Hive Digital Technologies, a prominent cryptocurrency mining company, has announced its plans to expand its international presence with the acquisition of a new property and data center in Boden, Sweden.
On November 27, Hive disclosed that it had entered into a property transfer agreement with Turis AB to acquire a data center previously established under the European Union’s Horizon 2020 project.
The company noted that this new facility is situated near its existing data center in Sweden and intends to enhance this site as part of its portfolio. The acquisition is set to support the deployment of Hive’s next-generation ASIC servers, aiming to boost its Bitcoin (BTC) production, currently with Bitcoin priced at $37,109.
Johanna Thornblad, Hive’s country president for Sweden, commented:
“This new data center will bolster HIVE’s regional expansion while showcasing our commitment to ESG principles, sustainable practices, environmental stewardship, and energy efficiency, thanks to our latest ‘green’ energy-powered data center.”
Hive operates data center facilities in Canada, Sweden, and Iceland, emphasizing the use of renewable energy for cloud-based digital asset mining, including BTC. Cointelegraph has reached out to Hive for additional details on this expansion. Earlier in 2023, Hive removed “blockchain” from its name to better represent its broadening focus on emerging financial opportunities in artificial intelligence (AI), cloud computing, and graphics processing units (GPUs).
The company plans to utilize its 38,000 Nvidia GPUs to offer small and medium-sized enterprises a more cost-effective alternative to large cloud service providers.
In an interview with Cointelegraph, Hive’s CEO Aydin Kilic and chairman Frank Holmes emphasized that the shift towards AI does not diminish their commitment to Bitcoin and cryptocurrency mining. They explained that blockchain technology and AI are complementary and form integral components of the Web3 framework.
In September, Hive was among the mining entities that initiated the Digital Power Network (DPN), a group associated with the Chamber of Digital Commerce. This coalition underscores the significance of proof-of-work (PoW) mining in the industry.
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