Repurposing a Former EU Sustainability Prototype: Hive Digital Technologies Expands Bitcoin Mining Capacity

In a strategic move, crypto miner Hive Digital Technologies has acquired a former sustainability-focused data center in Sweden, originally developed in collaboration with the Research Institute of Sweden as part of the EU's Horizon 2020 program.

This facility, initially designed to be the epitome of energy efficiency and cost-effectiveness, is now set to host Hive's ASIC servers, significantly boosting the company's mining capacity.

Repurposing for Mining Efficiency

The Boden Type Data Center, as it was known, emerged from the EU's commitment to fostering energy-efficient data centers.

The prototype featured innovative solutions such as a fresh air cooling system and evaporative cooler apparatus, powered exclusively by harmonic-free renewable energy sources.

Hive's Executive Chairman, Frank Holmes, revealed that the repurposed center would elevate the company's mining capacity by approximately 300 petahash, underscoring its commitment to sustainable mining practices.

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A Sustainable Transformation

Johanna Thörnblad, president of Hive’s Swedish operations, confirmed the acquisition, highlighting the center's origins in addressing the imperative for more energy-efficient data facilities.

Originally constructed in collaboration with the Research Institute of Sweden, the facility has since been expanded with four additional buildings using low-carbon and locally sourced materials.

Located near Hive’s existing Boden facility, the data center runs on renewable hydro energy and incorporates air and evaporative cooling technologies, aligning seamlessly with Hive's sustainability strategy.

Strategic Acquisition and Ownership Details

Hive's acquisition of the property involved a payment structure including up to $750,000 in cash and up to $1.5 million in common shares.

The decision to keep the previous owner undisclosed was emphasized by Holmes, who mentioned that the data center was most recently in private hands.

The acquisition aligns with the company's strategic vision, particularly as the high-performance computing sector faced financial pressure leading up to the bitcoin halving in April.

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Continued Growth and Future Prospects

The move follows Hive Blockchain Technologies' recent name change, signaling a shift in focus towards supporting the growth of artificial intelligence.

Holmes outlined the company's intentions to further expand in British Columbia, Manitoba, Ontario, and Quebec. This strategic purchase, situated near the existing facility, reinforces Hive's commitment to incorporating long-term assets into its balance sheet and participating in the ongoing digital transformation.

Conclusion

Hive Digital Technologies' acquisition of the former EU sustainability prototype data center not only signifies a substantial expansion in mining capacity but also underscores the company's dedication to sustainability.

By repurposing a facility originally designed for energy efficiency, Hive positions itself at the intersection of technological innovation and environmental responsibility.

As the company embraces a broader vision, this strategic move aligns with its commitment to sustainable practices amid the evolving landscape of cryptocurrency mining.