- HIVE Digital has signed an agreement to expand its Sweden operations.
- The company aims to increase its Bitcoin production capacity.
- The agreement is subject to certain conditions, including regulatory approval.
Bitcoin mining company HIVE Digital is eyeing to expand its operations in Sweden following a property transfer agreement to acquire a decommissioned data facility in the country.
Publicly listed on the TSX Venture Exchange in 2017, HIVE Digital runs green energy-powered data center facilities in Canada, Sweden, and Iceland. The company provides investors with exposure to the operating margins of crypto mining and a Bitcoin portfolio.
HIVE Digital Taps Old Data Center to Boost Bitcoin Mining
According to a press release dated November 27, HIVE Digital Technologies Ltd. has entered into a property transfer agreement with Turis AB to acquire a data center and its real property in Boden, Sweden.
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Located near HIVE’s existing data center, the data facility was originally built as part of the EU Horizon 2020 project. Post-acquisition, HIVE intends to develop the facility within its global portfolio and integrate it with new-generation ASIC servers to increase the company’s Bitcoin production.
HIVE Sweden Country President Johanna Thornblad lauded the move, noting that the property’s strategic location presents an opportunity for growth and expansion.
“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,” Thornblad stated.
The completion of the acquisition is subject to a range of conditions.
Acquisition Terms
Per the announcement, the property transfer agreement allows HIVE Digital to acquire the data facility and certain on-site assets in exchange for up to $750,000 in cash and up to $1.5 million in common shares. The total amount will be paid in two installments.
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The company noted that the acquisition is subject to further “certain conditions,” including the regulatory approval of the TSXV.
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