Following the rise in the cryptocurrency market, Hive Digital Technologies, a crypto mining company, announced the acquisition of a new property and data center in Boden, Sweden, and unveiled plans to expand the company’s global presence. According to the announcement made on November 27, the company has taken ownership of a data center built for the European Union’s Horizon 2020 project.
Hive Digital Technologies reported that the acquired property is close to its existing data center in Sweden and that they plan to further develop the included facility. It was also stated that the facility will host the latest generation of ASIC servers, thereby increasing Bitcoin production. Company official Johanna Thornblad commented on the matter: “The new data center will expand HIVE’s regional footprint while showcasing a stronger commitment to sustainable practices, environmental responsibility, and energy efficiency with our new generation green-energy-powered data center.”
Hive has data center facilities in Canada, Sweden, and Iceland that prefer to use green energy for mining operations of cryptocurrencies such as Bitcoin, thanks to the infrastructure within the company. At the beginning of 2023, Hive aimed to focus on opportunities in artificial intelligence (AI), cloud computing, and graphics processing units by removing the word “blockchain” from its official name.
Hive announced plans to offer more efficient cloud services to small and medium-sized businesses using 38,000 Nvidia GPU computers, challenging major service providers. In an interview, CEO Aydın Kılıç and Chairman of the Board Frank Holmes emphasized that the pivot to artificial intelligence has not diminished their interest in Bitcoin and cryptocurrency mining. On the contrary, they have been heavily involved in this area throughout the process, but they stressed that blockchain and artificial intelligence can definitely coexist and will remain as fundamental pillars of Web3.
In September, Hive joined the Digital Power Network (DPN), affiliated with the Chamber of Digital Commerce, to emphasize the importance of Proof of Work (PoW) mining, thus standing out among prominent mining companies in the industry.