HIVE Digital Technologies said it is reducing Bitcoin hashrate production at its Boden facility in Sweden as it shifts resources toward artificial intelligence and high-performance computing.
Sweden mining phase-down
The company said its Swedish subsidiaries have faced enforcement actions and what it called “misapplications of existing tax rules” by Swedish authorities.
HIVE said authorities imposed a security deposit requirement tied to disputed tax assessments, despite the company receiving supportive opinions from several law firms, a tier-1 accounting firm, and local academics focused on Swedish value-added-tax matters.
HIVE said those developments created operational uncertainty and made it difficult to operate its ASIC-based model on a consistent economic basis.
In its statement, the company said:
“As a result, the company is redeploying resources toward its expanding AI and high-performance computing strategy in Europe and said it will also explore a broader phase-out of its bitcoin hashrate production model in Sweden.”
Boden facility upgrade
HIVE said the transition is underway at its 7-megawatt data center in Boden.
The site is being upgraded to Tier-III high-performance computing standards to support enterprise-grade GPU clusters.
Construction is in progress, and HIVE said the facility is expected to support clusters based on NVIDIA’s GB300 GPU architecture for AI training and inference.
Canada AI expansion
HIVE said its BUZZ High Performance Computing subsidiary plans to expand liquid-cooled AI data center capacity from 4 MW in Manitoba to 16.6 MW across two provinces through a partnership with Bell Canada AI Fabric.
The expansion includes a new colocation facility in British Columbia providing an immediate 5 MW, with an option to scale by another 7.6 MW.
HIVE said the new site could support about 2,000 next-generation AI-optimized GPUs, alongside capacity for roughly 2,000 GPUs at its existing Manitoba site.
The company said it is targeting about $200 million in contracted annualized run-rate revenue from its high-performance computing business by the end of its fiscal year ending March 31, 2027.
Shares in HIVE traded up around 5.6% early Monday, though the stock remained down around 16.7% year-to-date.
