Hive Digital Technologies Acquires Data Center in Sweden

HIVE Digital Technologies, an institutional crypto miner, is expanding its operations in Sweden. The company entered a property agreement on November 23, 2023, to acquire a data center in the country. The organization believes the move will help in sustainable growth. The Bitcoin (BTC) miner currently holds 2,032 BTC according to data aggregator CoinGecko.

Growing Regional Footprint

This new data center which “was previously constructed as part of the EU Horizon 2020 project,” is in close vicinity to their existing data center as per the announcement. Additionally, it will also serve as a storehouse for their incoming application-specific integrated circuit (ASIC) servers for crypto mining.

“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,” said Johanna Thornblad, HIVE’s Sweden operations president.

She further added, “The new data center will enable HIVE to grow its regional footprint while further demonstrating its commitment to its ESG focus, sustainable practices, environmental responsibility, and energy efficiency with its newest “green” energy powered data center.”

Recently, the company purchased 4,800 S19 Pro ASIC miners to add to their fleet as Bitcoin halving closes. HIVE explained that they are upgrading their 38 J/TH miners to 23 J/TH to increase the mining fleet’s efficiency. HIVE said, “As we strategically prepare for the Halving, we have performed extensive analysis to navigate these volatile markets. This will include further purchases of high-efficiency ASIC miners to upgrade and expand our ASIC fleet.”

According to CoinGecko, the company is among the top 5 crypto miners with respect to Bitcoin holdings. Marathon Digital remains on top with 13,726 BTC in its portfolio. Nevertheless, Riot Platforms is still the largest crypto miner in terms of capacity. Their upcoming Bitcoin mine is expected to hold an energy capacity of 1 GW.

In July, the Canada-based company rebranded from HIVE Blockchain to Hive Digital Technologies. It said they have dropped ‘blockchain’ to represent an “evolving focus on cloud compute technology, AI and the Web3 ecosystem.” 

Furthermore, the organization implied that it will use 38,000 Nvidia graphics processing units (GPUs) to enhance its cloud services. They were already operating a fleet of 150,000 GPUs before the announcement.

The company’s mining capacity hit 4 EH/s in October. HIVE President Aydin Kilic said, “We are very pleased to have reached 4.0 Exahash this month from ASIC mining operations as we continue to optimize our fleet, within existing infrastructure.”

All the crypto miners are strategizing for the approaching Bitcoin halving next year. According to data aggregator Blockchain.com, miners’ revenue reached its all-time high of $46 Million. It has come down to $34 Million at the time of writing.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.