HIVE to phase down bitcoin mining in Sweden as it expands AI data center capacity in Canada

HIVE Digital Technologies is scaling back its Bitcoin hashrate production at its Boden, Sweden facility because of operational uncertainty stemming from enforcement actions and disputed tax rule applications by Swedish authorities. Consequently, the company is redeploying resources to focus on its growing artificial intelligence and high-performance computing (HPC) strategy in Europe and will explore a broader phase-out of its Bitcoin mining in Sweden.

This transition involves upgrading the 7-megawatt Boden data center to Tier-III HPC standards to support enterprise-grade GPU clusters, including those based on the NVIDIA GB300 architecture. Simultaneously, HIVE's BUZZ HPC subsidiary is significantly expanding its liquid-cooled AI data center footprint in Canada through a partnership with Bell Canada AI Fabric. This expansion includes a new 5 MW facility in British Columbia, increasing total Canadian capacity to 16.6 MW across two provinces, supporting over 4,000 GPUs near-term.

The strategic shift reflects a wider industry trend where bitcoin miners leverage existing infrastructure and power contracts to pivot toward higher-demand AI revenue streams. HIVE is targeting approximately $200 million in contracted annualized run-rate revenue from its HPC business by the end of its fiscal year ending March 31, 2027.

(Source：The Block)