Cryptocurrency mining company Hive Digital Technologies has revealed plans to expand its global presence through a new acquisition of property and a data center in Boden, Sweden.
On Nov. 27, the company announced that it entered a property transfer agreement with Turis AB to take over the property of a data center previously constructed as a part of the European Union’s Horizon 2020 project.
Hive said this new property is in “close vicinity” to its existing data center in Sweden, and it plans to further develop the facility in its portfolio. It says the property will also house its incoming generation of ASIC servers and increase its Bitcoin production.
Hive owns and operates data center facilities in Canada, Sweden, and Iceland, and it promotes the use of green energy to mine digital assets such as BTC on the cloud.
Earlier in 2023, Hive dropped the word “blockchain” from its official name to reflect its “evolving focus” on financial opportunities in artificial intelligence, cloud computing and graphics processing units.
The company then said it plans to use its 38,000 Nvidia GPUs to offer small and medium-sized businesses a more efficient alternative to major cloud service providers.
The CEO of Hive, Aydin Kilic, and its chairman, Frank Holmes, mentioned in an interview that the pivot toward AI doesn’t negate or lessen its involvement in Bitcoin and crypto mining. Instead, they said the company is still heavily involved but that “blockchain and AI can certainly co-exist” and remain “pillars of Web3.”
In September, Hive was one of the mining companies involved in launching the Digital Power Network, which is a coalition affiliated with the Chamber of Digital Commerce to stress the importance of proof-of-work mining.
