Boden, Sweden. The facility, previously part of the EU's Horizon 2020 project, was procured through a property transfer agreement with Turis AB. This latest development is seen as a significant advancement, bolstering HIVE's infrastructure throughout Europe.

With this strategic acquisition, HIVE aims to augment its digital currency production, particularly Bitcoin, using the next generation ASIC servers. Citing the benefits, HIVE Sweden's Country President, Johanna Thornblad, stated that the facility is advantageously situated, providing HIVE with the opportunity for operational expansion and propelling the company's overall growth strategy.

Additionally, HIVE emphasized the eco-friendly aspect of the new data center, underlining its commitment to sustainable and energy-efficient practices. Operating in Canada, Sweden, and Iceland, HIVE actively encourages the use of green energy for digital asset mining, advocating for an economically viable and environmentally conscious approach within the cryptocurrency mining industry. However, the anticipated effect of this recent acquisition on the local economy and the firm's wider ESG goals remains uncertain.