Hive Digital Technologies, the cryptocurrency mining firm, has announced ambitious expansion plans aimed at strengthening its global presence.
The company has inked a property transfer deal with Turis AB to acquire a data center located in Boden, Sweden.
This facility was previously constructed as part of the European Union’s Horizon 2020 initiative.
Hive’s strategic move aims to bolster its existing operations in Sweden, where it already operates a data center.
The newly acquired property will be utilized for various purposes, including accommodating their next-generation ASIC servers and increasing Bitcoin production.
Johanna Thornblad, Hive’s country president for Sweden, emphasized the importance of the new data center in expanding their regional footprint and reaffirmed their commitment to environmental sustainability and energy efficiency through the use of “green” energy.
Hive Digital Technologies currently manages data center facilities in Canada, Sweden, and Iceland.
Notably, the company prioritizes environmentally friendly practices by using green energy sources for its cryptocurrency mining operations.
Regarding this development, Cointelegraph has sought additional information from Hive.
In a strategic shift earlier in 2023, Hive removed the term “blockchain” from its official name to reflect its evolving focus on financial opportunities in artificial intelligence (AI), cloud computing, and graphics processing units (GPUs).
The company intends to leverage its substantial GPU inventory of 38,000 Nvidia GPUs to provide small and medium-sized businesses with a more efficient alternative to major cloud service providers.
Hive’s CEO, Aydin Kilic, and Chairman, Frank Holmes, clarified in an interview with Cointelegraph that their pivot toward AI does not diminish their commitment to Bitcoin and crypto mining.
They emphasized that “blockchain and AI can certainly co-exist” and remain “pillars of Web3.”
Furthermore, Hive Digital Technologies participated in the launch of the Digital Power Network (DPN) in September.
This coalition, associated with the Chamber of Digital Commerce, advocates for the significance of proof-of-work (PoW) mining, further highlighting the company’s involvement in the cryptocurrency mining industry.
Discover the Crypto Intelligence Blockchain Council
